Technology-driven operating model Research shows that a broad corporate technology strategy is critical to business success. Part of this success is due to leaders’ ability to scale technology to drive superior customer experiences and new value propositions. To support this effort, insurers are modernizing and migrating their core insurance systems to the cloud, driven by the rapid launch of new and differentiated products. This allows them to take advantage of advances in customer experience technology, such as enabling self-service and personalization through technologies such as generative artificial intelligence. They hope these advances will drive the speed and scale needed to remain competitive and Earnings growth. In fact, a Gartner survey of insurance CIOs ranked customer experience and new product/service development among the top five goals for digital investments. The insurance companies we work with expressed similar sentiments.
Improve speed to market for new products
When Tier 1 annuity operators look to accelerate new product offerings, they start by modernizing their own products Core policy management system. Using the platform’s configurable product templates, they were able to build a product chassis as a foundation to quickly create multiple product variants by turning features on or off. This feature also allows them to offer white label products to their distribution partners, such as using a custom index instead of a public index for one of their annuity products. This high degree of flexibility enables the operator to achieve its goal of bringing new and differentiated products to market quickly. At the same time, they also provide a better experience for distribution partners.
Improve operational efficiency and better serve customers and employees
Similarly, a secondary life insurance company modernized its new business and underwriting functions, focusing on process efficiencies to drive product development and improve customer and employee experience. they used Accenture Life Insurance and Annuity Platform (ALIP) Launch and subsequently update an indexed universal life product and then put its high-volume term products on the platform as a testing ground for future product launches, including new indexed whole life products. Leveraging this technology helps them rethink processes, improve efficiency, and free up product teams to focus on product roadmaps and building products that meet customer needs.
These Future-oriented carrierWe want technology to provide greater flexibility to respond to and anticipate the needs of customers and stakeholders across the business and distribution channels. Let’s talk about how you can improve your customer experience through greater operational flexibility.
