The insurance industry is being disrupted more than most by digital innovation. Specialist Insurtech offerings are enabling new approaches to long-established ways of doing things, and emerging “online only” insurance platforms are looking to gain market share in what is already a highly competitive industry. Businesses who fail to keep up with the pace of innovation risk becoming increasingly marginalised - and yet adoption of digital transformation across the insurance sector overall has been patchy. Why?

There are a number of special challenges faced by insurers when it comes to digital transformation. Their businesses generally depend heavily on legacy systems that do not readily support integrated digital workflows. Large volumes of potentially valuable customer data have been gathered over the years, but it has been collected without reference to a structured data management programme and is spread across the organisation. There is a high level of reliance on the knowledge and experience of a number of senior staff, but this has never been distilled into an accessible corporate asset and is therefore not scalable. And so on...

To capitalise on the potential for digital transformation, insurers need a partner who understands their unique challenges and who has the specialist knowledge of contemporary technologies and digital methodologies to help plan and execute a practical transformation programme. That is what we bring to the table. Examples of how we help insurers include:

Cloud Migration To Enable Digital Transformation: Cloud platforms are a fundamental enabler of digital transformation. However, many insurance businesses have not yet migrated their core operational systems - such as underwriting, claims management and billing - to the cloud. This in turn means that those businesses are missing out on the opportunities for more agile operations and faster development and deployment of innovative products that the cloud brings to their more digitally advanced competitors. Not only do we have the expertise and practical experience to solve this problem for you, but we can also transfer the skills to your team making you more self-sufficient moving forward.

Ever Increasing Efficiency: pressures on margins plus the “on demand” expectations of today’s customers combine to make optimisation of the core business processes of insurance businesses mission critical. A combination of intelligent business process automation, AI and data analytics are now transforming traditional processes such as underwriting, claims management, risk assessment and new customer on-boarding across those insurers who are prepared to embrace the new. If you are uncertain how these technologies could benefit your business or if you are concerned about implementing them in your environment, we’d be delighted to talk you through it.

Data Analytics Driving Digital Marketing: an increasingly high proportion of advertising spend by insurers is now shifting to paid channels across social media. The main reason for this shift is the potential for highly targeted campaigns based on data you already have about your existing customers and prospects. That’s great - but there are two big challenges. First, that data is probably spread across many different siloed systems: second, even if you do manage to pull it all together into one place, the sheer volume makes it a massive task to join up all the dots and get a clear picture of each individual customer that enables an informed decision about the next best action. Using a combination of data integration, AI and smart data analytics, we can work with you to overcome those hurdles and get the most out of your advertising spend.

Accelerate your business with EAI Systems, a leading global digital transformation company.
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