Insurance companies, like those across many other industries, struggle with systemic issues brought on by disjointed, outdated core technologies.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.
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.
Recent years have brought no shortage of change to the insurance industry. Among those changes is a rise in governance, risk, and compliance (GRC) requirements. Effective in May 2018, the General Data Protection Regulation (GDPR) became the first major regulation to focus on protecting consumer data. Its implementation coupled with a global pandemic has kickstarted a rush to enact more laws surrounding data privacy.
The insurance industry is undergoing massive modernization to improve outdated processes and enhance policyholder experiences. Delivering a connected insurance experience has become critical for insurers to stay competitive as the marketplace digitizes and insurtechs emerge, bringing new challenges to more established providers. Core to an insurer’s overall connected insurance experience are workflows that ensure a seamless, accelerated digital underwriting process for potential policyholders.
Every step of an organization’s customer journey plays a role in overall customer satisfaction. But for insurers facing increased competition from emerging insurtechs, the digital claims experience is perhaps the most crucial to get right. According to EY Global’s Consumer Insurance Survey, 87% of policyholders say the claims experience directly impacts their decision to remain with their insurance provider. To up the ante even further, insurtech funding has been increasing exponentially.
