In the fast paced digital age we live in, the move towards a digital revolution within the insurance sector has already begun.  And those companies that embrace the inevitable, innovate with the times and choose wisely will undoubtedly benefit in the long term.

Developing and implementing software solutions specifically created for the insurance industry can open up a world of possibilities and drive profitability and growth across all facets of the sector.

The benefits of digital transformation for the insurance industry
As innovations continue to improve consumer and end user expectations have increased exponentially and everyone expects instant gratification and immediate response.  In order to avoid lagging behind, it is necessary for the insurance sector to keep pace and look to technology and the latest software solutions to continue to grow.

Digitalisation has already delivered significant benefits to insurance companies and end users. For instance, the ability to drill down into data and compare and filter out insurance products at the touch of a button has been greatly enhanced by the accessibility of data online. By harvesting all the data under one roof, creating algorithms and interrogating the data, insurers can make use of the predictive analytics functions to make more informed decisions about the future.  One of the most important features of digitalisation are solutions which allow the drafting of claims and underwriting, which results in less time spent on redundant tasks, fewer chances of human error and increased efficiency.

However, the insurance sector is still in its infancy in terms of ‘Insurtech’ and there are multitude of benefits that are yet to be realised through digital transformation of businesses to drive sales, profits and productivity. The adoption of new technology will drive efficiencies, enhance customer experiences and drive increased value for insurance companies. 

The cost of digital transformation
The increased focus and dependence on the digital world has made digital transformation inevitable and necessary for insurance companies worldwide.    However, implementing digital strategies and the need to build, deploy and maintain robust technology comes with a cost.

The insurance sector will have to invest in improving, creating and expanding cloud computing services, self-serving dashboards, interconnected portals and systems, mobility options for enterprises, big data analytics and upgrading their AI. And although the expense of purchasing different software and hiring professionals to ensure the smooth running of the technology shouldn’t be overlooked, the investment will pay for itself many times over.  In reality, the real cost would be in doing nothing and continuing with the status quo.

Insurance data analytics
The insurance sector is driven by data and this is just one area where digitalisation of the sector could drive a major transformation.  Being able to interrogate, analyse and decipher vast amounts of big data to provide meaningful and actionable insights, allows insurance companies to make more informed and accurate decisions that are not reliant on human interpretation and error.   Not only could day to day decisions be made more quickly but long term strategies could be forged from market data and the forecast analytics being generated.

As part of their digital transformation efforts companies should include data analytics mechanisms to optimise the formation of reports from big data. Analyzing the data will provide insights to develop new products and services which will meet the future needs of clients and customers to help drive customer experience and business growth.  Real time data analytics can also help to mitigate and reduce the prevalence of fraudulent cases and de-risk the decision making process, helping to increase profitability.

To conclude
It is clear that the digital revolution is here to stay and technological advancements are only going to accelerate further.  Doing nothing is not an option and those insurance companies that embrace new innovation and make sensible software solution investments will ultimately prosper and grow in the years to come.

The deployment and adoption of new technology has a multitude of benefits including greater efficiencies and productivity, improved decision making, reduced risk, enhanced end user experiences and the ability to open up new revenue opportunities.

Supermoney is a disruptive, innovative and highly customisable technology platform that simplifies the management of business networks and processes.  We work with best in class global partners to create technology products that are efficient, productive and highly effective and make Blockchain easy to understand and accessible and affordable to all.

To find out more about Supermoney or to see how we can help please get in touch – info@supermoney.co or visit www.supermoney.co