Technology-enabled operating model Research shows that a broad enterprise technology strategy is critical to business success. Part of that success comes from leaders’ ability to scale technology to drive exceptional customer experiences and new value propositions. To support these efforts, insurance companies are focusing on speed to bring new and differentiated products to market. Modernize your core insurance system and move it to the cloud. This allows you to take advantage of advances in customer experience technology such as self-service and personalization through generative AI. They are looking to these advances to drive the speed and scale needed to remain competitive. grow profitably. In fact, a Gartner survey of insurance CIOs ranked customer experience and new product/service development among the top five objectives for digital investments. The insurance companies we work with share a similar view.
Improving speed to market of new products
When a Tier 1 pension insurance company looked to offer new products on a faster schedule, it started by modernizing its services. Core policy management system. Using the platform’s configurable product templates, you can now build a product chassis as the basis for quickly creating multiple product variations with features turned on or off. This feature also allows us to offer white label products to our distribution partners, such as using a bespoke index instead of a public index for one of our pension products. This high level of flexibility positions carriers to achieve their goals of bringing new, differentiated products to market quickly. At the same time, we are providing an even better experience for our resellers.
Increase operational efficiency and better service to customers and employees
Similarly, a Tier 2 life insurance company modernized new business and underwriting capabilities with a focus on process efficiencies to drive product development and improve the customer and employee experience. they used Accenture Life Insurance and Pension Platform (ALIP) We will introduce and subsequently update our indexed universal life insurance products, and then place a large number of term products on the platform as a testing ground for future product launches, including new indexed whole life insurance products. Leveraging this technology has allowed us to rethink our processes, increasing efficiency and freeing our product teams to focus on our product roadmap and building products that meet customer needs.
these Future-ready carriersBusinesses are turning to technology that provides greater flexibility to respond to and anticipate customer and stakeholder needs across the enterprise and distribution channels. Let’s talk Learn how to increase operational flexibility and improve customer experience.
