With technology and software advancing at warp speed, tech behemoths are constantly raising the bar for consumer experiences.
So much so, that real-time, customised communication is the baseline of what customers accept when interacting with businesses of any type.
High Expectations for Insurance Companies
Virtually every industry is subject to sky-high consumer standards, and the insurance sector is no exception.
Insurers have taken note by implementing practices like plugging various solutions into their operations to improve customer experience and getting an ROI on streamlining processes like underwriting or claims.
Though effective, these processes aren’t a silver bullet for ultimate digitisation.
Patchwork Solutions Won’t Cut It
Insurtech solutions that focus on one specific process or cluster of processes can only take your digitisation and automation so far. That’s especially the case when solutions are paired with legacy or “modern” legacy core systems.
A mistake many insurers make is patchworking digital solutions onto a core that wasn’t architected to seamlessly integrate with ecosystem data providers or to be an event-driven platform based on data collected. Though well-intentioned, this strategy isn’t as effective as a solution that’s digital from the inside out. The former leaves IT teams to grapple with baseline maintenance. Rather than focusing on business-improving initiatives, these teams end up with substantial tech debt that steals their bandwidth.
To make significant strides towards true digitisation, insurance carriers must dig deeper into their infrastructure.
An Opportunity for Ultimate Digitisation
Old, legacy technology typically used to run protection companies isn’t going to cut it for the future of protection insurance.
To work well with all the other cloud-native technology that’s driving today’s world, core systems of the future must be customer-centric, have truly open APIs, and a cloud-native architecture — all of which EIS coretech provides.
Read our comprehensive market overview to learn how you can meet — and exceed — customers’ high standards by going truly digital.