Pacing ahead to conquer the next-gen technology & drive business growth
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Keen to get back on the growth track the insurance sector (said to be the biggest and oldest service sector worldwide) is betting big on new tech to shore it up in the wake of the pandemic. As an insurance service provider, your immediate task is to address the drastic shift in consumer needs and expectations to compete with disruptors. Yet insurers are currently struggling to integrate digital technologies into complex systems with years of legacy processes behind them at a time when (fast) innovation is simply a necessity.
What’s the solution ?
The solution lies in adopting new service-based models and innovative products. However, there are four major factors that would be the key to your success in the current scenario. They are - ‘time to market', ‘efficiency’, ‘security’, and ‘shift to mobile’. To ensure success as an incumbent player, you’ve got to be quicker than ever while being brutally efficient, and the answer lies in DevOps.
What is DevOps ?
DevOps adoption is the foundation for bringing this new, modern approach into an organization. DevOps development processes allows the application lifecycle to iterate and improve quickly, giving incumbent insurers the ability to roll out new features to combat the customer acquisition strategies of Insurtech. NSEIT recently implemented DevOps for a leading bank which gave them flexibility of adding 10 times more frequent code deployment there by increasing the pace of their go-to-market.
How DevOps can boost the Indian insurance industry ?
The DevOps market is expected to grow from $2.9 billion to $8 billion by 2022, and the numbers indicate the several advantages of adopting the DevOps approach, especially for the insurance sector. One of India’s leading private Insurance company adopted DevOps and saw an increase in their efficiency by 20% along with automation deployment. DevOps mainly focuses on blending Development and Operations together across the entire application lifecycle, provides you the ability to roll out new features in minimal time and with maximum efficiency. Here are some of the significant reasons why every insurance company in India should focus on DevOps.
Reason #1: Mobile
Consumers today are leveraging the power of mobile devices to buy and manage insurance solutions like never before. It is easily one of the biggest factors impacting consumer engagement and buying patterns today. As an insurance provider, the ball is now in your court to provide the consumers with mobi-tech capabilities they prefer, especially in the early stages of the buying journey.
To satiate the demand for improved digital experiences, you have to simplify the journey, which can be done by leveraging mobility and cutting-edge technologies like AI, virtual agents, and chatbots. To achieve this comprehensively and quickly, you’ve got to reshape your delivery model, which can be achieved through DevOps.
Using DevOps, you’d not only be able to optimize your processes but also be able to deliver advanced mobile-based products much more quickly to match the consumer expectations.
Reason #2: Efficiency
The DevOps model is based on the principle of continuity. Through continuous monitoring, deployment and testing, you can detect errors quickly during the early stages of the development lifecycle. Making your insurance applications bug-free early ensures improved quality and operational efficiency, giving you the ability to deliver advanced digital services that are stable, robust, and can compete with the best in the industry.
Reason #3: Time-to-market
To compete and win against the disruptors who are using speed to maximize customer experience, you’re best and realistic option is to adapt quickly to customer expectations based on the power of your own innovations. Through the continuous delivery model, collaborative development, and integrated operations DevOps enables insurance companies to become much more agile. Needless to say, it allows you to cut on huge development and operational time and effort, while also bringing down cost by many folds.
For instance, when the industry got hit by the pandemic, most insurance firms had to take a step back to figure out how to maintain business continuity and achieve yearly targets virtually. It is at these unpredictable junctures at which you can rely on DevOps practices and principles to pivot quickly and accomplish your goals.
Reason #4: Security
As the number of incidents related to security breaches increasing recently, it makes a lot of business sense for insurance companies to consider DevSecOps - one of the primary DevOps best practices. DevSecOps, as an approach, builds security into every aspect of the code from the beginning, making your digitally-driven insurance products much more secure, error-free, and effective.
How insurance can succeed with DevOps ?
To unleash the full potential of DevOps insurance company, need to internalize the concepts and behavior patterns behind agile. They’ll also need to integrate security measures in the development process for better collaboration in the process. Some of the leading IT companies like NSEIT can help the insurance sector in India to make the cultural shift, which lies at the heart of the DevOps approach. As a company, insurers can leverage their proficiency in DevOps to boost automation and optimize organizational capabilities to accelerate the delivery of cutting-edge insurance solutions to always stay relevant and ahead in the market.
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