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CIO Applications Weekly Brief

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Editor's Pick (1 - 4 of 8)
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Driving Insurance Agent Productivity with Mobile and Big Data Solutions

Driving Insurance Agent Productivity with Mobile and Big Data...
Brad Bodell, SVP and CIO, CNO Financial Group, Inc.

Consumer Insight, Experimentation and Other Winning Strategies for the Insurance Disruption Game

Consumer Insight, Experimentation and Other Winning Strategies for...
Louise Billmeyer, VP & CIO, Principal Financial Group

Innovation challenges and the Insurance Broker

Innovation challenges and the Insurance Broker
JohnPetersen, CIO, Heffernan Insurance Brokers

How IT Transformation is Enabling Nationwide's Digitization

How IT Transformation is Enabling Nationwide's Digitization
Michael Carrel, SVP-IT & CIO, Enterprise Applications, Nationwide

Redefining the Future of IT in Insurance

Redefining the Future of IT in Insurance
Murali Natarajan, SVP & CIO, West Bend Mutual Insurance

InsurTech

InsurTech
Mary Kotch, Executive Vice President & CIO, Validus Reinsurance

A Practical Approach to Innovation

A Practical Approach to Innovation
Mark L. Berthiaume, EVP, Chief Information Officer & Chief Technology Innovation Officer, The Hanover Insurance Group

Building Towards Tomorrow: Driving Change in Insurance

Building Towards Tomorrow: Driving Change in Insurance
Mary Kotch, EVP & Global CIO, Validus Reinsurance

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How Insurtech Revivifies CX

By CIO Applications| Friday, July 10, 2020
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FREMONT, CA: As digital transformation takes the insurance business atmosphere by the strides, customer care cannot be left untouched. Like every industry, insurance is experiencing a significant transformation in its business processes. Insurtech is transforming the insurance industry and revolutionizing CX for the better. Placed at the intersection of technology and insurance, the goal of insurtech is to help insurance businesses operate in a more profitable, productive, and streamlined fashion.

Insurance firms have realized that building their technology is a time-taking and challenging task. Insurance companies are provided with innovative technologies, and this delivers them the power to jump-start customer-centric approaches and improve antiquated models. The insurance industry is being transformed by insurtech in the same way that the finance industry was revolutionized by fintech. With insurtech, consumers can interact with chatbots to get answers fast without having to wait on hold for minutes on end. This is an excellent gamechanger for the insurance industry and is going a long way towards enhancing customer experience. Chatbots are so effective that they can outsell human employees by four times and acquire almost zero marginal costs.

As insurers begin to unveil their new customer experience strategies, big data, RPA, and real-time interaction and collaboration are fueling the industry forward. Insurtech is making it feasible for insurance customers to be able to communicate with their providers in real-time via video conferencing and digital file-sharing. RPA is used by insurtech firms to help automate repetitive tasks like calculations, inquiries, and the maintenance of transactions and records. With the help of big data, insurtech firms are helping insurance businesses in marketing, underwriting, rating, claim settlement, and fraud detection.

Insurtech is swiftly reshaping the insurance industry by delivering big data, RPA, and real-time interactions and collaborations among insurers and their consumers. These will help to cut costs, widen profit margins, and streamline business processes for insurers while dramatically enhancing customer experience.

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