What Does Digital Transformation Mean for Insurers?
For insurers, applying a digital "facade" on the front -end is not going to be enough if one is to stay ahead. The only sustainable way to deliver improved services at a lower cost is to be digital at the core. At a practical level, such an agenda could include common themes such as:
By deploying cutting edge technology with a focus on straight-through processing and automation to lower the cost to serve members. This also creates new business data and insights, which can be leveraged to outperform the competition.
Member Engagement with a Digital-First Approach
By adopting a digital-first approach to member engagement through channels like mobile phones, smart tablets, and more, member experiences can be revitalized, reducing member acquisition costs in the long term.
Superior Business Agility
By enabling faster configuration at various levels—product design, business process, member unique offerings, and more. Insurers with technologies that are easily configurable quicken their responsiveness to dynamic market developments and to experience accelerated time-to-market.
Health insurers around the globe are facing similar challenges, and we have worked with many to introduce market timely step-changes, excellent customer experiences, operational efficiency and ultimately, cost reduction.
Our customers have seen more than 92 percent auto-adjudication rates and as much as a 32 percent reduction in operating costs. These are just examples of how digital transformation can value-add to insurers, ultimately freeing up revenue for other strategic purposes, including making insurance more affordable for their members.