Bain & Company Report shows the multi-billion opportunity and the areas in which impact can be achieved today with digital platforms.
- Higher customer satisfaction
- Higher Net Promoter Score
- Reduced Fraud whilst:-
- Speedier settlement claims
- Reduced operational costs
"Infrastructure and productivity. A modern IT architecture is critical for digital innovation. Many insurers consider the cloud the best option for processing, computation and storage. They can also use productivity tools such as coauthoring and video calling, and they can connect with their customers through a seamless, omni-channel approach."
Bain & Company
See "Digital Tools & Power to Customers". This is available today with the 360Globalnet Platform. Allianz has adopted it
See "Allianz harvesting digital dividend".
Advanced analytics (AA). With AA, insurers can gain extensive insights into customer needs and preferences. Insurers can also draw on it to help fight fraud.
The barrier to achieving this is Case Management Systems that cannot access never mind analyse unstructured data. This can be overcome with the tool to allow fraud investigators to "follow their nose" and search the extra 90% of data hidden in emails, photos, scanned documents and so on.
360Retrieve, part of the 360Globalnet platform does just this today. It will increase fraud detection significantly- easily proven in proof of concept trials.
The usual barrier to adopting these benefits is an inflexible back-office system- the core system of record. Cloud platforms link securely via a unique url meaning insurers can deploy this digitilisation fast without changing the core systems.
As they access more data sources and build up a complete and relevant flow of data including live streaming they build to the next stage of adopting machine learning and AI. AS the connected world expands and embraces smart & connected
- Homes
- Commercial & Public buildings
- Cities
- Cars & Trucks
- Pets
- People & Wearables
The potential for applying all 7 technologies grows.
Today start with the customer, the claim, the process and the settlement and see customer satisfaction soar whilst expenses plummet.
As rich as the potential is for top-line growth, the opportunities for cost reduction are even greater. By using digital technologies, a prototypical insurer can lower its gross costs by up to 29% in five years, with most of that savings coming from claims management. With digital tools, insurers will be able to more effectively underwrite risk, enhance prevention and minimize fraud.
http://www.bain.com/publications/articles/digitalization-in-insurance.aspx
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