The tech-powered operating model analysis reveals {that a} broad enterprise know-how technique is essential for enterprise success. A part of that success comes from a frontrunner’s capacity to scale know-how 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 systems and moving them to the cloud. This permits them to leverage advances in buyer expertise applied sciences like self-servicing and personalization by generative AI amongst different applied sciences. They appear to those developments to drive pace and scale required to stay aggressive and grow profitably. The truth is, a Gartner survey of insurance coverage CIOs ranked buyer expertise and new product /service growth within the prime 5 targets for his or her digital investments. The insurers we work with expressed comparable views.
Improved pace to market on new merchandise
When a Tier 1 annuity provider was trying to present new merchandise on an accelerated timeline, they began by modernizing their core policy administration system. Utilizing the platform’s configurable product templates enabled them to construct a product chassis as a foundation from which to rapidly 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 one among their annuity merchandise. With this excessive degree of flexibility, the provider is positioned to realize its aim of bringing new and differentiated merchandise to market rapidly. On the similar time, they’re providing a fair higher expertise for his or her distribution companions.
Elevated working effectivity to raised serve prospects and workers
Equally, a Tier 2 life insurance coverage provider 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 & Annuity Platform (ALIP) to introduce and later replace an listed common life product adopted by putting 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 know-how 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 prospects’ wants.
These future-ready carriers look to know-how to offer higher flexibility to reply to—and anticipate—buyer and stakeholder wants throughout their enterprises and distribution channels. Let’s talk about how one can elevate the client expertise with higher working flexibility.
