Insurance Industry Development Trends
The insurance market witnessed some problems in 2020 due to COVID-19 related to the crash of financial markets. But as a result, it grew stronger. However, the growth of the market stipulated certain changes in the behavior of the customers: they expect insurance companies to provide a more versatile digital experience. Insurance businesses also realized they needed to go digital to be ahead of the competition. Life insurance system development can only be the first step on the road to digitalization.
The application of upscale technologies makes the industry competitive and boosts business growth for the companies that provide insurance services. Digitalization, automation, Artificial Intelligence, Machine Learning applications, and unique customer experiences are the solutions to many issues arising.
Insurance software products must comply with the fast market demands. The solutions should contain advanced functionality and the necessary capabilities to respond to any fluctuations. More than that, digitalization in the insurance sphere brings a number of benefits:
- Cost reduction and revenue increase;
- Processes efficiency and workflow speed up;
- Covering customer needs and business gaps;
- Improvement of customer journey and experience;
- More flexible and agile in the insurance services market;
- Services optimization and new product releases to the ever-evolving market;
- Employee productivity increase;
- Better position on the market.
Business Case: Customer and Challenge
The customer is the Largest Insurance Group in Central and Eastern Europe, working in the Ukrainian market since 1993 – PZU. The Group consists of more than 600 insurance offices in Poland, Lithuania, Ukraine, more than 16,000 employees, and over 200 insurance products. Ukrainian PZU Network has 84 representative offices.
Before the new electronic life insurance system was introduced, the insurance agents and brokers completed questionnaires and statements in paper forms, which caused quite a lot of issues, from slow workflow to mistakes in handwriting. After the forms were completed, they were sent by post along with a package of documents from the customer to the central office in Kyiv, where they were checked. Afterward, the insurance officers were to make a decision, and records were sent back. Therefore, the whole process was costly, lengthy, took many other resources, and subsequently required a reconsideration.
The decision was to develop an electronic life insurance system that could be used for storing, sorting, categorizing, and capable of searching all the necessary records and documents easily. This electronic insurance system would enhance communication and collaboration within the company and exclude the repetitive work of the employees.
To begin with, Softengi specialists discussed and gathered all the necessary requirements from the Client with regard to the life insurance software features they were going to create. Driven by top technology trends, we structured the criteria and developed concepts of solutions.
The Goal Was to:
- Develop an automated, complex, and multi-step workflow process for providing life insurance;
- Make decision-making more accessible and more efficient;
- Save budget and human hours;
- Enhance relationships and interaction with customers.
The development and implementation of the electronic life insurance system have been carried out in a two-month period with Scrum sprints methodology. The new insurance management system with core features as a workflow interface to improve the decision-making process. In addition to the predictions of risks, analytics, data storage, UX/UI design, CRM system, and auto-documentation, all the necessary features were included to improve the tasks and challenges set before the Client.
The creation of the new insurance software for our Client has improved the decision-making process in terms of creating the solution, enabling us to add and modify data about customers, implying the rating for every Client according to the data analysis.
The Client received a fully functioning, tailor-made tool to cover the needs set before. The life insurance management system allows to provide sales management and improves the operational activity of delivering life insurance services. The possibility of risk calculation is now done automatically. Overall, 90% of the processes are automated, and the need for hard copies is eliminated.
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