Transforming Insurance

Insurers need to embrace technology for a customer-centric business model that is ready for the digital future

Challenges in the Digital Age

Customer Expectations

The widespread adoption of new consumer technologies in all industries has created new needs for and expectations of insurance solution and interaction channels.

Pace of Innovation

The insurance industry is increasingly a technology-mediated one, and technologies like AI, big data and blockchain are driving this change faster than ever.

Disruption

Technology barriers to entry have been lowered with easy access to scaled cloud computing. InsurTech players are taking advantage of the opportunity to fill the gaps that incumbents have not.

Digital Trust

New technologies raise potent new digital risk issues, making trust critical to sharing and using the data that underpins insurers’ operations. Leading carriers are grappling with issues that go beyond establishing perimeter security.

of customers switch Insurance Providers because of bad user experience

Source: PricewaterhouseCoopers

of insurers are planning to pursue digital initiatives with new digital partners over the next 2 years

Source: Accenture

of Insurance companies believe that some part of their business is at risk of disruption

Source: PricewaterhouseCoopers

of insurers are investing more in embedded artificial intelligence solutions

Source: Accenture

5 ways for insurers to stay relevant in the digital era

“Sun-set” the past

Business-as-usual is not the business of the future. Enterprises must prioritize the actions that will make material progress toward transformation.  It means de-prioritizing investments in non-digital initiatives, old skills, processes, and technologies. 

Embrace the new

Organizations that take advantage of new technologies like AI, Blockchain and others will succeed with the work ahead. Some of the actions include increasing spending on digital initiatives, hiring greater numbers of people with future-ready skills and leveraging the new tools.

Rejuvenate the core

Revitalizing core technology and business processes that run the insurance business is an urgent yet non-trivial undertaking. But without this constant refresh cycle, it is only too easy to fall further and further behind the competitive pace of the industry.

Make it personal

Treating everyone as an individual and not simply as part of a demographic is perhaps the most customer-centric action that is required. Personalizing services, personalizing premiums, will be a great leap forward in the historical development of the insurance industry.

Democratize innovation

To plant the seeds of the future, large enterprises need to have an open mind to innovations and a process for examining and testing them to ensure that when they are ready to make a genuine contribution to the business, the business is ready to adopt and use them.

Get from idea to app in days, not months

2-Pass Development for perfect business-IT alignment

Visual Development 
67%
faster than traditional application development

Automatic Code Generation
80%
lesser code required

One-click Test and Deploy
75%
lower maintenance costs

Migrate from MS Access, Oracle Forms, Lotus Notes and other proprietary platforms

Reduce Total Cost of Ownership of proprietary platforms using phased migration

Flatten the learning curve for reskilling legacy app developers

Unlock the data and insights from legacy apps

Accelerate digital transformation and fuel innovation

Reshape customer experiences, operations, and business models

Set up Bimodal IT that caters to traditional and modern app delivery

Bridge business-IT gap and deliver apps at the speed of business

Democratize application delivery by enabling citizen developers

How insurers across the world benefit with WaveMaker

WaveMaker jumpstart services accelerated our evaluation of WaveMaker as the platform of choice for building apps. Their service was very helpful in developing a dynamic forms application allowing us to develop hundreds of insurance application forms in just a few minutes using metadata from databases. Working closely with their jumpstart experts, we were able to complete our evaluation in exactly one week and we have since licensed their platform.
Michael D. LeachVP - Operations, Tim Parkman, Inc

CASE STUDY

WaveMaker helps 3i Infotech’s insurance management software make a quantum leap with improved usability and aesthetics – reducing the training effort for agents by at least 40%.

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CASE STUDY

WaveMaker decomocratizes application delivery at one of the largest insurance and financial services companies in the world by reducing IT dependency and enabling citizen development.

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