Digital Insurance Transformation Whiteboard
As an insurer, the challenges you face today are unprecedented. Siloed and heterogeneous existing systems make understanding what’s going on inside and outside your business difficult and costly. Your systems weren’t set up to take advantage of, or even handle, the volume, velocity, and variety of new data streaming in from the Internet of Things, sensors, wearables, telematics, weather, social media, and more. And they weren’t designed for heavy human interaction. Millennials demand immediate information and services across digital channels. Can your systems keep up?
Your ability to stay competitive hinges on overcoming these challenges. You need a 360-degree view of your business for better risk selection, loss prevention, and risk-based pricing. You must leverage streaming data to customize existing products and services, offer new innovative services, and discover opportunities to cross sell and upsell. Addressing millennial's needs is key to the improved customer service, customer satisfaction, and ultimately customer retention that gives you a true competitive advantage.
It’s not impossible. Other leading insurers have already done it.
A provider of life, accident, and disability insurance improved turnaround time and increased service capacity by 15-20% after building a more dynamic, case management-based approach to policy management.
A provider of car, home, and pet insurance integrated their internal and external processes into a single, streamlined claims process and cut their claims processing time from weeks to days.
The world’s leading provider of trade credit insurance simplified accessing data from various lines of business and provided sales with timely access to information to improve customer relations and enable customers to make informed decisions.
How did they do it?
They interconnected everything. They used integration to interconnect existing and new systems on premises, in the cloud, or in a hybrid environment. They used business process management to interconnect employees, agents, and customers. They used API management to expose all these capabilities as APIs and fully leverage the API economy across their system.
They also augmented intelligence. They used analytics to gain a deeper understanding of the business and identify critical business moments. They used streaming analytics to identify and act on those moments to seize new business opportunities, reduce risk and costs, and improve the overall customer experience. They used embedded analytics to provide the right information to employees, agents, and customers at the right time to make better decisions.
And they did it with TIBCO Software.
You can too. Your existing systems don’t need to be replaced. TIBCO can help you modernize. Avoid the pitfalls of building inadequate front ends. Don’t waste vast amounts of money and resources trying to replace core legacy applications with off the shelf packaged solutions—they rarely deliver on expectations. Instead, choose a platform that enables you to modernize and extend the life of your existing IT assets, while also helping you transform into a Digital Business.