Top challenges facing the insurance industry
The 2022/2023 Annual Insurance Review by the international law firm, RPC, lists climate-change triggered natural disasters, ESG responsibilities, and cyber risks will be the top concerns that the global insurance industry will face in 2023. These will be over and above the risks arising from the new-age normal, viz, banking and corporate meltdowns, crypto rollercoasters, Russia-Ukraine triggered supply-chain imbalances, pandemic induced economic stresses, in addition to the claims arising out of regular health and safety risks, construction sector delays, property market risks.
“Climate change, ESG, cyber and the continuing conflict in Ukraine remain centre stage for the insurance industry, creating both new opportunities for insurers and new challenges from a claims and coverage perspective….The headwinds that the economy is creating will also prove a significant challenge. Recessions normally mean more claims against professional advisers. For insurers the challenge is establishing which professions will be most exposed this time around”, said Simon Laird, Global Head of Insurance at RPC.
Back to the Basics! Insurers’ Priorities to overcome these challenges
To fight the afore-mentioned economic headwinds, it has been back to the basics for most insurers – improve operations excellence and customer experience.
The following levers will be the most effective ways to address both these areas:
- Automation, a core enabler: “Today, technology is no longer an optional, good-to-have enabler as it used to be previously; it is a core enabler now. Insurers can no longer ignore the imperative to automate their processes”, says Ashim Khurana, COO of Cogneesol.
Insurers have come to rely upon a plethora of evolving technologies such as artificial intelligence (AI), telematics-led insurance, blockchain technology, and machine learning (ML), in their quest to simplify their operations and fortify the processes for efficiency, effectiveness and future-readiness. Claims processing, underwriting, P&C insurance, health insurance, reinsurance, life insurance, travel insurance, fraud detection and risk management processes are using these new-age technologies to streamline processes, reduce fraud, and increase efficiency.
- The power of data analytics: Data analytics have assumed the role of a gamechanger in the insurance sector. Data is available at a staggering scale in all insurance organizations. When harnessed systematically, they aid in risk re-evaluation, loss prevention, customer experience improvement, enhanced efficiency, and productivity, and enable quick decision making. They also lead to better financial performance, identification and creation of new product and service offerings, improved customer acquisition and retention, and competitive advantage.
Cogneesol has been a frontrunner in solutions for insurers
With an experience of close to fifteen years, Cogneesol has been a frontrunner in servicing insurance clients including, insurance carriers, agencies, brokers, wholesalers, and MGAs, across product lines and services. From basic, manual and repetitive tasks to complex, decision-making processes, we have been helping clients streamline operations, tackle business disruptions and enhance their competitive positioning. Leveraging our domain expertise and application of technology, data, and analytics, we offer industry-defining insurance BPO solutions. Alongside, we have ramped up our capabilities across AI, ML and data analytics to provide a 360-degree value proposition to our clients.
Some of our recent achievements include:
- Automation across critical time bound tasks and customer service have enabled our clients to efficiently service their end customers . We have helped our clients offer maximum customer convenience, Our automation exercises are ongoing, and bring value to our client relationships on a continuous basis
- Cogneesol’s data analytics team for insurance processes offer cutting-edge descriptive and predictive data analytics solutions that have helped our clients in making informed decisions for their various functions. We work with client teams to identify relevant data sets, uncover trends and patterns, and draw correlations in large amounts of raw data to help make data-informed and accurate business decisions. Additionally, in accordance with our partnership approach, our team of data analytics and insurance experts scrutinize data faster to help clients answer important questions quickly. They are adept at using huge volume of data across varied sources to identify opportunities and risks, thereby helping clients to move quickly and efficiently in the fast-changing market landscape. Our services help clients understand customer needs better and accordingly map product development. Alongside, our analytics exercises study market trends, customers’ purchase behavior, and aid in focused selling
“In a world where product complexities have become the norm, it is adaptability and responsiveness that help insurers find the way out and make their mark”, says Ashim. At Cogneesol, we have a proven track record of walking the path with our clients to build adaptability, agility, flexibility and responsiveness in their operations.
Contact us at email@example.com / 833 313 3143 for a thorough understanding of how our insurance bpo services can help you in overcoming market challenges and in staying ahead of competition. Our existing client stories and ongoing improvement levers will build your confidence in our insurance BPO services.
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