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
Preventing Claims Fraud
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.
By 2023, over half of the medium to large enterprises will have adopted low code as one of their strategic application platforms – Gartner
By 2024, more than 65% of application development will be done on low code platforms and 75% of large enterprises will be using at least four low code development tools – Gartner
A market study by Forrester expects the market for low code development platforms to increase to $21.2 billion by 2022, up from $3.8 billion in 2017 – Forrester
What stands out in the above data points is that low code is an opportunity you simply cannot miss!
As a business leader, you deal with evolving customer expectations and changing market needs. This requires you to be faster than your competition and respond to dynamic business requirements with speed and agility. So, the time to embrace low code is now!
And if you are still deliberating, here are the five key business values you can unlock by investing in low code:
Achieve Faster Go-to-market: Low code helps slash enterprise application development time significantly. Reusable application components and web-based drag-and-drop features of low code speed up the application designing process. This ensures that you bring your application faster to market and incorporate changes at the shortest notice!
Make Your IT More Efficient: Don’t make janitors out of your IT workforce! Most IT teams today spend a significant amount of time in maintaining IT hygiene—continuous upgrades, compliance checks, security certifications, and performance measurements—thereby hampering productivity. Technical debt accrued by organizations is a major factor that increases the technical burden. Low code platforms can significantly reduce these IT overheads and enable your developers to rapidly build applications that can bring in higher business value
Lower IT Costs: The traditional way of developing enterprise applications is on its way to becoming obsolete. Low code not only enables organizations to keep up with the fast, digital times but also offers significant cost reduction in the long run. With low code, you get faster innovation in lesser time and without adding to your IT headcount
Delight Customers: Today’s digital native customers’ expectations keep changing rapidly and they want organizations to respond quickly to their changing needs. This is where low code comes as a savior by enabling faster responses and easier change management per market and customer needs
Improve IT Governance: Shadow IT continues to be a pain point for enterprises. It not only accrues technical debt in the organization but also affects overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on quick-fix third-party applications and enabling a collaboration-driven work environment. The standard modeling environment of low code boosts IT governance by doing away with data, process, and security vulnerabilities
In a nutshell, low code provides a lot more than just speed and agility
Newgen has conducted a poll on LinkedIn, asking our followers, “What does ‘Transforming Experiences’ mean to you?”
The results were that 45% of respondents said they interpreted “transforming experiences” as enabling anytime, anywhere operations, and 28% responded with end-to-endcustomer journey enablement. It’s no surprise, especially during a disruptive global pandemic, that most organizations are focused on improving customer experience, uninterrupted business operations, and secure remote accessibility.
But the question is how can enterprises, like yours, transform the end-to-end experience for your internal and external users?
Let’s see if the answer lies in digital transformation.
What is Digital Transformation Anyway?
In a separate poll, we asked our LinkedIn network what “Digital transformation should mean.” 38% of people responded with simplified work, while the rest of the respondents were split evenly between paperless operations (24%), new innovations (22%), and happy customers (16%).
All of them are right! Based on our experience over the past nearly three decades, we believe that effective digital transformation should involve:
Enhancing your customer experience through omnichannel interactions and prompt communications
Empowering your employees with tools to rapidly develop and update business applications
Providing visibility, connectivity, and accessibility to your employees, across your end-to-end operations
Implementing an agile IT infrastructure, with new-age technologies, that can grow with your company
Transforming Experiences through Digital Transformation
As “transformed experiences” is becoming a competitive differentiation, enterprises must accelerate their digital initiatives. In fact, analysts at Forrester said, “In 2021, we predict that companies will accelerate digital transformation with a focus on customers and the products, practices, platforms, partners, and places to sell to and serve them.”
To us, “transforming experiences” means enabling anytime-anywhere operations, seamless customer journeys, omnichannel engagement, modernization of your existing IT systems, smooth collaboration, and more.
Making resolutions for the year ahead is a time-honored tradition. Whether you are a goal-chaser who religiously checks off each resolution, or the one who just likes to follow the tradition, there’s no better time to reflect on the past year and plan for the next.
Here are seven resolutions you should make (and keep) to ensure business success in 2021:
Modernize, digitize, and optimize!
Enterprises with robust digitization initiatives were able to adapt quickly to the unexpected in 2020. The same companies will stand out in 2021, as they are able to work more productively, and from remote locations, seize opportunities faster, and exceed customer expectations by finding new ways to personalize engagement.
After a year of instability and uncertainty, companies are also looking for ways to optimize expenses. Automating your processes, empowering your employees to build applications in-house, and migrating your operations to the cloud are just some of the ways to reduce costs and improve efficiency.
Tap into blockchain capabilities to encrypt your data and stay vigilant to avoid security breaches.
Increase engagement with your customers
This goes beyond soliciting feedback from your customers after a transaction. Leverage social media and modern technologies to be where your customers are and to monitor their sentiments, needs, and complaints. Ensure meaningful responses and anytime-anywhere engagement with your customers in channels of their choice.
Use data to your advantage
It is easy to become overwhelmed by the amount of data available to your enterprise. Data can prove to be your best friend if you leverage analytical tools to glean meaning from the available information and foster a culture of data-driven decision making across your organization. The time is now to use modern technologies, including artificial intelligence and machine learning to further simplify and optimize your day-to=day operations .
Keep the learning going
Whether you choose to learn something business-related or pick up a completely unrelated skill, be intentional about enhancing your capabilities (and that of your employees!). Invite industry experts to talk about relevant issues, take a cooking class with your team, or introduce gamification—by trying something new, you can build team camaraderie and add value to your organization.
Take stock of your operations
Don’t just make do with broken processes—identify what’s working and what’s not. Use reporting and analytical tools to assess vulnerabilities, optimize processes, and eliminate inefficiencies. Remember, disjointed processes end up hurting your employee productivity and customer experience.
Give back to your community
Your company is inherently driven by its core values, so tap into those sentiments and find meaningful ways to give back to your community. Search for mentorship, volunteering, or donation opportunities that reflect your company’s mission!
So, tackle the projects you’ve been putting off, patch up those pesky business gaps, and keep your resolutions to make this year the best yet for your enterprise!
As a business leader, there is a plethora of information that your organization has to deal with—physical and electronic documents, data generated by multiple business processes, workflows, mobile apps, and various communication channels, including social media, and many more.
Is this high influx of information giving you sleepless nights? Are you struggling with:
Wastage of time and resources in segregating documents based on their type
Connecting customer communications with organizational processes and workflows
Analyzing and predicting data and historical performance
An organization typically uses workflows, documents, and integrations with various applications. These processes can be fully or partially automated, while others are manual. Additionally, frontend systems might be more optimized than backend processes. Coupled with other enterprise challenges, this disconnect between frontend and backend processes can lead to information silos, resulting in ineffective and slower decision making, further impacting your customers’ experiences.
Amidst all this chaos, you are most likely losing out on extracting valuable insights, essentially rendering data as a liability instead of an asset.
Sure, technology is already involved in gathering information. But you need to leverage the right set of capabilities to create opportunities from this unstructured data. So, what can you do to avoid drowning in a sea of information and to safely navigate toward efficient and well-informed decision making?
Moving from Chaos to Order
Here are six initiatives you can take to optimize your data!
Automate your business-critical, document-intensive processes to efficiently manage data, create a paperless environment, and ensure secure storage, search, and archival
Contextualize your data to extract relevant and meaningful information, thereby driving intelligent decision-making
Drive meaningful engagement with your customers across multiple channels and devices by analyzing their intent or sentiments for personalized interactions using artificial intelligence
Generate business insights and use analytical tools to create better, and more targeted, offerings for your customers, and to enhance future strategies
Auto-classify documents based on characteristics like structure, text, or both for automated sorting, sequencing, and classification of documents
Analyze trends and predict the impact of strategic changes in your organization using process insights tools to overcome bottlenecks and create real-world simulations
Managing and analyzing data holds far more value than just optimizing your business processes. Data analytics can, in some cases, predict the unpredictable. At the very least, data and insights can help you adapt rapidly to unprecedented situations.
In fact, according to Gartner, “Data and analytics combined with artificial intelligence (AI) technologies will be paramount in the effort to predict, prepare and respond in a proactive and accelerated manner to a global crisis and its aftermath.”
Expecting (and Conquering) the Unexpected
Digital transformation has been widely regarded as the ultimate enabler of business continuity, during and (prospectively) beyond the pandemic.
To accelerate your digital transformation initiatives and drive your organizational growth, you must focus on improving your decision-making capabilities and automate your customers’ journeys wherever possible. This will enable your enterprise to eliminate information chaos and pave a path that leads to customer experience and process innovation.