How can Insurers Assess, Quantify, and Resolve COVID 19 Experiences?
The pandemic has ushered in the era of a proactive policy holder. It is also serving as a catalyst for speed and innovation. With increased claims, stricter regulatory scrutiny, the need for emergency services, disrupted agent networks and higher incidents of cyber fraud, the industry is fast on its way to devising low touch methodologies that increase digitization and simplify end user experience, while also tightening security processes and implementing a leaner and agile approach for faster release cycles.
While there is a need for insurers to review business models, challenging legacy beliefs comes a close second. Most importantly, strengthening trust across all customer interactions -- be it providing confidence on the coverage and benefits, clarifying policy contracts, or deploying advanced tools to manage and service claims-- becomes paramount.
TCS BaNCS hosted a session – TCS BaNCS Dialogues on 5th November 2020, 11:00 AM BST, where stalwarts from from the industry shared their experiences and investigate the future state of an insurance business.
- Vinay Kumar Jha, CIO and Digital Officer, M&G Plc
- Johnson Idesoh, Chief Information Officer, Old Mutual Limited
- Indranil Bandyopadhyay, Head of Information Technology, Nedbank Insurance
Moderator: Kiran Seshadri Chidambaram, Head, TCS BaNCS, UK&I
During the sessions, the spakers discussed How Insurers can Adapt to the Digital First, Cloud First™ Paradigm to:
- What is the definition and adoption of the new normal in the Insurance industry?
- How can we leverage technology (AI/ML, data insights, IoT) for low touch operational processing and to improve risk assessment, underwriting decision making, claims servicing and loss control?
- How can intelligence be extracted from data to increase headless operations and gain insights for future?
- How can agent networks be active and engaged? And how are direct channels for sales evolving?
- Is the need for emergency services giving rise to a different sets of product benefits, structure, and pricing?
- In an era of remote operations how can insurers increase collaboration and simplify governance through agile planning between cross-functional teams?
If you have missed the webinar or would like to watch it again, please view the recorded version here.