Are you looking to reduce your underwriting expenses and transform your claims process? Are technological advancements and cut-throat competition driving you to analyze and optimize your existing processes?
For a long while, process automation has been at the forefront in the insurance landscape, but now, the future of insurance will be shaped by behavioral intelligence and predictive analytics. In order to maintain a competitive edge, you must transform your traditional, rule-based framework into a data-driven, intelligent, and predictive system.
Let’s take an example of a modern insurance company that is disrupting the industry landscape. The company offers homeowners and renters insurance. It targets tech-savvy millennials—people with basic coverage needs, looking for a completely digital experience.
They hit the nail on the head by building a business model powered by artificial intelligence (AI) and predictive behavioral analytics. The insurer uses behavioral intelligence to measure their customers’ “digital body language” when they begin the application process all the way through to filing a claim. This incredible amount of data is leveraged to provide a world-class experience to its customers.
So, if you’re looking to transform your processes and tap into your target market share, predictive analytics is the answer.
Here are five areas where predictive analytics is projected to be influential:
Predictive analytics acts as underwriters’ virtual assistants. It analyzes historical data to rank risk parameters according to their significance and weightage. It also provides data-driven reports in a snapshot for efficient decision-making
With predictive analytics, you can dynamically adjust quoted premiums. By monitoring variables—such as claim history in an area, construction costs, and weather patterns—you can predict risk and set prices more accurately
Decision-making support through analytics can help you in accurately adjudicating claims. This will also facilitate in expediting the process and reducing errors
Input claim parameters—such as a surge in claims during a specific month, previous matching claim amounts, the same surveyor being involved in multiple claims from the same area, etc.—can be compared with past records and an alert can be raised if anything unusual is detected. You must take advantage of any available data and convert it into actionable intelligence
- Improving Customer Loyalty
Predictive analytics can be used to anticipate the needs of your customers by analyzing their history and behavior. This information can also help you offer personalized products, better suited to their specific needs
Transform Data into Future Insights!
It’s time for you to focus on what the future holds for your organization. Predictive analytics has never been more important for insurers, and time is of the essence. Technology, and implementing it in a timely manner, is the best way for you to boost customer loyalty, increase market share, and thrive in a highly competitive market.
To learn more about how Newgen’s predictive analytics helps insurers, like you, contact us here.
Low code, which emerged onto the technology scene in 2014, has taken the application development market by storm. Enterprises across all industries are rapidly adopting low code solutions, especially following the unprecedented demand for digitization in 2020as a result of COVID-19. A recent Gartner survey estimated that by 2024, more than 65% of application development will be done on low code platforms and 75% for both IT application development and citizen development initiatives.
The real question is, beyond achieving their initial digital goals, what else can organizations do with their low code investment?
Practical Application: Understanding the Scope of Low Code
Imagine you’ve successfully purchased and implemented a low code solution, investing a significant amount of money and time into achieving your digital goals. What can you do to make sure your success isn’t just a one-time thing?
Especially at a time when most organizations are thinking about cost efficiency and practical efficacy, you must consider ways to scale your low code solution and increase your ROI.
While there are countless ways to maximize your investment, here are five proven approaches:
- Drive standardization through rapid application delivery
The rapid application delivery capabilities of a low code solution are integral to large-scale digitization, standardization, and governance. The ability to quickly develop applications enables data access and integrity, privacy, security, integration, and more. By quickly developing applications and updates, you can set a standard model for workflows and execute processes in a uniform way across different parts of the organization. You can even incorporate feedback from current users to develop quick fixes for future projects
- Optimize results through integration
Avoid building all your applications and workflows natively using your low code platform. Instead, seamlessly integrate with other tools and technologies to fill business gaps and specific requirements that your low code solution cannot address. Maximizing external tools enhances the overall productivity of your operations and eliminates the need to expend your resources on building a similar tool internally
- Use the right mix of technologies
To ensure that you are getting the maximum return on your low code investment, you must use an appropriate mix of technologies, rather than relying on a single tool. Think of ways to incorporate a variety of new-age technologies into your operations, especially the more complex processes. Strategically augment your low code solution by implementing robotic process automation, dynamic case management, rules and decisioning engines, artificial intelligence, machine learning, and more
- Capitalize on citizen developers
Tap into your non-IT talent and expand their skillset by training them to use your low code development tools to create applications and updates. Share the IT team’s workload with your citizen developers, allowing your IT to merely oversee application development and focus on more complex issues. Additionally, commit to creating a community platform, like a developer forum, to quickly collaborate with all types of developers on best practices, ideas, and resources
- Respond to the unexpected
Quickly respond to unforeseen changes, problems, requirements, and more by leveraging the agility and scalability of your low code platform. Create a customized solution for any business need, without sacrificing on speed or quality. Deliver results within days, or even hours, rather than waiting months for application and workflow updates
The future is, unequivocally, based on low code. And as we continue to navigate the unprecedented in 2021, it is imperative that you optimize your investment and get a bang for your buck!
The past year has hit the reset button on how organizations across industries function on a day-to-day basis. Banks have always been early adopters of technology, and the pandemic has only further accelerated their digital initiatives.
Let’s take a sneak peek into the future of banking with five key trends that are predicted to revolutionize the industry in 2021.
- Customer expectations for online banking to rise
It is common to see millennials engage with their banks through digital channels. In the new normal, however, this expectation goes beyond a specific generation. Today, people of all age groups prefer digital mediums—including mobile apps, web portals, and self-servicing platforms—to meet their banking requirements. Even for critical transactions, people are reluctant to visit a branch, and instead, opt for low-touch environments and minimized human interaction.
- Information security to become of paramount importance
The growing popularity of remote operations means an increased exchange of critical and sensitive information, especially financial data, between banks and customers on the cloud. This exchange usually takes place through a bank’s backend system or via third-party players. Either way, cybersecurity and access management are going to play a major role in sharing secure and verified customer and financial data. Blockchain technology is emerging as a critical enabler of information security and can be leveraged to verify customer data at multiple touchpoints.
- AI to provide much more context
As companies continue to prioritize speed and customer experience, artificial intelligence (AI) will be the key to streamlining customer interactions and providing context. Be it filling out lengthy forms or reaching out to a bank’s support services, AI can fetch data from multiple sources and bring forward the required information at the click of a button. It can analyze a customer’s profile, web data, and past interactions to offer product recommendations and provide personalized interactions. Furthermore, AI-based chatbots can handle low-ticket items and customer queries for a faster turnaround time.
- Voice-based technology to revamp the banking experience
The integration of voice-based technology and voice-activated devices with banking processes holds a lot of potentials to provide a futuristic edge to the traditional banking experience. Voice recognition is a new, remote, and secure form of biometric authentication that allows customers to safely conduct banking transactions from the comfort of their homes. Banks can leverage the technology to provide a number of voice-activated services to their customers, including checking their account balance and transaction history, placing new requests, and interacting with a digital banking assistant.
- Open API and microservices architecture to take the center stage
Agility and integration are more than just buzzwords—they form a strong foundation for building a truly digital bank. Open APIs allow for interoperability between different mediums, helping a bank’s core system engage with third-party vendors and data aggregators. This can be further bolstered by a microservices-based architecture, which breaks down banking applications into a smaller set of services that can communicate with each other through open APIs. This type of architecture is resilient, reliable, and robust, and will ensure that even if a single process fails, it does not disrupt the entire system.
Making a Shift to Connected Banking
2020 was the year of adaptability, forcing banks to scramble and digitize their customer-facing processes in order to survive.
2021 is going to see a renewed focus on automation and lead to the emergence of connected banking. Banking operations are going to become much more agile, with an increasing need to access data anytime, anywhere. The time is ripe to accelerate digital and leverage technology to stay relevant, competitive, and future read.