If you didn’t know this already, Insurtech is essentially a subset of Fintech which means that technology is helping to bring about positive changes across the insurance sector/industry.
For those of you that didn’t know what ‘Fintech’ is, it essentially means financial technology which is often referred to across the financial services sector as something that helps to both digitise and disrupt traditional methods of working. Retail banking was a specific sector in the financial services industry that quickly took advantage of the benefits that digital change could bring to their businesses.
The same can’t be said for the insurance sector who have been more cautious around this change, largely in part due to risk and compliance being a primary concern for insurance companies. However, this concern is alleviated due to the innovations seen in technology such as data, automation and AI now being able to help streamline parts of the claims process and improve the overall customer experience. This helps to showcase the overall benefits for insurance companies investing in a digital transformation which is formally known as insurance technology or ‘Insurtech’.
Here at Advantage, we’ve worked with many different businesses operating in the insurance sector to take advantage of Insurtech solutions helping them to bring positive changes to their businesses.
Revolutionise core insurance systems
It goes without saying but many insurance businesses are revolutionising their core insurance systems by embracing Insurtech solutions.
Using Microsoft Power Automate, you can build automation workflows that can dramatically improve the efficiency of processes within businesses. To apply this to the insurance sector, insurers have the capability to streamline underwriting and claims processes. Being able to do this not only helps businesses to improve efficiency but to also give customers a much smoother customer experience.
This experience can be further enhanced with the use of Power BI which gives you access to a whole host of business analytics tools to help your business to both analyse data and share insights. As well as this, it can help ensure that the decision makers in your business can make the right decisions based on the latest information.
Provide customised policyholder experiences
It is of the utmost importance to be able to both understand and please policyholders for all those businesses involved in the insurance sector. Taking advantage of the latest in insurtech can empower insurers to both increase growth and build customer loyalty.
You will find that both Dynamics 365 Sales and Marketing both work together to allow your business to offer that added personalisation and great overall experience. Furthermore, you will notice that Dynamics 365 Sales enables salespeople to build and maintain customer relationships whilst at the same time acting through insights gained. Looking at it the other way, Dynamics 365 Marketing or ClickDimensions Marketing Automation enables you to create tailored marketing campaigns to help take your customers' experiences to the next level.
Being able to accurately plot a customer journey will give businesses added insights at each touchpoint of the sales funnel, helping with decision making which can help streamline the overall customer journey. This can easily be achieved using customer journey mapping which is a key capability used in Dynamics 365.
Being able to effectively collate and analyse customer data is vital for businesses to gain a better understanding of their audiences, which in turn will allow them to improve the overall customer experience. Bringing together Dynamics with internal and external data sources can help to gain a much more comprehensive understanding of your customer.
Giving employees the power
Innovations in technology have equipped your employees to do more which can certainly add value to your business.
Being able to utilise the low code through Microsoft Power Platform can allow your employees to add to their skillset whilst at the same time bringing positive changes to the business.
Taking this one step further, the use of Power Virtual Agents can give users the capability to build chatbots in a matter of minutes. You will find that these chatbots make use of Azure machine learning to learn and adapt so that they are able to add greater accuracy to answers. To apply this to businesses in the insurance sector, it enables customers to gain quick access to their policy information which will not only improve the overall experience but also allow employees to focus their efforts on more important tasks.
It doesn’t come as a surprise to know that many of the new insurance customers are of the younger generation meaning that they have grown up in a digital age where they want to make claims themselves as opposed to calling an actual person.
You will find that mobile apps are a popular way of achieving this and Power Apps enables employees who have little or no developer experience to build these from the ground up. The use of these applications will not only improve the customer experience but also help the organisation to have all this information regarding the claim in one central location.
Next Steps?
It goes without saying but businesses operating in the insurance sector with the advances seen in Insurtech is a great place to be right now with the potential presented through endless technology. Advantage has been working with many different insurers over the year to help them through a full digital transformation journey to take advantage of the Insurtech in the market.
If you are a business in the insurance sector that is looking to get started with a customised version of Dynamics 365 for Financial Services then please get in touch with one of our team of Dynamics 365 experts today to discuss exactly what you require.
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