At EXL, we work closely with carriers to understand what they need to compete more effectively in today’s insurance market. The launch of LifePRO® 20 delivers features and capabilities for interoperability, speed to market, and online capabilities. It enables our clients to go from “wish we could” to “now you can” by providing a digital ecosystem that enables carriers to adapt more quickly to changing market forces.
We’re just getting started.
Trends in the insurance industry are emerging that impact how carriers evaluate data and service their customers. At the same time, the COVID-19 pandemic rapidly changed how the world does business by accelerating our reliance on digital tools and interactions.
As carriers realize the benefits of capabilities enabled by digital technology, we see increasing demand for flexibility in how they are able to respond to the needs of their customers. The ability to adapt quickly is paramount to both maintaining revenue opportunities and delivering excellent customer experiences.
Here are the 5 trends we anticipate will impact the insurance market as it seeks new ways to be able to react flexibly to planned and unplanned conditions.
1. Adaptable Platform
Carriers want to be able to connect their disparate operational tools to one headless core system. They are seeking plug-and-play functionality that hooks all the layers together in an integrated fashion from end to end. This kind of functionality enables them to decrease the time and cost needed to launch new capabilities, including comprehensive self-service options.
2. Control of Product Lines
Carriers want more flexibility to be able to adapt their product offerings to meet market demands. A key aspect of that capability is the ability to ingest data from multiple sources that inform coverage options. For example, as the popularity of wearables — personal devices such as Fitbits and Apple Watches — continues to grow, carriers want to be able to filter customers’ health data into pricing options, much like automotive insurers offer discounts for drivers who install monitors in their vehicles to assess driving habits.
3. Data Analytics
As the amount of data available to carriers increases, so does the desire to be able to pull meaning out of the inputs and create analytics-based processes. Enhanced data analytics capabilities can inform critical business operations such as claims evaluations, predictive scoring for underwriting, and a 360-degree view of the sales pipeline.
4. Data Consumption
Carriers want to be able to respond to demand from registered brokers to more flexible in how data is shared. There may be hundreds of different types of data files - especially in the registered product space — that impact the claims process. By making it easier to exchange data file formats, claims can be more efficiently managed because they can be staged in a centralized platform that is accessible by all stakeholders.
The trend toward remote self-service options was accelerated with the onset of the Covid-19 pandemic. Carriers quickly embraced benefits enabled by the cloud and device agnostic accessibility, such as mobile access to data. Look for growing demand from carriers to be able to make policy and updates from secure remote connections that are available 24x7x365.
EXL continuously invests in LifePRO® to meet the needs of the insurance industry. The onset of Covid-19 reminds us that change can happen unexpectedly, spurred by unpredictable forces.
Carriers that are in the best position to win the battle invest not only in technology, but also in finding the right partner. EXL has both the technology solution that is ready for future needs and a tenured group of professional with deep expertise in the insurance industry.
So, as trends emerge and the need for new functionality follows, EXL will continue to lead the way so clients have what they need to get the job done.