September 27, 2024
Keeping up to date with the shifting sands of your industry is important. There are always new ways to provide for customers and evolve your offering. At Getronics we collect some of the brightest minds to watch and respond. If you’re in the UK insurance sector, you won’t want to miss our advice for the coming year.
Read on to find out everything you need to know about the upcoming changes to the UK insurance sector, curtesy of Vibhu Sinha, our Global Director of Applications, Strategy, and Portfolio.
What is the first thing legacy insurance providers should update, to keep up with the industry?
Technology-led change is at the heart of the insurance industry, enabling organisations to differentiate from competitors, generate deeper client insight, and ultimately greater revenues and larger margins. Legacy insurance business models, products, and services are being disrupted at a pace never seen before.
However, insurance providers not at the forefront of these technology-led disruptions have a fantastic opportunity to forget about the technical debt from the past and leverage the latest developments in Data Science, Artificial Intelligence, Digital Platforms and Total Experience to build competitive advantages over their industry counterparts.
What recent changes have had the biggest impact on insurance providers?
Although we are still at the initial stages of defining where AI can drive the greatest value, it is expected to bring about the maximum impact that the insurance industry has witnessed over the last few decades.
Generative AI, combined with other AI technologies will solve a wider range of business problems, in a more efficient way. Tools like Natural Language Processing, Computer Vision, Document Intelligence, Knowledge Mining, and a plethora of pre-built, pre-trained Machine Learning algorithms will together deliver a composite AI model, which will deliver productivity gains and improved customer insights for the entire industry.
Data is at the heart of this AI-led revolution.
How can companies match these changes?
Beneath the surface of every successful AI application lies a complex interplay of factors, primarily involving data. Data-driven programs necessitate a reimagining of organizational workflows and should be spearheaded by business initiatives that focus on:
- Organisational Mindset: Customer focussed and Experimental – Fail Fast, design thinking approach.
- People Centric: Ready to acquire new skills and adapt to new roles.
- Streamlined Processes: Automate everything but at the same time ensure strong governance, ethics, and alignment to business goals.
- Robust Technology Platform: Must support modern data foundations.
What changes do you think insurance providers should prepare for?
Changes will happen across the value chain at a more rapid pace than ever before and will impact all the stakeholders in the ecosystem including Agents and Brokers, Vendors, Regulators, Employees and Customers. Preparing for the future is the best way to keep yourself at the edge of advancements. Here are a few key areas to prepare your business for the future.
Product and service development can leverage Data Science and AI to analyse, and identify gaps in the market for new products and services
Marketing and sales should use Natural Language Understanding (NLU), Natural Language Processing (NLP) and Large Language Models (LLMs) to transcribe real-time discussions, present the next best offers and create personalised, engaging content.
Core systems (policy administration, claims, reinsurance, underwriting, customer support) can utilise AI tools for interpreting claim details, applying policies, presenting claims to examiners and detecting fraud. Implementation will mean businesses can deliver a faster claims journey and improve the policyholder experience.
How can Getronics help?
Getronics can be your partner of choice in co-creating solutions, using both our technology and industry expertise. We provide end-to-end managed IT services and can help insurance providers modernise their infrastructure and software applications.
We support our customers to deliver new solutions that drive automation, streamline workflows and improve insights into customers’ changing behaviours. It is essential that several different technology components are brought together to create solutions that enhance customer experience.
We can help you build strong foundations for your data-driven enterprise and leverage cutting-edge technologies to rapidly built composite and secure applications using AI, low-code application platforms, integration technologies and data solutions.
Get in touch with us, so that we can understand your business objectives around growth, innovation, operational efficiencies and sustainability. Together we can deliver tangible return on your investments.
