But many are sitting on mounds of information they don’t know how to use. These insurers are relying on antiquated systems that aren’t equipped to analyze massive amounts of data or generate usable insights or strategies.
To launch innovative new products and improve customer experiences from quote to claim, insurers will need powerful technology that can streamline information and integrate with next-generation applications. Here’s how a modern core platform can help insurers leverage data to drive profitability at each stage of the insurance value chain.
Free Webinar: How to personalise insurance with dynamic policies
- What are some of the considerations and challenges when implementing dynamic policies?
- Are some customisations only possible with human expertise?
- Where are dynamic policies heading next?
1. Underwriting
Emerging applications unlock new opportunities for rapid risk assessment and personalized quotes. AI chatbots, for example, can give customers an intuitive self-service experience for policy applications and claims filing. These chatbots automatically collect and process data from a wide variety of sources, which enables fast application times, accurate quoting, and smooth interactions.
Socotra recently helped Sigo, an MGA insurtech, launch a new personal auto insurance product for customers with limited insurance histories. Sigo’s proprietary rating engine leverages telematics data to offer personalized quotes and transparent access through a completely digital, direct-to-consumer interface. This bilingual, tech-powered solution helps customers save money on basic liability coverage without visiting a brick-and-mortar agency.
2. Policy administration
Customers are encountering seamless digital experiences in every facet of their lives, from Amazon to Venmo to LinkedIn. And they expect insurers to offer the same level of experiences, or even better. This means giving customers easy-to-use online portals where they can view and update their policies on demand without having to call a representative.
A robust data ecosystem is the foundation of these modern interactions, and insurers will need technology that can easily connect customers and partners to policy data. Socotra is the only core platform offering public documentation and open APIs, which empowers insurers to integrate next-gen apps and data sources with products and services.
3. Claims
Next-generation apps like AI and machine learning can help insurers improve claims processes by automatically verifying the information that potential customers submit when they file a claim. For instance, a customer can submit a photo of their damaged car, and an insurer can use AI/ML to assess what was damaged and then calculate an estimate of the repair or replacement costs.
Socotra has partnered with Snapsheet to deliver a modern, end-to-end insurance IT stack that can be spun up in as little as 10 weeks. The plug-and-play joint solution gives customers a robust claims experience that blends people and intelligent automation—all in a fraction of the time and cost of existing solutions.
4. Billing
Data has revolutionized the way many insurance products are billed. Telematics data, for example, is powering usage-based insurance products. By leveraging IoT devices or even smartphone apps, insurers can assess customer driving patterns, charge policyholders based on the miles driven, and even offer discounts for safe driving.
Socotra recently helped a top-three global insurance company build an Insurance-as-a-Service platform for distributing on-demand insurance products. The insurer partnered with a leading ride-sharing company to provide business interruption insurance that covers drivers in the case of an accident. Drivers can sign up through a mobile app, and premiums are calculated based solely on completed trips.
Source: EU Startups
