Solutions to key problems faced by mid to large Insurance carriers
Accelerating transformation in insurance
Identifying opportunity at the intersection of industry trends and enabling technologies that can help carriers improve customer experience, reduce claims costs and improve operational efficiency
Did you know that dental insurers are now using data from smart toothbrushes to reward customers for good dental hygiene with premium reductions of up to 25%. While car insurers are looking at connected car data to base premiums on actual miles driven.
In a bid to stay competitive amid cost pressures, and changing customer expectations, the insurance industry needs to leverage data and AI for product innovation, improved operational efficiency, and enhanced customer experience.
EXL highlights trends on how a convergence between industry and technology trends help Insurance carriers act gain a competitive advantage. Some of these trends are:
- Transforming customer experience with conversational technologies
- Making better decisions, quicker, with AI
- Getting closer to customers with the Internet of Things
- Effectively collect, process, store and apply customer data to personalize and simplify customer interactions and offer tailor-made policies and products
Leveraging AI and digital transformation to effectively solve the core challenges that carriers face
1) Reducing combined ratios and claims costs
Insurance companies are encountering distinctive internal & external challenges to remain competitive against both incumbents and new players. To establish a sustainable competitive advantage - insurers must modernize & adapt their claims operations and aim to achieve a synergistic balance of efficiency, customer-centricity, and high standards & quality.
- Using digital channels and platforms to enhance claims experiences for agents, clients, policyholders, and consumers.
- Increasing tech investments & analytics interventions to improve talent gaps, handling accuracy, and profitability.
- Implementing digital-centric operating models to enable advanced technology and support remote claims operations.
Accelerate claims value creation with EXL
2) Enhancing CX
Employee experience and customer experience go hand in hand. Seamless alignment between different functions and points in the customer journey help employees understand the customers’ expectations better. We connect data across business silos to provide the insights you need to improve customer loyalty.
Customer experience | EXL (exlservice.com)
(Delivering superior CX to drive your business forward)
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3) Improving operational efficiency and quicker turn-around times through data and analytics
Real-time data and advanced analytics can help you predict market trends to power smarter decisions across your enterprise, helping you find the best path forward—quickly. But for many companies, siloed information, data quality concerns, and inefficient processes stand in the way of progress. At EXL, we’ve worked with hundreds of organizations to accelerate the transition to becoming data-led businesses, that turn data into insight, insight into outcomes, and outcomes into sustainable business advantage.
Delivering value by transforming operations through data and analytics
EXL™ Customer 360 Insights | EXL (exlservice.com)
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