This blog will convince you about the ways insurance software development is bringing out the best in insurance industry.
In an earlier blog, we gave you reasons as to why your insurance digital transformation and insurance software development should be built around customer experience. The blog also listed the basic presets and end-user advantages of insurance software development.
Advantages of insurance software development:
- Increased ROI
- Lesser resources, cost and time due to a more automated workflow
- Elevated customer experiences
- Better scalability & agility for future business
Insurers across several global markets are chasing new-age technologies and trends constantly to bring their A-game and get their company a digital facelift. But amid this relentless rat race, shouldn’t we all pause for a minute and look at how this insurance digital transformation, and insurance software development, in particular, is reshaping the insurance industry as a whole?
Insurance software development is all about new-age technology – artificial intelligence (AI), machine learning (ML) and internet of things (IoT). How have these impacted the insurance landscape?
Impact of insurance software development on insurance landscape
1) It’s not about today, you chart the course for tomorrow – intelligent business way:
Business intelligence has taken on a whole new avatar and has become the superpower insurers have and build in-house to make their business stronger. AI-infused tools and development now offer extremely tailored metrics and even draw insights from them and just present you with the findings. This goes a really long way in you chalking up plans for your company’s future offerings, ways to approach different demographics of customers and see which services you excel in and what needs your attention.
Actionable insights were out of reach in the
traditional business models.
An example of this would be you tailoring your offerings to suit & target end-users of a particular age group depending on reach. It could also be applied to the ways you reach out to your different customer groups. For the younger digital generation, notifications on mobile or social media campaigns could be the best ways to reach out. For older audiences, a mix of digital convenience and conventional insurance methods might work best. Such actionable insights were out of reach in the traditional business models.
Check out our data analytics tool here: https://www.aspiresys.com/data-analytics-insurance/
2) No one can pull one on you – fraud detection, security is at their best:
Insurance application development and testing has grown to have a monstrous appetite for frauds with the new-age tech — it’s going to keep you and your customers full and happy. While AI & ML has made testing quicker, it has helped fine-tune fraud detection in claims management and significantly cut losses insurers face through duplicate payments. AI-powered tools are also now an integral part of verifications and weed out any documentation frauds during the process. While fraud detection has improved manifold, so has security.
Fraud detection & data security has reached new heights
with current pace of insurance software development
Cloud-based architecture and advanced security tools can now identify and shoot down threats at the roots, making customer data really secure. This further reinforces customer faith, since they share their personal, private and confidential information with insurers. Both fraud detection and assuring this level of security was unthinkable in a business with legacy systems.
3) You get more for less now – cost cutting is a guarantee:
Increased quality, better speed, and a multiplied ROI are some of the many sure-shot improvements this current-world insurance software development brings your way. Not to brag (but also kind of), some of Aspire’s insurance customers have seen 40% operational cost savings, 10x speed-to-market increase, and increased partner and/or customer retention rates by using our suite of digital transformation services.
What were drawbacks with legacy systems and the old-school insurance business model –
time, cost & security — are pros under this new-age insurance software development regime
While cost savings and an increase in go-to-market speed have much to do with RPA (robotic process automation) and AI tools, customer retention is driven by a combination factor that enhances the overall quality of services/products. A specific example of this would be how RPA can help you relieve your expert resources from routine tasks and instead help make them available for specific tasks where they can make unique value additions. All this is done while making your business model and your IT infrastructure agile and scalable, which means you’ll be spending less and less on your IT support and maintenance costs over the years.
A case study that might interest you: https://insurance.aspiresys.com/launch-products-faster-using-acia
4) It’s still about being there for your customers but 24×7 now – Omnichannel experiences:
IoT has made the world of insurers easy in many ways, one of which is the ability to reach out to customers in multiple ways and be available whenever in need. From chatbots, voice bots, tele assistance, risk alerts, single-click claim requests, e-mail channels – you name it, insurers are using it to their advantage. This unparalleled ease of access leaves the customers with hassle-free and superior customer experiences that were out of reach for customers and insurers when businesses were run the conventional way and you had to meet with your agent in person for updates. This easy availability teamed with superior quality products and better speed of product delivery makes real-time assistance a possibility.
Our deep industry knowledge across the insurance business spectrum allows us to provide supercharged application development and unlock sustainable productivity in the long run. Check out our complete set of insurance offerings here https://www.aspiresys.com/insurance
Please reach out to us at [email protected] or sign up for a free consultation!
Read our other Blogs:
- Personalized insurance customer experience: A guide for insurers catching up - December 2, 2022
- AI in insurance: Subject experts tell us what’s the fuss about - November 2, 2022
- Top P&C insurance, life insurance trends and priorities you need to know - October 14, 2022