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Insurance Technology | Insurance Applications

Insurance Technology

Insurance Technology

Making the transformation to a customer-relevant business model has significant implications for the use of information technology (IT). Today, most IT investments are allocated to maintain and consolidate legacy systems. While this may lower costs, it adds little to improving the customer experience, driving innovation, increasing agent productivity, or reducing time to market for new products. In addition, most insurance companies do not have a single view of the customer, which hinders cross-selling and up-selling. And finally, most insurers lack true multi-access capabilities for partners and customers. Using portals to bundle content from partners, invest in the network as the platform, and adding collaboration tools for rich customer interactions.

Custom Insurance Industry Applications | Insurance IT Management

Given the significant challenges insurance companies face today, it is important for executives to think seriously about transforming their companies’ business models to better understand and become more relevant to their customers. Doing so will not only improve short-term results, but promote revenue growth, financial stability, and prosperity. Insurers that take steps to transform their business models to become more customer relevant can improve employee and agent productivity, increase their customer base, grow total lifetime customer value, and create additional revenue streams from new business models.