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Navigating through the COVID Crisis

Insurance Sector Overview

COVID 19 has unleashed a massive systematic shock across sectors. Enterprises are getting ready for the new normal! For insurance companies, the COVID-19 pandemic is disrupting nearly every part of the business, including front and back-office operations.

Insurers are looking to meet the needs of the customer, workforces and ensure operational resilience.

Have a look at the below guide to follow how insurers can shape an effective response and define a viable path forward.

COVID Trend #1 - Spike in Claims, Queries, Online Policy Shopping

Digitize Customer Journey

  • Insurers must tackle this by enhancing their ability to interact with policyholders digitally via collaboration platforms

  • Deploying chatbots can help manage volume and maintain quality of interactions; customer sentiment analysis and artificial intelligence (AI)-assisted conversations can augment service representative performance

  • Digitizing claims intake, policy processing and claims triage using RPA & AI is a must-do to ensure higher levels of customer experience at an optimal cost

COVID Trend #2 - Expected increase in insurance fraud

Enhanced Fraud Mitigation

  • Leverage AI to automate claims assessment & routing based on fraud patterns

COVID Trend #3 - Faster Roll out of Features amidst the Margin Pressure

Build Faster At a Lower Cost

  • Leverage Low Code/ No Code platforms to build applications in weeks at almost 1/10th the cost of traditional application development

  • These platforms further lead to creation of citizen developers - to address the issue of lack of skilled resources & developing applications with a strong combined sense of business & IT

COVID Trend #4 - Address uninterrupted connectivity across the value chain - agents, producers & other carriers

Run on Cloud

  • Accelerate cloud deployment for virtual desktop infrastructure connectivity into major application portfolios

  • Companies not running policy, billing and claims in the cloud (software as a service or platform as a service) should consider enabling a hybrid cloud solution to address connectivity for the extended value chain, including agents, physicians and other carriers

Amidst the rising margin pressures and shrinking revenues - insurers must look at technology as a lever to gain business resilience and a sustainable competitive advantage! Reach out to our industry experts to know more

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