According to a McKinsey report, companies making intensive use of customer analytics are 2.6 times more likely to have a significantly higher ROI than their competitors. Intensive users of customer analytics are 23 times more likely to outperform their competitors in terms of new customer acquisition than non-intensive users, and 9 times more likely to surpass them in customer loyalty.
The metaverse is steering the next wave of digital transformation, which will provide insurers with powerful technology tools for differentiation as well as challenges to navigate. In the years ahead, the rise of the metaverse will begin to influence every facade of insurance, from the workforce experience to distribution, marketing, products, revenue pools, and operations.
One of the biggest preventable losses that hurts insurers worldwide is fraudulent insurance claims. The P&C segment accounts for the most fraudulent insurance claims, with auto insurance and workers’ compensation making up the biggest percentage of fraudulent claims that have an annual impact on the insurance business.
In current times, no industry can survive without adopting relevant technologies, and the insurance industry is no exception. Technology plays a vital role in the insurance industry. Technology is redefining the way traditional insurance business is being done and driving smart reinvention of workflows. Technology is now part of all the stages of the insurance life cycle, right from the policy advice stage to claim settlement.
Insurance companies, like those across many other industries, struggle with systemic issues brought on by disjointed, outdated core technologies. To help minimize the strain disconnected systems can cause, Appian invests in experts with years of first-hand experience to deliver digital solutions that can increase efficiency and improve the customer experience.
Whether a company is small or large, digital transformation is essential. Every lecture, panel discussion, article, and study about how firms can stay competitive and relevant as the world gets more digital makes that point loud and clear. Many corporate leaders are unsure of what the term “digital transformation” actually entails. Is it merely a memorable way of saying “going to the cloud”? What concrete actions do we need to take?
In their recent report on insurance services, ISG outlined the everlasting impact of COVID-19 on the insurance industry: “greater adoption of online and omnichannel distribution, cloud platform services, and analytics to cope with the crisis and to prepare for new ways of operating and serving customers.” With more emerging players entering the insurance market and insurers recognizing the need for providing a digital experience, consumer demands for a connected insurance experience have gr
Insurance companies have no shortage of compliance rules and regulations to keep up with these days. In my last blog, I talked about ESG requirements and the importance of agility to keep pace with demand and emerging policies. Another at the top of the list of priorities for insurers is IFRS 17.
