It is always a good time for reflection; both about lessons learned from the past, and about what the future will bring. Insurance Industry, in that spirit, has a formidable list of haunting issues and lessons to be learned from years past. While demanding customers, regulatory measures, security concerns and mobility have brought forth a new set of challenges for the industry in last couple of years, everyone has felt the acute frustration of the inability of software solutions to cope up. Challenges accompanying new technologies, complex product development, and competition also need to be addressed. After all, what better way is there to solve a problem than by first identifying it?
Industry needs to be able to provide its customer with best of the features and extensions while improving upon the average handle time and customer service. New design model that can significantly decrease the learning model for new adjusters through its user friendly design and interface is need of the hour.
- Regulatory developments compliance for the year and beyond.
- Potential developments and updates in insurance taxation
- Modernizing of business models and operations
- Tracking the services delivered and product gains
- Desire for increased levels of customization through product innovation
- Timely and efficient management of claims to prevent delays which can increase the claims cost
- Expanding product range with constant need to develop innovative products and expanding distribution channels
- Screen consolidation to streamline the claims handling process
- Automatic denials based on internal quality assurance controls
- 3 C’s (Concern, Cause, and Correction) are to be driven by product
It is an opportunity for Insurance industry to differentiate themselves with a unique blend of technology and service operations to support its businesses.