Vice Chairman and CEO
The formula for successful digital transformation includes artificial intelligence (AI), data analytics and business process automation. However, simply investing in technology alone will not ensure ROI from digital. In fact, applying digital technology in the right mix to solve specific business problems can be a challenge for industries historically slow to embrace change, such as insurance.
Insurance companies today are increasingly pressured to innovate due to the customer expectations, disruptive competition, and evolving risk profiles due to climate change and cyber-crime, among other reasons. Meanwhile, insurers are also expected to increase revenue and profitability against the backdrop of slow growth and low interest rates.
In a recent interview for The Economist about the evolution of the insurance industry, EXL Vice Chairman and CEO Rohit Kapoor says he finds the insurance industry in interesting times. “There is a big shift towards consumerism,” he explains. “That means the individual consumer is becoming more and more important. You need to have a much more customised offering and the ability to deliver it in real-time.”
“One big issue, if you take a look at the insurance industry, which is a legacy industry, is that the time to buy an insurance product takes too long. The interaction is too cumbersome and customers can be confused about what they are ultimately buying. Making sure insurers deliver the right product at the right time is a critical aspect, and the urgency among them to transform is changing quite rapidly.”
Given the speed at which the insurance industry needs to move and the scale of the operations they must transform, most insurers will need to a strategic digital transformation partner, according to Kapoor, to apply what his company calls Digital Intelligence. Read More...