Insurers need to get out from under their multiple aging policy administration systems to unlock business value from data and to fund innovation. Insurers with a strong digital core will be able to innovate faster.
If you follow fitness trends, you know the benefits of strong core muscles, including speed, balance and stability. Your policy administration system (PAS) provides the same benefits, particularly amidst our industry’s continued digital disruption. Strengthen your core, and you enable your insurance business to innovate. My colleague’s blog describes core transformation as “non-negotiable if insurers want to innovate.” With a modern policy administration system and access to valuable data, insurers can quickly develop product and service innovations that drive revenue.
- Deliver a world-class customer experience.
Online retailers continue to raise the bar in the customer experience. Consumers expect similar experiences for all their online transactions. Invest in agent and consumer experiences by investing in customer and agent portals. Whether you build, buy or integrate with a portal you’ll enable personalized and consistent omnichannel experiences that can deliver higher service levels at lower operating costs.
- Adopt a device-agnostic mobile mindset.
In a world where mobile has outpaced desktop use, new channels have opened – including direct-to-consumer and simplified / instant issue. The Accenture report “Insurance as a Living Business” suggests there is an estimated US$144 billion opportunity for insurers that can profitably access these once unprofitable segments. Strong core technology that supports native mobile applications and a consistent experience across devices can help you capture your share of this now more lucrative market segment.
- Connect with confidence.
Ecosystem connectivity delivers added value to you and your customers when you connect efficiently and seamlessly. The Accenture report “Evolve to Thrive in the Emerging Insurance Ecosystem” indicates that 74 percent of insurance executives believe digital ecosystems are altering or transforming how the industry delivers value. A strong core includes integrations and APIs built on open standards that facilitate easy data sharing across your enterprise, across third-party networks and with consumers, irrespective of whether you own, orchestrate or participate in ecosystems.
- Adopt agile principles.
The first agile software development principle is to satisfy the customer by continuously delivering valuable software. Insurers that follow agile principles deliver valuable products and services to customers through continuous product development iterations. Their software platform provides the development tools that enable them to quickly and continuously design, build and test new products. Incumbent insurers that modernize their platforms and adopt agile principles can remain relevant and competitive.
Accenture believes that a modern operating platform enables and advances your digital insurance strategy. It also supports advanced capabilities such as AI and machine learning that leverage your insurance data to enable intelligent underwriting and new opportunities to reduce risk and grow your business profitably with engaged customers. Learn how you can strengthen your core with Accenture Life Insurance and Annuity Platform (ALIP).