Covid-19 & its impact has fueled changes in the insurance industry like never before and the industrial operations are more digital and customer-friendly than ever. The global pandemic was also a shot in the arm for neo-insurers, who provide digital insurance products and services entirely through digital channels. This has made the turf all the more challenging for legacy insurance companies.
Such was the case of a leading UK-based insurer who had countless insurance products to offer through a suite of insurance brands. Despite having a wide array of resources at their disposal, the insurer grappled to launch products in the fast, tech-dominated insurance landscape. The repetitive lag in product launches caused a backlog in the product lineup. The impact of poor speed-to-market reflected negatively on superior insurance customer experiences. Tedious data extraction methods further compounded the problems.
The quote-and-buy process wasn’t fully automated either. All these severely impacted their service delivery and customer satisfaction. Time and other resource-intensive business processes were identified as major pain points that were affecting the insurer and the way to resolve this was to ensure super-fast data processing and enable more self-service, fully automated options.
To overcome the situation, the insurer wanted to collaborate with a market expert in digital transformation. After thorough analysis, they chose Aspire Systems as their technology partner to guide them through their transformation journey. Aspire’s team of experts examined the situation and created an elaborate strategy to overcome the insurer’s challenges. To enable quick product launches, Aspire’s team of experts used ACIA – the Aspire Connected Insurance Accelerator – on top of the client’s existing low-code platform. This meant that less time was spent developing a platform from scratch for every product launch. ACIA also enabled quick data capture and fully customized instant quote generations. This drastically cut customer wait time and enhanced customer experiences.
Some highlights of the success story:
- The insurance digital solutions involving ACIA ended up making product launches 50% faster. The client now launches products in just 2 to 3 months.
- Instant quote generation and better insurance CX experiences
- ACIA ended up saving 30% development time, effort. The resources were instead used on creating better design and a smoother user interface, which again enhanced customer experiences.
- The superior data capture and data processing features augmented the client’s business agility.
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