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The tech-powered operating model analysis reveals {that a} broad enterprise know-how technique is essential for enterprise success. Part of that success comes from a frontrunner’s skill to scale know-how to drive distinctive buyer experiences and new worth propositions. In help of such an endeavor, insurers, pushed by velocity to market with new and differentiated merchandise, are modernizing their core insurance systems and moving them to the cloud. This permits them to leverage advances in buyer expertise applied sciences like self-servicing and personalization by means of generative AI amongst different applied sciences. They look to those developments to drive velocity and scale required to stay aggressive and grow profitably. In reality, a Gartner survey of insurance coverage CIOs ranked buyer expertise and new product /service improvement within the high 5 aims for his or her digital investments. The insurers we work with expressed comparable views.
Improved velocity to market on new merchandise
When a Tier 1 annuity provider was seeking to present new merchandise on an accelerated timeline, they began by modernizing their core policy administration system. Using the platform’s configurable product templates enabled them to construct a product chassis as a foundation from which to rapidly create a number of product variations by turning on or off options. This functionality additionally permits them to supply white label merchandise for his or her distribution companions equivalent to utilizing a bespoke index as a substitute of a public index for one among their annuity merchandise. With this excessive degree of flexibility, the provider is positioned to attain its purpose of bringing new and differentiated merchandise to market rapidly. At the identical time, they’re providing a fair higher expertise for his or her distribution companions.
Increased working effectivity to raised serve clients and workers
Similarly, a Tier 2 life insurance coverage provider modernized its new enterprise and underwriting perform with a deal with course of effectivity to drive product improvement and enhance buyer and worker expertise. They used the Accenture Life Insurance & Annuity Platform (ALIP) to introduce and later replace an listed common life product adopted by putting their high-volume time period product onto the platform as a proving floor for future product launches, together with a brand new listed complete life product. Leveraging this know-how helped them rethink their processes, making them extra environment friendly and liberating up capability for product groups to deal with the product roadmap and manufacturing merchandise that meet their clients’ wants.
These future-ready carriers look to know-how to supply higher flexibility to answer—and anticipate—buyer and stakeholder wants throughout their enterprises and distribution channels. Let’s talk about how one can elevate the shopper expertise with higher working flexibility.
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