Feb 9, 2016

Insurance Innovation for Property and Casualty, by Dena McNulty

Digital changes sweeping through the Property and Casualty insurance industry are enough to keep executives awake at night. New pricing and distribution models! Mass-marketed products are out; personalization is in! The sharing economy! Usage-based insurance! And all the while, customers are demanding more and more.

Many carriers are struggling to adopt the technologies that will bring their organization into the digital era, and that will put the customer at the center of their product and service models. Yet, where do they start?

A Cloudy Forecast for Insurance

Cloud technologies are a start. For insurers to digitally transform their business, it is critical to ensure business processes are up to date and commensurate with the technology landscape — modernizing legacy platforms is at the core. Insurers can’t compete if they have outdated disparate systems.

And they need to look at digitalization, automated submission processes, and transformation of claims. Business process as a service (BPaaS) coupled with software as a service (SaaS) models accelerate this transformation.

With a configurable, cloud-based technology platform designed to provide enhanced customer engagement, insurers can improve internal operations while increasing customer satisfaction through improved communications and services. Specifically, SaaS models can:

Reduce Operating Costs — by taking advantage of SaaS, Cloud architecture and preconfigured assets and workflow
Increase operational efficiency — utilizing ready-made accelerators for simplified business transformation
Expedite time to market — with configurable insurance products, workflow and integration capabilities
Future-proof your business — with secure, adaptable, modern architecture and integrated digital assets
Increase revenue — through enhanced 360-degree customer analytics, multi-channel and improved customer service for improved customer engagement and increased satisfaction.

The pace of change in insurance is rapid and unrelenting — industry experts and your competitors agree: the ability to adapt to unpredictable customer demands without disrupting business continuity will be the key to success in the future of insurance.

Don’t be left behind. Leverage modern technology architecture, with integrated business process management, to safeguard your business from technology obsolescence to transform your business today.

Learn more on how Property and Casualty can modernize to meet customer’s elevated expectations.

Opinions expressed in this blog are of the author and may not represent Cognizant’s point of view.

Dena.McNulty

Dena is a seasoned strategic marketing professional with 25+ years’ experience. Prior to Cognizant, Dena spent also 15 years at Cisco. She…