Remote workforce experience

First of all, your employees. Without well-educated, productive, and satisfied employees, the rest of the list would be moot. Planning an appropriate transition for employees and working to continually improve the employee experience is essential. Surveys across industries continue to show that employees plan to consistently work from home on a large full-time or hybrid schedule. Ensure employees have all the resources to stay productive from remote locations.

Automation of key processes

Even before the pandemic, manual processes and workflows were obsolete, but in the post-pandemic world, the need for paper-based workflows that require the physical presence of employees has almost completely disappeared. With the increasing prevalence of technologies and solutions such as self-service portals, automated workflows, digital forms and e-signatures, employees and customers should be able to expect to run any business with you remotely.

Low-code and no-code development

Low-code configuration tools allow not only IT professionals but business stakeholders to update and manage applications and software using intuitive, user-friendly, drag-and-drop functionality without compromising security or compliance requirements. They have grown in popularity because they solve critical IT problems, i.e. increase overloaded internal resources, reduce backlog workloads and increase productivity. What makes codeless tools particularly attractive is the faster time-to-market for new digital applications and solutions compared to traditional development projects. For insurance companies that want to advance digitalization as fast as possible, these tools can have a significant impact.

Machine learning and analytics

Analytics play an important role in many areas of the insurance process, including risk assessment, fraud detection, and insurance, providing insights to power these processes for better results. Analytics can also be applied to overhaul processes such as policy management or improve risk assessments. For example: Machine learning and natural language processing can improve underwriting by combining insights from a variety of data, allowing for a more precise, data-driven approach to calculating premiums. The health and car insurance segments benefit significantly from machine learning analytics as advanced algorithms can explore a customer's lifestyle, risk factors, medical records, financial stability and previous insurance claims to create a dynamic and accurate profile. All collected data can be reviewed to identify suspicious anomalies, reduce the risk of fraud and provide accurate and secure premiums for customers.

customer experience

For decades, insurance was seen as a commodity that consumers had to buy based on everything available. As technology advances and enables an increasingly connected world, consumers have gained more leverage in their relationships with businesses. Still, these trends had insurance behind them, largely fine, without rushing to digitize what works. Now, over the past decade, the market has become saturated with new and old competitors offering new or unique options alongside traditional insurance products. Personalization capabilities give insurance companies the opportunity to differentiate and gain competitive advantage. Insurers should focus more on providing personalized digital or self-service products to customers this year. With so many businesses competing for our attention all the time in every industry, smaller but more personalized efforts are making a greater impact on consumers. To build a loyal customer base, insurers must make delivering a superior customer experience their top priority. The latest technology and many innovative tools and solutions have paved the way for the rapid transformation of the insurance industry. Insurers must leverage the innovations and operational flexibility adopted during the pandemic to accelerate their transformation into a more agile, customer-centric business by targeting a "higher profitability" that addresses emerging environmental, social and governance (ESG) expectations among stakeholders.