Top digital trends insurers leverage for their customers

Currently, all industries are going through digital transformation. And although there is no common vision on how to advance such initiatives, it’s often mistakenly associated with technological change, the adoption of new cutting-edge roles or the creation of more flexible work formats. But, the process of digital transformation goes much further than that—it starts from the cultural foundations of the organization, turning the traditional company into one of agility, and allowing itself to learn and innovate without ever losing touch with its roots or accumulated experience.

In the case of insurers— which have always been managed under more traditional doctrines—they must think about how to face a new, more competitive context, where technology generates new players and customers demand and consume in a different way. The ability to adapt quickly to change is essential, and knowledge of technological trends and their application to traditional processes is key.

For this, the following measures should be considered:

  1. Personalization and Customer Focus: Before talking about technological trends, insurers must be able to identify them. They must also know how to differentiate the end customer from intermediaries, gauging their needs and providing an enticing customer journey at each of the contact points.
  2. BigData and SmallData: Trend based on generating value from the large volume of data that companies generate today. This not only means incorporating technology or new roles in the organization (such as Data Scientist), but also reengineering the means of data capture, processing and analysis.
  3. Softtek Innovation Lab as a Service: An offer designed to help incorporate innovation models into companies with traditional and often slower models. We focus on incorporating models of open innovation, co-innovation and collaborative innovation, which in turn initiates cultural change from the very foundations of the company.
  4. Artificial Intelligence (AI): Involves the use of intelligent predictive models in subscription processes, pricing, fraud detection and the analysis of claims to provide quicker compensation.
  5. RPA and Process Digitization: Aims to improve productivity and efficiency based on new emerging technologies such as Intelligent Automation or Cognitive RPA.
  6. Internet of Things (IoT): With the variety and quantity of connected devices, we can find ways to apply it in underwriting, risk reduction and prevention, damage inspection and assessment, among other things. In the end, it depends on the creativity and capacity of organizations to innovate and execute.

At Softtek, we help our clients think of innovative solutions that help them digitally transform their business. Such is the case of Innovation Labs as a Service, the offer that consists of a monthly fixed subscription model that aims to help companies evaluate and develop Proofs of Concept (PoC) for different business processes.

These tests are performed using emerging technologies, in order to measure results and adoption with the end customer, as well as scalability and business value.

The service includes development and configuration activities, as well as business case analysis to visualize ROI and the scope of the applied solutions.

Our proposal results from our experience in the application of new technologies, the adoption of agile methodologies and transmitting these concepts to our clients so that they can adapt to the demands of the current environment and create business value.

Framework For Intelligent Digital Automation FRIDA solution