The importance of a comprehensive enterprise technology strategy cannot be overstated when it comes to achieving business success, as highlighted in a recent study on the tech-powered operating model. One key aspect of this success lies in a leader’s ability to effectively scale technology in order to drive exceptional customer experiences and create new value propositions. In the insurance industry, where speed to market with innovative products is crucial, many companies are now focusing on modernizing their core insurance systems and transitioning them to the cloud. This shift allows insurers to capitalize on advancements in customer experience technologies such as self-servicing and personalized offerings through generative AI, among other cutting-edge technologies, to drive the speed and scale needed to stay competitive and grow profitably.
A recent Gartner survey of insurance CIOs further emphasizes the importance of customer experience and new product/service development as top priorities for digital investments. This sentiment is echoed by insurers working towards similar objectives. One case study involves a Tier 1 annuity carrier that sought to introduce new products on an accelerated timeline. By modernizing their core policy administration system and utilizing configurable product templates, the carrier was able to swiftly develop multiple product variations, offering a level of flexibility that enables them to bring innovative and differentiated products to market rapidly.
In a similar vein, a Tier 2 life insurance carrier revamped its new business and underwriting function to enhance process efficiency and improve customer and employee experiences. Leveraging the Accenture Life Insurance & Annuity Platform (ALIP), the carrier successfully introduced a range of new products, streamlining processes and freeing up capacity for product teams to focus on meeting customer needs and developing a robust product roadmap. These forward-thinking insurers are leveraging technology to stay agile and responsive to evolving customer demands across their enterprises and distribution channels.
Future-ready carriers are increasingly relying on technology to provide the flexibility needed to proactively address customer and stakeholder needs. By embracing technological advancements, these insurers are positioning themselves to deliver superior customer experiences and elevate operational flexibility. If you are interested in enhancing your customer experience through improved operating flexibility, let’s engage in a discussion on how to achieve these goals and drive growth in the finance sector.
