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A little research online will take you to countless examples of digital transformation in the insurance industry. According to a Mckinsey study, 25% of the insurance industry will be completely automated by the end of 2025. And 84% of executives of the insurance industry believe that digital demographics provide a new way to identify market opportunities.
Well, the statistics look good and they look promising. But is advancement in technologies the only reason for this massive revolution that we are seeing?
Apparently not! What we are missing here is the fact that there are super talented architects in the form of digital transformation companies that make this revolution possible.
Here is a story that we have closely witnessed,
A Few years back, a renowned insurance company in the Middle East that had bagged multiple awards and accolades, eventually faced the inevitable. The ever-evolving and demanding market caught up to them when they were yet to find out their technological needs.
What were their problems?
- There was very little automation in their processes
- The firm was not aware of the technologies and the approaches that will suit their business the best
- And due to this, they were losing out on not just time and profits but also customers.
To play it safe and smart, they partnered with an experienced and promising digital transformation firm that would set them back in the right direction.
Fast forward when they got the solution; it was an advanced system, that enhanced the quality of processes by three folds while taking 25% of the less time.
They received a centralized platform, that now produced automated documentation, online call registrations, with consistently maintained compliance.
- Synchronization of the processes enhanced productivity and processes
- Reduced cost and time
- Predictive analysis that helped to take faster decision
- Process automation for maximum business operations
- High customer satisfaction
So, what was it that made this insurance company transform to its best self?
If you already haven’t guessed; it was the right combination of Digital Transformation for this insurance company and a smart partner!
We know you are enticed to know, how and what of this story. You will find out, just stay with us till the end of this blog.
If we look at the trends, the insurance industry has become a hotbed of digital innovation. Insurers are more receptive to new technologies. They are rethinking and rebuilding the business models to be in lane with compliance. Their operating models now revolve around the thought of delivering a secure and digitally-enabled customer experience.
And as we move towards the era of lessened human intervention. Clarion is doing what it does the best!A) Boosting organizations with Avant-grad digital transformations for the insurance industry.
B) Develop and deliver a powerful digital solution that offers enhanced performance and sustainable innovation for the future!
Hence, in this blog, we will unfurl the answer to the questions that many of you have; How Clarion help insurance companies in their digital transformation?
Get ready, you are about to find what ignites the long-term growth in our clients!
“96% of insurance executives report that the pace of innovation in their organizations has accelerated over past 5 years due to emerging technologies”
Clarion understands that in order to win in this hyper-competitive insurance industry, one requires; speed, efficiency, and ease of use. And the only way to achieve it is to employ a perceptive strategy.
Hence, we amalgamate advanced analytics, cloud solutions, digital transformation, accelerators that build value and promote business growth.
Well, this is not all and there is more on our ‘doer list’
How Clarion help insurance companies in their digital transformation?
We recognize the industry challenges
They say, “Know your problems, and half of your battle is won”.
When you have encountered tons of cases of digital transformation in the insurance industry you learn a thing or two about it. And the thing we have mastered is the competency to recognize the industry challenges which may or may not be specific to every client.
This puts us in a place of advantage. We as a company that works for the digital transformation of insurance companies know that insurance firms are disrupted easily. And preventing inevitable obstacles is the only way to achieve success.
Here are a few challenges that we helped our client of the insurance industry to overcome,
- Regulatory changes
- Helped them find a fresh perspective to approach today’s customers
- Confront and solve challenges concerning digitization of processes like insurance claims and processing
- Embracing innovations and models where policy terms are involved
Understand our digital customer
Clarion realizes that Gen z and millennials are the emerging customers of the insurance industry.
So, what is it that this demographic expects?
To get a policy service or a claim handled with utmost efficiency and smoothness.
And what is it that this demographic doesn’t want?
To have to be patient.
For instance, the customers of this era are expecting to buy a service or product immediately. Even if it means buying from social media. And yet they expect the result to be personalized to their requirements. In addition, they are highly attracted to the omnichannel experience. This means they might start looking up for service from desktop and later continue the process from their smartphone and want to be able to pay however they want.
In response to this, Clarion ensures to leverage the latest technologies and build a solution for their clients that synonyms with great user experience, amazing customer satisfaction and need fulfilments of our digital customer.
Take customer on a progressive journey
Anyone who promises quick results with their services of digital transformation for the insurance industry is either bluffing or doesn’t understand this future-oriented concept.
Our extensive experience allowed us to have enough insights and realize that digital transformation is not an overnight process.
What it actually is; is a progressive journey!
Our tech-savvy experts realize that digital transformation in the insurance industry is more of a hybrid approach. It is a balanced combination of legacy solutions and digital technologies.
And we know it for a fact that insurance penetration in the market of the United States is greater than in any country. This eventually means there is a better scope for avenues, growth possibilities, and a plethora of opportunities for a progressive player with the right tech partner.
One of the major differences between us and other companies offering digital transformation for insurance is; we empower our clients to take a fine walk as they transform. This is intentionally done so we don’t disrupt their core business.
One of the greatest examples of taking the customer on a progressive journey is our 10+ years (and ongoing) partnership with the client of the insurance industry.
“Insurers that make digital transformation not just a priority, but a continuous improvement process, are most likely to reenergize their cultures as well as grow their top and bottom lines”
And yes, the story we told you at the beginning, is of our client. It was our team that helped them achieve those magnificent outcomes. We have an entire case study to enlighten you about their digital transformation journey.
Benefits of Digital Transformation in the Insurance Industry:
When a firm works with a scalable team, the benefits of the Digital transformation for the insurance industry can be endless. Some of the positive changes that any firm can experience are,
- Cost reduction
- Enhanced sales productivity
- Speed to market
- Omni-channel integration
- Streamlined processes
The digital transformation for the insurance industry is changing the current and future norms. At Clarion Technologies, we ensure to build solutions that are sophisticated, customized, and powered with innovation.
We have always aimed and continue to deliver digital solutions that are feature-rich and help our clients to stay competitive in this ever-evolving market. If you too want to know how we are making a difference with digital transformation in the insurance industry, then send us a query.