Technology is evolving fast and many insurance organizations are challenged to keep up the pace. These technological advancements are driving the demand for software developers to acquire new skills and capabilities in the insurance domain.
According to the 2015 Global Insurance Outlook by Ernst & Young, “Many insurers are investing in digital platforms that strengthen their relationships with customers across all product classifications and geographies. Their goal is to empower both businesses and consumers to better shop for insurance, making products more transparent, easier-to-understand and compare.”
Top 5 technology trends insurers are embracing:
- Modernizing legacy systems for operational efficiencies:
The proliferation of modern technologies like mobile and cloud computing has changed the way organizations do business. And, it’s time for insurance companies also to embrace the latest technologies, and modernize their legacy platforms for operational efficiencies while considering the flexibility of consumerization.
- Going mobile to offer on-the-go services
Insurers just cannot ignore the benefits that the mobile applications offer in building the brand. With the growing internet consumption via mobiles, customers can be engaged through social networking and different other modes of communications.
- Offering innovative and personalized services through digital touch points
In order to retain their customers and build deep customer relationships, the insurance companies are investing in customer engagement activities using various digital touch points say the web, mobile, social media, email, etc.
- Leveraging Big Data and Analytics
Big data analytics is playing a major role in the insurance industry that deals with an enormous number of claims to handle and evaluate. Leveraging analytics for the claims processing delivers a significant ROI and cost savings.
- Automating regulatory compliance requirements
Automation also provides needed information for the reports and documentation about a specific task performed. Modern systems make the regulatory automation easy while allowing for the change in the regulatory compliance, over the legacy systems.
We at Cigniti have a dedicated team of professionals who are experts in end-to-end policy life cycle management. We have built proprietary IPs and tools, test repositories and test automation frameworks that helped insurance companies across the globe. Contact us to know more about our testing services for the insurance domain.