Adapting to the NEW NORMAL
Insurance Industry has been growing at a steady pace for the past decade but the break of the pandemic, COVID-19 has proved to be a game-changer. We are witnessing numerous disruptions in traditional insurance models and processes arising due to COVID-19 every day in the news. One of the major highlights is the unfolding of corporate and industry adaptation to the “new normal”.
With the outbreak of the pandemic, there has been a major shift of policyholders and other potential customers towards the digital platform. Therefore, the Web aggregators in the insurance space have seen tremendous growth.
Insurance companies are migrating towards digital channels in an effort to create tighter customer relationships, offer new products, and expand their share of customers’ financial portfolios. This shift is driving the need for highly integrated platforms such as agency portals, online policy applications, and web- and mobile-based apps for filing claims.
Newer Risks
However, the adaptation to the “new way of life” has paved its way for a whole new set of risks and variables in the industry. There is a surge in demand for newer policies or newer risks to be accounted for during underwriting, considering changes in claims frequency and severity patterns especially for Health, Life, Workers Compensation, Business Interruption, and Travel Lines. Insurers are grappling over the shift in liabilities due to legal implications and breaking their heads over newer risk models accounting for limited output on their risk mitigation or loss control efforts due to unpredictable spread patterns. Thus, there is a dramatic shift in the types of risks being underwritten in the industry.
Want to have a thorough understanding of different types of risks impacting the insurance industry? Get in touch with our experts now!
Preparing for the Future
There has been a significant increase in demand to understand catastrophes and pandemics. The digitalization in the insurance that has been catalyzed by COVID-19 is going to rise exponentially with all the data that is being collected, responses of the customers being noted, and newer risks that are getting added in the existing policies and the ones to be made.
Quantiphi can help Insurers achieve this digital transformation by developing intelligent risk assessment solutions that can help underwriters in better understanding of the risk profile of customers and their liabilities / liable assets to be covered for optimal premium pricing of the policies through the perfect blend of AI, ML, Computer Vision, and Data Analytics. These solutions can also be used in their day-to-day operations to monitor changes in risk exposure of the covered assets/liabilities and take necessary precautions that can help the insurers in improved risk mitigation and loss control. These actions will ultimately help them to improve their customer servicing and support.
Quantiphi also offers a suite of AI integrated solutions to help businesses simplify the underwriting journey and amplify:
- Submission Intake
- Quality and Eligibility Check
- Risk Assessment
- Onboarding
With AI and ML focusing on these four key areas, underwriters can dedicate their resources and time to focus on other critical decision-making processes. This will improve overall customer retention and reduce the time spent during customer onboarding or renewal which can be better utilized in underwriting more policies or focusing on further improvements in product and pricing to attract more customers and improve the overall experience.
Quantiphi can help traditional insurance companies leverage digital technologies such as machine learning and intelligent solutions to keep up with changing customer expectations. It can evolve the core of insurance operations and help businesses establish their name in this dynamically evolving market through cutting-edge tools and technologies. These digital initiatives while carried out as a temporary measure to fight against the immediate productivity gaps impacting insurers can also be scaled into a long-term solution that helps insurers achieve more straight-through processing in their day-to-day operations to boost up their productivity and revenues. To know how we can help you address these challenges with next-gen technologies, visit our solution offerings.
