The tech-powered operating model research shows that a broad enterprise technology strategy is crucial for business success. Part of that success comes from a leader’s ability to scale technology to drive exceptional customer experiences and new value propositions. In support of such an endeavor, insurers, driven by speed to market with new and differentiated products, are modernizing their core insurance systems and moving them to the cloud. This enables them to leverage advances in customer experience technologies like self-servicing and personalization through generative AI among other technologies. They look to these advancements to drive speed and scale required to remain competitive and grow profitably. In fact, a Gartner survey of insurance CIOs ranked customer experience and new product /service development in the top five objectives for their digital investments. The insurers we work with expressed similar views.
Improved speed to market on new products
When a Tier 1 annuity carrier was looking to provide new products on an accelerated timeline, they started by modernizing their core policy administration system. Using the platform’s configurable product templates enabled them to build a product chassis as a basis from which to quickly create multiple product variations by turning on or off features. This capability also allows them to provide white label products for their distribution partners such as using a bespoke index instead of a public index for one of their annuity products. With this high level of flexibility, the carrier is positioned to achieve its goal of bringing new and differentiated products to market quickly. At the same time, they’re offering an even better experience for their distribution partners.
Increased operating efficiency to better serve customers and employees
Similarly, a Tier 2 life insurance carrier modernized its new business and underwriting function with a focus on process efficiency to drive product development and improve customer and employee experience. They used the Accenture Life Insurance & Annuity Platform (ALIP) to introduce and later update an indexed universal life product followed by placing their high-volume term product onto the platform as a proving ground for future product launches, including a new indexed whole life product. Leveraging this technology helped them rethink their processes, making them more efficient and freeing up capacity for product teams to focus on the product roadmap and manufacturing products that meet their customers’ needs.
These future-ready carriers look to technology to provide greater flexibility to respond to—and anticipate—customer and stakeholder needs across their enterprises and distribution channels. Let’s talk about how you can elevate the customer experience with greater operating flexibility.