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
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