Technology-driven operating model Research shows that a wide range of enterprise technology strategies are essential to business success. Part of its success comes from the leaders’ ability to scale technology to drive outstanding customer experiences and new value propositions. To support such efforts, insurance companies are driven by speeds to market with new differentiated products. Modernize your core insurance system and move it to the cloud. This allows us to leverage advances in customer experience technologies such as self-service and personalization through generation AI among other technologies. They look to these advances, promoting the speed and scale needed to stay competitive; Grows beneficially beneficial. In fact, the Insurance CIO’s Gartner survey ranked customer experience and new product/service development in the top five goals for digital investment. The insurance company we work for has expressed similar views.
Increased speed to market new products
When Tier 1 Pension carriers were trying to offer new products on an accelerated timeline, they started by modernizing Core Policy Management System. With the platform’s configurable product templates, we were able to build product chassis as the basis for quickly creating multiple product variations by turning the feature on or off. This feature also allows distribution partners to provide white label products, such as using a bespoke index instead of one public index of pension products. This high level of flexibility positions carriers to achieve their goal of quickly bringing new differentiated products to market. At the same time, they are offering even better experiences to their distribution partners.
Improve operational efficiency to better serve customers and employees
Similarly, Tier 2 life insurance companies have modernised new business and underwriting capabilities with an emphasis on process efficiency to promote product development and improve customer and employee experience. They used Accenture Life Insurance & Annuity Platform (ALIP) Introduce and update indexed Universal Life products, then place large numbers of terminology products on the platform as a proof of future product launches, including new indexed full-life products. By leveraging this technology, rethinking the process has made it more efficient and freed up the product team to focus on product roadmap and manufactured products that meet customer needs.
these A career ready for the futureTurning to S-technology, it offers predictable flexibility to meet customer and stakeholder needs across businesses and distribution channels. Let’s talk How to increase operational flexibility and enhance customer experience.
