The tech-powered working mannequin analysis reveals {that a} broad enterprise expertise technique is essential for enterprise success. A part of that success comes from a pacesetter’s capability to scale expertise to drive distinctive buyer experiences and new worth propositions. In help of such an endeavor, insurers, pushed by pace to market with new and differentiated merchandise, are modernizing their core insurance coverage techniques and transferring them to the cloud. This permits them to leverage advances in buyer expertise applied sciences like self-servicing and personalization via generative AI amongst different applied sciences. They give the impression of being to those developments to drive pace and scale required to stay aggressive and develop profitably. The truth is, a Gartner survey of insurance coverage CIOs ranked buyer expertise and new product /service growth within the high 5 aims for his or her digital investments. The insurers we work with expressed related views.
Improved pace to market on new merchandise
When a Tier 1 annuity service was trying to present new merchandise on an accelerated timeline, they began by modernizing their core coverage administration system. Utilizing the platform’s configurable product templates enabled them to construct a product chassis as a foundation from which to shortly create a number of product variations by turning on or off options. This functionality additionally permits them to offer white label merchandise for his or her distribution companions comparable to utilizing a bespoke index as a substitute of a public index for considered one of their annuity merchandise. With this excessive degree of flexibility, the service is positioned to realize its aim of bringing new and differentiated merchandise to market shortly. On the identical time, they’re providing a fair higher expertise for his or her distribution companions.
Elevated working effectivity to raised serve clients and staff
Equally, a Tier 2 life insurance coverage service modernized its new enterprise and underwriting operate with a concentrate on course of effectivity to drive product growth and enhance buyer and worker expertise. They used the Accenture Life Insurance coverage & Annuity Platform (ALIP) to introduce and later replace an listed common life product adopted by inserting their high-volume time period product onto the platform as a proving floor for future product launches, together with a brand new listed entire life product. Leveraging this expertise helped them rethink their processes, making them extra environment friendly and releasing up capability for product groups to concentrate on the product roadmap and manufacturing merchandise that meet their clients’ wants.
These future-ready services look to expertise to offer larger flexibility to answer—and anticipate—buyer and stakeholder wants throughout their enterprises and distribution channels. Let’s speak about how one can elevate the client expertise with larger working flexibility.