The insurance sector has raises multiple new opportunities as well as challenges. While several factors that influence the business keep bringing about an increase in both demand as well as claims, there has also been some amount of increase in regulatory oversight in order to maintain or improve risk management standards.
The insurance business, at its core, operates on a solid foundation of applied risk management along with the management of a talented workforce that is able to sustain and build upon this understanding. The past several years have seen major new developments in technology that have raised customers’ experience expectations and also provided insurers with the means to meet them. Big Data analytics is helping improve the claims processing experience among other things. Digital transformations that involve marketing analytics are being used to strengthen outreach to new prospect customers and improve the engagement experience for existing customers.
IoT, artificial intelligence (AI) and machine learning have enabled greater efficiencies and granularity in measuring and also predicting fundamental data points that help in actuarial calculations, policy pricing, risk assessment, risk management, operational productivity and other areas that directly impact profitability. Heightened security threat perceptions have similarly been matched with improvements in cyber security. Technology advancements in mobility, wearable tech and cloud computing have created both challenges as well as opportunities for the insurance industry.
While demand has been increasing and technology has been improving, it’s also a fact that the insurance sector faces challenges in terms of being able to ramp up and retain the right talent that is needed to capitalize on all the new opportunities.
Sciente, with its strong depth of experience in serving the insurance sector and its focus on technology is well-placed to appreciate these issues and provide the most appropriate solutions for them.