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Digital Solutions for Life Insurance Companies by RapidValue Solutions

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Digital Solutions for Life Insurance Companies by RapidValue Solutions

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This presentation RapidValue's Unified Digital Experience (UDX) and how it enhances customer experience and Operational excellence for the life insurance industry. It looks into the top priorities for life and annuity insurance business, and addresses the key functionalities of customer life-cycle that must be digitally transformed

This presentation RapidValue's Unified Digital Experience (UDX) and how it enhances customer experience and Operational excellence for the life insurance industry. It looks into the top priorities for life and annuity insurance business, and addresses the key functionalities of customer life-cycle that must be digitally transformed

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Digital Solutions for Life Insurance Companies by RapidValue Solutions

  1. 1. © RapidValue Solutions Insurance Unified Digital Xperience
  2. 2. © RapidValue Solutions 2 Are you digital ready as the bots are to take on the insurance jobs? 2016 2017 2018 2019 2020 Cyber actuary Works out the personal risk and loss associated with the hack of an insured’s digital profile Telemedicine nurse A nurse located anywhere in the world that administers medical checks via video conference Solution architect Figures how to integrate data from connected devices and platforms into automated claims and approvals Drone pilot Pilots multiple drones to take photos of claims for assessment Digital forensic investigator Social media trawlers who check digital alibis to confirm insurance claims & bonafide Timeline to disruption
  3. 3. © RapidValue Solutions 3 Top 3 priorities for Life & Annuity insurance business Transforming for growth Addressing longevity risks Achieving information fluency Revenue growth continues to underperform, in large part due to the industry’s lack of success in attracting new clients. Adding to it, drop in customer experience underscored rising customer expectations dragging down the customer experience levels. Given the aging US population, improved health care, and lengthening lifespans, fewer and fewer people are covered by defined benefit retirement plans. A Deloitte survey said about 50% have not saved enough to cover them through retirement. Many insurers are not positioned to fully leverage the vast amount of data they already have, let alone the new sources of information and real-time analysis at their disposal. Explore direct-to-consumer options, particularly to target gen Y (>50% internet users), lower-income, and other underserved segments. Improve customer experience to meet customer standards Enhanced creativity, risk management, and consumer communications are the key capabilities in serving this expanding market. A new data management infrastructure and governance architecture should break free of outdated, siloed systems, while turning data into both a strategic asset and a competitive advantage.
  4. 4. © RapidValue Solutions 4 Key functionalities of customer lifecycle that must be digitally transformed Research & Quote Generation Policy Purchase Policy Administration Claims Servicing Static/dynamic organization info Product details & comparison Capturing information in real-time Information based quote generation Quotes to policy conversion Document management Payment & policy issuance Access to policy details Modify policies & contact details Reminders & confirmations Premium payment & management Claims report Claims processing on mobile/online Real-time claim status notifications Quick inspections and reports Proactive query & compliant resolution Modern UI and simplified UX Distribution integration and Omni-channel touchpoints Automated customer management and back-end processes Customer interaction Customer interaction CustomerXperienceOperationalXcellence Online assistance
  5. 5. © RapidValue Solutions 5 RapidValue’s Unified Digital Xperience (UDX) enhances customer experience and operational excellence Price competitively Constant messaging Engage regularly Deliver efficiently Measure appropriately ↑ Customer experience ↑ Operational Excellence Transform effectively
  6. 6. © RapidValue Solutions Concepts & Ideas
  7. 7. © RapidValue Solutions 7 Increase conversions…
  8. 8. © RapidValue Solutions 8 …and conversations
  9. 9. © RapidValue Solutions About RapidValue RapidValue is a leading provider of end-to-end mobility, omni-channel and cloud solutions to enterprises worldwide. Armed with a large team of experts in consulting, UX design, application engineering, testing, along with experience delivering global projects, we offer a range of services across various industry verticals. RapidValue delivers its services to the world’s top brands and Fortune 1000 companies, and has offices in the United States and India. www.rapidvaluesolutions.com www.rapidvaluesolutions.com/blog +1 877-643-1850 contactus@rapidvaluesolutions.com This document contains information that is confidential and proprietary to RapidValue Solutions Inc. No part of it may be used, circulated, quoted, or reproduced for distribution outside RapidValue. If you are not the intended recipient of this report, you are hereby notified that the use, circulation, quoting, or reproducing of this report is strictly prohibited and may be unlawful. Disclaimer: 9

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