The tech-powered operating model analysis exhibits {that a} broad enterprise expertise technique is essential for enterprise success. A part of that success comes from a frontrunner’s potential to scale expertise to drive distinctive buyer experiences and new worth propositions. In help of such an endeavor, insurers, pushed by pace to market with new and differentiated merchandise, are modernizing their core insurance systems and moving them to the cloud. This permits them to leverage advances in buyer expertise applied sciences like self-servicing and personalization by means of generative AI amongst different applied sciences. They appear to those developments to drive pace and scale required to stay aggressive and grow profitably. In actual fact, a Gartner survey of insurance coverage CIOs ranked buyer expertise and new product /service improvement within the prime 5 aims for his or her digital investments. The insurers we work with expressed comparable views.
Improved pace to market on new merchandise
When a Tier 1 annuity service was seeking to present new merchandise on an accelerated timeline, they began by modernizing their core policy administration system. Utilizing the platform’s configurable product templates enabled them to construct a product chassis as a foundation from which to rapidly create a number of product variations by turning on or off options. This functionality additionally permits them to offer white label merchandise for his or her distribution companions corresponding to utilizing a bespoke index as an alternative of a public index for certainly one of their annuity merchandise. With this excessive degree of flexibility, the service is positioned to attain its aim of bringing new and differentiated merchandise to market rapidly. On the similar time, they’re providing a fair higher expertise for his or her distribution companions.
Elevated working effectivity to higher serve prospects and workers
Equally, a Tier 2 life insurance coverage service modernized its new enterprise and underwriting operate with a deal with course of effectivity to drive product improvement and enhance buyer and worker expertise. They used the Accenture Life Insurance & Annuity Platform (ALIP) to introduce and later replace an listed common life product adopted by inserting their high-volume time period product onto the platform as a proving floor for future product launches, together with a brand new listed entire life product. Leveraging this expertise helped them rethink their processes, making them extra environment friendly and liberating up capability for product groups to deal with the product roadmap and manufacturing merchandise that meet their prospects’ wants.
These future-ready carriers look to expertise to offer better flexibility to reply to—and anticipate—buyer and stakeholder wants throughout their enterprises and distribution channels. Let’s talk about how one can elevate the client expertise with better working flexibility.
