Sales & Marketing Director
In a rapidly changing world, technology is an unavoidable means in any sector of activity, but it is never an end. When technology does not evolve to keep up with the change in the business context, particularly in the insurance industry, time may dictate that it becomes an end, due to the criticality that operational risks, not addressed at the right time, may represent.
When we postpone technological modernisation due to the potential complexity, impacts and investment it can represent in the immediate future, we are compromising business growth and innovation in the long term. But more than a threat, technological modernisation is an opportunity.
It is an opportunity for simplification, rationalisation and risk mitigation. It is an opportunity to establish new practices and best tools for responding to the insurer’s digitisation challenges. It is an opportunity to renew teams and talent, combining experience and innovation.
And this opportunity brings tangible and intangible benefits.
Within the tangible benefits, which can range from operational improvement and efficiency to the customer experience, I highlight the latter because it is a must. Clients are the greatest beneficiaries (and eager) regarding everything that technological evolution can bring, from having information at a click distance to contracting and obtaining protection without having to leave home or in an integrated experience with other purchases of goods and services.
We thus enter the intangible benefits in which the reputation of a company, its image as an innovative, present and collaborative partner, anticipating client needs and providing a comfortable and reliable experience, can make all the difference, by relegating to the background the price criterion.
Client loyalty, for a service of excellence in speed, communication and responses that technological transformation allows to offer, is also one of the benefits to be highlighted.
Adding compliance issues with more and more regulation, whether as to information security, operational resilience or even ESG (Environment, Social and Governance), it is essential to ensure technological evolution to meet the requirements imposed.
Insurance companies must therefore rely on their technology partners, waiting from them the preparation and anticipation required for these challenges.
At Cleva, modernisation is a continuous theme in the line of product evolution and the provision of services, so the long relationship it has with all its clients allows a collaborative approach in the evolution that each company has to do, within what are its contexts of investment, growth, capacity and IT architecture.
It is always a joint journey of insurers and technological partners; the more they associate and collaborate, the more easily and steadily they will make it.
In a rapidly changing world, technology is an unavoidable means in any sector of activity, but it is never an end. When technology does not evolve to keep up with the change in the business context, particularly in the insurance industry, time may dictate that it becomes an end, due to the criticality that operational risks, not addressed at the right time, may represent.
Insurers face the old challenge of renewing themselves or dying to meet their clients’ increasingly specific needs and remain competitive. One of the pillars of this update is the architecture of computer systems, a real key issue, which can bring unquestionable competitive advantages … or quite the opposite.
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…
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.