Growing Economic Uncertainties Have Been a Leading Cause For Increased Risk Faced By Insurance Carriers
However, policyholders’ expectations to have a seamless and personalized omni-channel experience, growing regulatory compliance requirements, keeping up with technology advancements is an important and urgent initiative for insurers to act upon amidst these uncertainties.
To tackle these challenges efficiently and enhance business growth, Insurance Carriers need a technology partner who comprehends these specific challenges faced by insurance industry.
Smart IMS recognizes the need to rethink customer engagement models, digitize distribution and operations, and embrace data analytics to stay competitive. Our unique solution offering, “Insurance-in-a-Box,” focuses on adopting a comprehensive approach to restructuring insurers’ operating models.
To know more, schedule a consultation, download our brochure, or experience the future of insurance with a “Insurance-in-a-Box” demo.
Unique Challenges Faced by the Insurance Industry:
Customer and Agent Engagements
Increase in Insurance Options
Carriers find themselves competing with not just traditional competitors and distribution channels but also new and Tech-Empowered players that are disrupting the way insurance is sold and serviced.
Easy Access to Insurance Services
Digital savvy customers and distribution partners expect round the clock, omni-channel self-service ways that are engaging and easy to use when purchasing insurance products.
Neglected Agent and Auxiliary Systems
As compared to investments made to modernizing internal ecosystems, too little is spent on upgrading technology tools that enable agents and other distribution channels to do their job efficiently and effectively.
Ever-Changing Customer Preferences
These include factors such as age, language, wage, lifestyle, work-culture, and expectations that are rapidly changing with both current and new customers.
Insurance Operations
Product Lifecycle
The speed with which carriers are required to develop, market, distribute, and manage, insurance products is getting shorter than ever as they try to retain existing customers and acquire new ones while the cost of doing so escalates
Lower Investment Income
Reduced investment income means carriers have a greater need to make an underwriting profit and manage underwriting expenses effectively
Increasing Expenses
Increase in Replacement costs, raw material, cost of parts, transportation, labor etc. have led to adverse pressures on profitability for carriers
Rising Inflation
Inflation has a direct impact on a carriers cost and ability to settle claims speedily which in turn impacts the overall profitability.
Infrastructure and Domain Expertise
Talent Attraction and Retention
Carriers find themselves at a disadvantage in terms of their ability to attract, retain and replace talented individuals with specialized skills and knowledge of the industry and this impacts their ability to address and tackle many of the other challenges.
Technology Debt and Backlogs
Carriers struggle to keep up with technological infrastructure improvements and have an ever-growing backlog of projects to execute and to remain competitive in the market.
Cost Effective Data Management
Carriers are obliged to turn to data and analytics to detect potential exposures early and devise mitigation plans accordingly, but this comes at a cost and a burden to smoothly integrate with data providers and vendors.
Business Assurance
Increased usage and frequent changes in the technology infrastructure leads to increased need to manage these changes and to invest in quality insurance programs to avoid disruption of service to customers and partners.
Prevailing Market Conditions
Changes in Risk Exposure
Changes in the frequency and severity of claims, new exposures with the passage of time, environmental, and political factors have a huge impact in terms of the profitability and performance hindering the carriers ability to underwrite new business.
Disruptions in Supply Chain
Global economic, political, and climate changes has an impact in terms of cost and time for carriers to settle claims thereby impacting the profitability of their business
Regulatory Compliance
Carriers find themselves with an Increased regulatory and compliance burden impacting their ability to focus on business retention and growth
Economy
Through analytics driven solutions and predictive modelling, carriers must be prepared for changes in demand for insurance coverage caused by economic cycles that affect the customers’ need for and ability to purchase insurance products and services.
End to End Insurance IT Solutions
The main components of the IT infrastructure is vital to the functioning of Insurance businesses.
Includes systems aiding in embedding business intelligence - analytics, reporting and historical repositories, etc.,
Includes portals that are available to the customer to explore and purchase new insurance products and manage them.
Includes external systems with specialized and customized offerings such as digital marketing platform, websites, etc.,
Includes systems that are used for information exchange between key insurance stakeholders, helping in conversations, reporting, notifying etc.
Interfaces that the agents use to fulfil their core functions - onboard new customers, manage their own KPIs
Includes the heart of Insurance Processes like Policy Administration, Underwriting Workbench, Rating Engine, Claims System, Reinsurance Management, Billing, Ledger and Financial Management
Includes platforms with auxiliary functions such as CRM, Document Management, Workflow/BPM, etc.,
Innovate Customer Engagement Models, Digitized Operations and Analytical Data Distribution
Technology performance, over the years, has become one of the critical areas of focus for business success.
However, one of the biggest challenges holding insurers back from innovation is capacity—physical capital, human capital and executive mindshare.
By reallocating necessary resources from core business tasks to potential disruptive initiatives, insurers can scale from short-term incremental gains to potential breakthroughs in technological advancements, market reach and efficient business models.
Smart IMS understands the complexities that this shift from the traditional way of conducting business brings. Smart IMS’s “Insurance-in-a-box” solution reimagines the operational models of insurers to ensure business relevance and continuity into the future. The core objective of this solution is to:
- Upgrade legacy operations for better enterprise efficiency.
- Increase resilience to uncertainties of the future.
- Lower TCO
- Unbind IT bandwidth for strategic initiatives.
An End-to-End Enterprise Insurance Solution
Discover our comprehensive suite of cutting-edge solutions tailored to help you thrive in a dynamic industry landscape.
Our Insurtech Service
Insurance Cloud
Application Monitoring
Quality Assurance
SE CUR
E
Implementation Services
SOL UTI ONS
Application Management Services
Infrastructure Management
Alliances That Foster Advancement
Why Smart IMS?
Strong foundations that help Smart IMS deliver excellence.
Industry Expertise
Our team has over two decades of experience and a thorough understanding of P&C insurance, allowing us to deliver innovative and compliant solutions while staying up to date with industry trends and regulations.
End-to-End Management
Our comprehensive business consulting services guide you through every step of the process, from initial assessments and strategy development to implementation and ongoing support, ensuring a seamless and successful transformation.
Regulatory Compliance
Remaining compliant with industry regulations is non-negotiable. Our consultants are knowledgeable in insurance industry regulations, ensuring that your business remains in full compliance throughout your journey.
Customized Solutions
Our innovation labs focus on building insurtech solutions and are tailored to your unique challenges, opportunities, and goals, providing solutions aligned with your vision and strategy. Our services aim to improve risk analysis, pricing, efficiencies in claims management, and automation in business operations.
Technology Integration
Our team has expertise in both business strategy and technology, allowing us to guide you through selecting, implementing, and integrating cutting-edge insurance software and systems for optimal efficiency and effectiveness.
Cost Efficiency
Smart IMS boasts of a robust delivery framework built on the principles of faster, better, and cost-effective solutions. With the help of a brilliant team of experts, we craft processes and technology solutions to deliver our services effectively.
Meet Our Industry Leaders
Practice Leader – Insurance
Managing Director – Insurance
Technology Leader – Insurance
Get in Touch
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