Create a connected insurance ecosystem
Challenge 1:
Difficulty executing a connected ecosystem
Insurance companies are frequently perceived by consumers as traditional organisations – rich in heritage and knowledge, but infamously slow to embrace digital change.
In fact, 68% of insurance companies see legacy systems as the biggest obstacle to digital transformation. Whilst legacy systems are recognised as a roadblock to digitalisation, it is difficult for a business to simply switch them off. Not only is it expensive to do so, but there are also risks involved, such as the loss of valuable information or disruption to critical business operations. However, doing nothing will prohibit an organisation’s ability to compete, may lead to security issues, and is likely to drive up long-term maintenance costs.
Solution
Connect and keep pace
At Coforge – Salesforce Business Unit, we have the experience and expertise to modernise your legacy infrastructure – enabling you to integrate 3rd party legacy systems like Pershing, Albridge, MoneyGuide Pro, Doc-Archive and more. We can help your insurance business to create a fully connected ecosystem to enhance the power of your core operations, ensuring you can keep up with an ever-changing competitive landscape, while still delivering excellent experiences for customers, agents, employees, and other business partners. With a connected ecosystem, you’ll gain the ability to aggregate and transform your data in real time, so you can improve business efficiency, reduce cost and minimise risk.
Challenge 2:
Fragmented customer view
Siloed data means insurers often miss opportunities to increase their share of their customers’ wallet, lifetime value and loyalty.
To succeed in the future, insurers will require customer engagement solutions that enable their organisations to deliver relevant and engaging interactions across the customer lifecycle. However, adopting a new ecosystem that marries digital and physical elements together can seem like a costly and time-consuming task.
Solution
The complete customer view
Our certified experts can work with you to enable access to a 360-degree view of your client portfolio, detailed data insights through customised reports, real-time snapshots and dashboards. By unlocking vital client information, you can optimise customer experiences and increase share of wallet, lifetime value and loyalty.
Challenge 3:
Competition from InsurTech
Insurers are continuously facing pressure to keep on top of emerging business models and technologies that are gaining traction within the start-up community.
To avoid being blindsided by InsurTech disruption, companies must not only adopt a farsighted strategy, but will also need to align with InsurTech principles that emphasise agility, long-term technology investment, and personalisation.
Solution
Become an industry frontrunner
Our experienced team can help you to build APIs with reusability in mind, so you can cater for different business service lines, like ‘customer’, ‘quote’, ‘claims’, ‘policy’ and more.
This will streamline your business so that you’re able to easily accommodate differing needs. We can also help you to automate processes and design connected environments. This will reduce cumbersome procedures and enable the faster introduction of new products and capabilities – with minimum effort and zero disruption to daily operations. This digital foundation will enable your business to quickly and easily forge new partnerships that add value to your operations.
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