Beruflich Dokumente
Kultur Dokumente
10/17/12 5:34 PM
TECHNOLOGY TRENDS IMPACTING YOUR LANDSCAPE: With evolving needs, the technology platform must be evaluated with the following criteria: Availability of a flexible technology deployment model. Ability to ensure flexible implementation of processes and policies. Availability of infrastructure that is conducive to enable innovation. Ability to evolve new user experiences. Ability to implement new pricing models, launch new products quickly, as customer preferences drive the buying behaviour. Ability to take effective business decisions with access to analytics. INTERNET COMPUTING: As geographical expansion and the ability to rapidly increase the scale of operation become imperative, it might be worth exploring the possibilities of moving the infrastructure to the cloud and virtualize the current technology assets. This would in turn lead to: Speed to market utilising cloud or virtualisation. Eliminate or reduce infrastructure capital and ramp-up. Enhance user experience for customers, agents and brokers for new business and client servicing. Lead to exciting and easy to use experience, to draw customers to internet presence for quotes, comparison quotes and new businesses. Enhanced channels for interaction with the value chain brokers, agents, re-insurers, marketplaces, other medium of sales and service. Ability to move core and niche areas of the insurance business to BPO models. MOBILE COMPUTING AND DOORSTEP INSURANCE: Mobile channels can become a highly differentiated channel for core business. Common transactions such as payments, alerts and loss submissions if enabled through the mobile, become competitive differentiators. Insurance carriers can also reach emerging markets where mobile devices and cellular coverage exceed traditional connectivity. Retaining and capturing distribution channel resources would be possible (with much ease) with mobile features for their field force. The ability to deliver just-in-time account and product information would enable a tailored coverage experience whilst interacting with customers in the field.
ANALYTICS: Whilst the deployment of such technology simultaneously improves underwriting data at much lower costs, the technology platform would be handicapped if not equipped with a strong analyticsengine. A strong business intelligence and data analytics platform would provide one with the ability to define new products and bring about underwriting excellence through rule and analytics based decision-making. Increasingly, data would be used to drive
http://www.premium-me.com/s/technology-the-backbone-of-an-insurance-company
Page 2 of 4
10/17/12 5:34 PM
The ability of an organisation to adapt rapidly and cost efficiently in response to changes in their business environment would determine their ability to grow and sustain their business model. This would not be possible without appropriate tools and technology since technology will always facilitate business agility. CLIENTS Increase protection and transparency Increase entry barriers for competition Increase customer retention & personalisation COSTS Predictable Sustainable Matched to cash flows Reduced implementation timeframes RISKS Minimise compliance and security challenges Risk & compliance systems include corporate actions, approval workflows, compliance and anti-money laundering checks OPPORTUNITIES Enhance service levels Focus on core competency Launch new products and services POSSIBILITIES Actuarial modelling Mobile insurance 3rd party transactions E-Quotes Remote claims adjusting POS Database uniformity
http://www.premium-me.com/s/technology-the-backbone-of-an-insurance-company
Page 3 of 4
10/17/12 5:34 PM
News | Special | Face to face | Features | Risk management | Market surveys | Movers & Shakers | Risky - Business | Advertise | About us | Contact 2012 Premium All rights reserved.
http://www.premium-me.com/s/technology-the-backbone-of-an-insurance-company
Page 4 of 4