cxo voice
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
Leaders Talk and Latest Tech News | CXO VOICE
No Result
View All Result
Home News

Technology remains the main driver for insurance companies to scale and grow in 2023

Rajeev Batra by Rajeev Batra
January 10, 2023
Reading Time: 3 mins read
Technology remains the main driver for insurance companies to scale and grow in 2023

Image: Rajeev Batra

Share on FacebookShare on Twitter

From new regulations and policy changes to the emergence of innovative technology, the insurance industry is constantly evolving to meet the needs of consumers. We will look at some of the top trends in insurance for the year 2023. We will explore how technology is changing the face of insurance and discuss how insurers are adapting to meet their customers’ demands and what that means for their bottom line. Read on to find out more!

Simplification of IT systems

Insurance carriers are dealing with multiple legacy systems that are difficult to manage due to integration issues, outdated technology, higher downtime, and the availability of the right skillsets to manage these applications. It is always a challenge for insurance carriers to keep legacy systems current while incorporating disruptive technologies such as cloud, mobile, or analytics. Insurance carriers will continue to modernize their legacy systems by automating routine tasks and revitalizing the technology stack by making the IT footprint more agile, intuitive, and responsive and concentrating on bringing transformation initiatives, standardizing architecture models, and implementing automation to drive efficiencies. Partnering with insurtechs to bring innovation and use of advanced technologies will help insurance carriers respond faster to customer needs.

Reaching out to millennials and the younger generation

Millennials increasing use of digital channels will see a driving shift in the distribution model. They have a more defined sense of their financial goals and prefer to purchase directly through digital channels. Insurance carriers will continue to innovate their distribution mix to create more pull from this segment. This will help insurance carriers reduce their customer acquisition costs and offer personalized buying experiences.

Core systems modernization remains a priority

The insurance industry is seeing a massive technological overhaul and owes this rapid shift to changing business models, renewed product centricity, and evolving customer expectations. Latest market trends suggest that core platform transformation and modernization have surfaced as the top priority for insurance carriers. This revamp has risen to significantly improve the system value chain and offer better, unified experiences to enterprises and their customers.

Implementing innovative distribution management systems

Large and mid-sized insurance carriers are exploring ways to improve their sales and financial growth. Distribution management systems play a critical role as they streamline compliance activities, support flex and complex commission structure, effective management of distribution hierarchies, and self-service capabilities. Insurance carriers are looking for dedicated agent and broker experience platforms with cognitive machine vision-based solutions and predictive analytics-based enablers in their vision-based roadmap, enabling them to achieve growth outcomes. An efficient and agile distribution management system helps insurance carriers to improve time to market and enhance the distribution experience.

Accelerated underwriting          

Insurance carriers are looking to improve underwriting through understanding risk combined with AI/ML, predictive analytics, and advanced statistical models. It helps them in adding real value and supports disciplined underwriting. They are also looking for innovative underwriting solutions that will provide an interactive experience with enough configurability to allow carriers to deliver a powerful decision support tool for quicker and more informed judgments.

ADVERTISEMENT

Enhancing Agent, broker, and customer experience (ABC)

Consumer expectations are changing due to digital experiences. Agents have been asked for faster quotes and decisions to compete for business. Insurance carriers are looking for digital experience platforms aligned with their digital strategy to support improved experience for the agents and policyholders. Insurance carriers look forward to AI-based outcomes to provide prediction and remediation, which takes much shorter time than the current ‘automated’ processes. This will help in new business and quoting capabilities integrating with core systems across the insurance value chain.

Conclusion

The insurance industry has shown incredible resilience over the last few years. The focus will continue to service customers better, improve efficiencies and respond faster to market needs. Technology remains a primary driver for the business to scale and grow.

Also Read: Lending-as-a-Service – Opening New Avenues for Banks

Rajeev Batra

Rajeev Batra

EVP & Head Insurance of Coforge (www.coforge.com)

Related Posts

Startups should embrace a down-round and restructure their firms: Flipkart CEO
Business

Startups should embrace a down-round and restructure their firms: Flipkart CEO

November 22, 2022
Elevate UX & CX with Automation supported by Digital Infrastructure Management Services 
Business

Elevate UX & CX with automation supported by digital Infrastructure management services

November 16, 2022
Why CCTV system is important for your business
News

Why CCTV system is important for your business

November 15, 2022
data loss prevention (DLP) usese
Cyber Security

Slack Security Concerns and DLP solutions

November 3, 2022
IT Service Management (ITSM)
Opinion

The need of ITSM to start a digital transformation journey and ensure high ROI

January 17, 2022
Cloud Adoption
Cloud

Cloud Adoption Needs to Be Accelerated

January 12, 2022
Cloud

Hybrid Cloud Solutions has Empowered Industry Leaders to take Informed Decisions

January 11, 2022
Ransomware Prevention Strategies
Cyber Security

8 Ransomware Prevention Strategies for Healthcare Providers

May 26, 2021
Load More
ADVERTISEMENT

Expert Views

How Travel and Expense can pave the way for responsible spend culture
Opinion

How Travel and Expense can pave the way for responsible spend culture

May 24, 2023
Data at Rest
Cyber Security

Data at Rest – How Data Encryption and Data Security Beneficial to IT Teams?

May 8, 2023
SaaS Rising: India is Ready for its Next IT Moment
Opinion

SaaS Rising: India is Ready for its Next IT Moment

January 31, 2023
Technology remains the main driver for insurance companies to scale and grow in 2023
News

Technology remains the main driver for insurance companies to scale and grow in 2023

January 10, 2023
Supply Chain Attacks – The Open Source Effect
Cyber Security

Supply Chain Attacks – The Open Source Effect

January 3, 2023

Latest Updates

ARM

Arm launches new chips to boost smartphone performance

by IANS
6 hours ago

Yubi acquires digital credit analytics firm FinFort Infotech

by IANS
4 days ago

digital transformation journey and cybersecurity of digital business

Worldwide Government IT Spending to Grow 8% in 2023: Gartner

by News Desk
5 days ago

LG Electonics TV

LG announced OLED TV line-up in India, including 97-inch TV

by IANS
5 days ago

Capgemini launches 6G research lab in India

Capgemini launches 6G research lab in India

by IANS
5 days ago

How Travel and Expense can pave the way for responsible spend culture

How Travel and Expense can pave the way for responsible spend culture

by Srivatsan Santhanam
5 days ago

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

Interview with Prasanna Arikala, CTO, Kore.ai on AI chatbots
AI

Can AI chatbots enhance customer experience and reduce the cost of serving customers?

-
Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain
Cyber Security

Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain

-
Axis Bank's Cloud-driven digital banking solutions
Banking

Axis Bank doubles down on cloud based digital banking solutions

-
digital-first strategy
Banking

Jana Small Finance Bank’s digital-first strategy enhances customer experience

-

Entrepreneur

Samsung Electronics appoints its first female president

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

We bring business leaders' opinions and unique ideas on what’s happening in the market and its impact. Also, get the daily news, analysis, and insights.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

contact@cxovoice.com
  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2023 CXO VOICE

No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion

© 2023 CXO VOICE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/