Transformation
in Insurance Business
Adapting to the new normal
Legacy systems, disruptive technologies, digitalization, new forms of risk, shifting demographics, evolving customer needs, increasing regulatory oversight, and modern competitive businesses possess severe challenges - even severe threats - to insurance companies. To stay relevant and fulfill customer needs, insurers must adapt to this new reality, make bold, strategic, urgent changes and adopt business transformation in insurance processes.
To stay relevant and meet the requirements of modern customers, insurance companies must understand what's possible and take decisive actions to deliver value and ignite long-term growth. At Eicoretech, our team of global professionals has the industry knowledge and technical skills to help insurers transform their business strategy through an end-to-end insurance business system implementation.
What does digital transformation mean for insurance companies?
With the competitive landscape and growing demands of customers, insurers need to be able to leverage digital technologies for insurance business transformation as well as to stay ahead of competitors.
With the help of modern digital technologies, insurance companies can easily improve their operational efficiency and enhance customer experience.
Challenges faced by insurance companies
In addition to the rapidly changing and increasingly digital, channel-agnostic, mobile, and demanding customer,
InsurTech and especially new emerging players in the insurance market, other challenges for the insurance
industry include:
- Regulatory changes.
- Decreasing loyalty.
- Various challenges associated with the digitization of business processes (e.g., insurance claims processing). OEasy to duplicate innovations.
- Ongoing commoditization.
- Macro-economic uncertainties.
- Innovations concerning new models whereby policy terms are related to data from emerging technologies such as the Internet of Things (iOT).
Some insurance companies have already started the journey of insurance business transformation, which usually revolves around the need to optimize the end-to-end customer experience.
What are the advantages for insurance companies through digital transformation?
Nowadays, everyone uses smartphones and prefers newer functionalities to upload documents, initiate claim requests, use apps for payments and receive reminders and updates regarding their insurance policies. As the world embraces technologies, insurance companies need to tag along for digital innovation.
Some insurers adopted changes within their operations by taking minute, essential process changes. Also, early adopters of insurance business transformation have notched up their capabilities for long-term gains. Digital transformation has helped them generate great business values to win more customers and gain comprehensive benefits like:
Provide a better customer experience.
Improved claims processes.
Reduced cost and time in business operations.
Process automation for core business operations.
Improved customer insights.
Increased underwriting efficiency.
Faster access to the market for insurance products and services.
Synchronous processes increase sales, productivity, and profits.
Enhanced resource management.
Increased productivity and profits.
Predictive Analytics allows critical business insights to make faster decisions.
Eicoretech’s Solution
At Eicoretech, we understand that business transformation in insurance is reshaping the current and future state of the industry.
We empower insurance companies with digital end-to-end insurance business management systems by implementing sophisticated, cost-effective solutions based on the insurer's needs.
See why some of the world’s most trusted insurers rely on eicore to meet their digital needs.
Integrating Eicore was the biggest impact investment of anything we’ve done to date.
- COO at a Hong Kong-based Life Insurance company
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Eicore offers comprehensive software services and products for brokers, insurers, HMOs, insurance TPAs, self-funded schemes and retail users. Eicore’s health insurance claims management software is an end-to-end and client-focused software providing solutions for claims handling, delivering significant benefits to insurance organizations with its wide-ranging functionalities. The claims management software integrates seamlessly with the existing policy administration system and external entities, thus digitalizing the claim process and saving resources, operational cost, and time, increasing efficiency, and preventing fraud.