Accelerating digital transformation for Insurance
Insurers are embracing technology solutions built on Cloud, Data Analytics, Automation, and advanced technologies to achieve their business objectives. These InsurTech solutions help businesses address challenges and achieve their goals, including market reach, fairer claims, risks, customer experience, and growth.
Insurance industry: trends, challenges and technology
The Insurance industry has grown multifold over the years. Although largely unchanged for decades, new trends have emerged, along with new challenges in addition to persisting ones. Some of the top trends impacting insurers include:
- Evolving customer expectations and preferences — partly due to demographics
- Product and service offerings’ speed to market
- Explosion in the number of data sources and formats
- Climate change at global and regional levels
- Changes in certain industries such as Automotive, Travel and Transportation, etc.
- Vastly different competitive landscape with several startups
- Sales and marketing processes
- Risk and regulatory compliance
- Others— social media, cyber security and data privacy, to name a few
All these trends directly impact the core functions of insurance businesses. Risk management, underwriting, claims, policy administration, billing, etc., can never be the same again. Insurers have to get into a mode of constantly adapting and quickly embracing changes as they happen— technology comes as the savior here.
Iris InsurTech services and solutions empower insurers to stay abreast of all the changes while leapfrogging the growth process and helping to meet or exceed their KPIs.
Strengthening competencies with technology
The core focus for insurance companies has always been building insurance products that entice their prospects and customers. Technology has been used to complement this theme. As insurers continue developing products and building a customer base, they need a reliable technology partner, catering to their ever-changing and evolving business needs. This is where Insurance Technology (InsurTech) plays a critical role. With changing technology landscapes and means of access, it is imminent that insurers will have to be technologically relevant. In this pursuit of staying pertinent, they lean on technology consultants and service providers to develop and deliver a parallel strategy that would match the organically growing insurance offerings and portfolios.
Considering that the Insurance industry has been around for eons, insurers are always on the lookout for a better return on investments and reduced total cost of ownership. Iris recognizes their efforts and is equally steadfast to support their missions and visions of being exclusive in today’s capricious market through:
- Modernized business systems
- Hyper and cognitive automation
- Connected InsurTech
- Scalable, reliable and customizable InsurTech platforms
- Predictive analytics
Approach to deliver
Iris strongly believes in joined and committed endeavors. We follow a collaborative and calculated approach to address business challenges. Ensuring a positive and gradual shift in technology and business landscape for insurers and end-users, our services impact ongoing growth initiatives minimally. While engaging as a technology partner, we take equal responsibility, accountability, and ownership to deliver the roadmap led by the InsurTech leadership, in line with our clients’ expectations. We make necessary recommendations along the way and often challenge the status quo in situations where the strategy hinders the opportunity to scale, pivot, and improve quickly.
Having over three decades of delivering excellence to insurance clients, Iris has gained an edge in building domain knowledge of over 50 thousand Man Hours. Our unmatched domain intelligence is drawn from our global workforce working with leading insurance enterprises and in-house leadership, having around four decades of experience in the banking, financial and insurance service domains. We take pride in bringing the best-in-class solutions to streamline and power up end-to-end insurance services across lines. Iris Insurance Technology solutions and accelerators have helped prominent insurance companies expedite digital transformation journeys and meet scaled business needs with agility.
With a robust technical workforce and thought leadership, Iris empowers insurance businesses to acquire amplified efficiencies and effectiveness on customer investments. We have extensive expertise in developing modern and advanced technologies, including Cloud, Automation, Data and Analytics, Artificial Intelligence (AI), Machine Learning, and Data Science. Our InsurTech consultants assist the clients in choosing the right transformation path post thorough analysis of business needs and objectives. Once the transformation roadmap is finalized, we deliver solutions that provide apt coverage on assets of interest to the insurers and their customers in a sustainable and technologically disruptive manner.
Tried and tested operating models
Iris focuses on rendering services that assure clear win themes across the board and shared success KPIs to deliver sustainable digital transformation. We use the industry’s best practices, standards, and delivery models prevalent in the sector. While curating these models exclusive to our insurance clients, we engage with the stakeholders from business, technology and subject matter expert focus groups in a consultative manner. Our flexible engagement models let our clients control the processes, timelines, and outcomes with complete transparency during the entire service delivery cycle.