Market Director (Spain)
In the race to the future, the insurance sector is changing from its traditional armour into a suit tailored for innovation. We are leaving the era of dusty claim notifications, forms to fill in, countless fragmented manual processes, etc., etc., to enter the cloud and artificial intelligence, where data flow like electricity and decisions are made at full speed. In this “cocktail” of innovation and technology we find different ingredients…
Thus, the cloud is gradually becoming that alternative for insurers which provides flexibility and agility. Like a juggler with an extra ball, companies manage resources and data without fearing to fall, because the cloud is their extra safety net. It reduces complexity in scalability and management, allowing organisations to focus on what really matters: growing.
AI, on the other hand, is that sleeping giant that has awakened and that, despite all the unknowns, will transform reality as we know it. In insurance, it is already substantially modifying the underwriting and claims management processes; also the generation of content, to cite a few examples. Back-office operations and hyper-customisation in client relationships also fall fully into the impact area. The opportunity that opens will leave no function or area out of reach as to the three main aspects within AI: text/data/code.
Closely related to the above, as far as process automation is concerned, insurers that previously wobbled under the weight of manual tasks now aspire to “fly” through the digital space with the grace of an Olympic gymnast. From underwriting policies to dealing with claims, automation means that manual work is reduced by leaps and bounds. It’s not only about speed and efficiency, but also about freeing people from tedious tasks of no added value.
And what happens when systems “don’t get along”? This is where the concept of interoperability comes in, the art of making different systems act like old friends. In the ideal IT world, systems not only hold hands, but they also “tango” together, allowing agile interaction with internal systems and also with the increasingly important external partners.
Innovation in launching products is also a protagonist these days. Embedded insurance, models such as pay-as-you-drive, parametric, on-demand, cyber, among others, are some examples of solutions that break with traditional schemes and seek to satisfy a customer with increasingly sophisticated needs in a new and fluid context.
Finally, new distribution channels are redrawing the map of how customers interact with their insurers. Digitisation has opened doors to online platforms and mobile applications, where purchasing insurance is as simple as sliding your finger across the mobile screen. These channels not only offer convenience, but they also reach many more places at the right time, exponentially increasing the reach of the companies.
If you ever thought the insurance industry was unstimulating and a bit boring, maybe it’s time to change that view. The train of technological change does not wait for anyone, nor for insurers, and those who get on board will be better equipped to lead the way to a future where the only predictable thing is constant change.
In the race to the future, the insurance sector is changing from its traditional armour into a suit tailored for innovation. We are leaving the era of dusty claim notifications, forms to fill in, countless fragmented manual processes, etc., etc., to enter the cloud and artificial intelligence, where data flow like electricity and decisions are made at full speed. In this “cocktail” of innovation and technology we find different ingredients…
Paulo Ferreira, Product Management Director at Cleva, explains the advantages and opportunities for insurers when they begin a process of changing their core system.
Agile digitalisation of the insurance processes There has been much talk about digitalisation in insurance companies, particularly focused on business processes as underwriting or claim management. But how easy is the digitalisation process? And yet, is permanent and agile evolution of the digitalisation possible?
Cleva is committed to the development of core solutions that boost the digital transformation of the insurance industry through a comprehensive and integrated platform with a complete functional range from managing policies to risk assessment and customer service.