Insurance Transformation

Position your business at the forefront of insurance innovation and disruption.

Meet the needs of today’s digital insurers through industry expertise and modern technology.

TABLE OF CONTENTS

Introduction

The goal for every type of insurer—property and casualty, life, health, and more— is to stay competitive and improve speed-to-market while meeting evolving customer needs. Our industry experts help incumbent insurers—agencies, brokers, and carriers—keep pace with the insurtech movement by harnessing new digital capabilities.

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Levvel's 2021 Insurance Consumer Report is here.

This report explores how insurers can adapt their business to meet evolving consumer demands in the digital age and serves as a modernization guide for senior leadership, insurance product developers, agents, and claims specialists.

Data-Driven Insurance to Streamline the Customer Journey

Insurers have access to substantial data, but few are able to operationalize it. With the expansion of AI and machine learning within the industry, insurers can break down these corporate data silos to integrate customer, policy, and claims data. With data-driven insurance, insurers can:

  • More accurately underwrite
  • Collect customer insights and behavior
  • Eliminate security risks and reduce fraud
  • Implement better claims processing
  • Assess operational risks
  • Deliver personalized service

The Move to Digital Self-Service to Improve Customer Retention

Better customer experience is the driver of competitive advantage in claims. The shift to the self-service model is fueled by customer expectations, as personalization and automation have fueled the customer digital journey.

Core business processes in insurance一from onboarding to claims to policy renewals一require customer data and signature collection. These new digital journeys can make it much easier to integrate new technologies and streamline the customer experience with:

  • Faster claim approval processing and quote to issuance
  • 24/7 access to customer service portals and policy information
  • Enable real-time notifications on policy changes and payments processing
  • Empower policyholders to find solutions to common problems

Intelligent Underwriting Management to Accurately Assess Risk

Today’s customers are demanding faster underwriting processes, rejecting time-consuming and manual processes. Intelligent underwriting management can enable insurers to speed up the underwriting process, close applications faster, as well as a complete quote to issuance without a human touch.

With technology-driven underwriting systems, insurers can analyze data and update risk calculations immediately. This provides more accurate underwriting outcomes, as well as promotes healthier insured behaviors. With third-party data, insurers have access to information like:

  • Tax assessments
  • Health and customer behavior
  • Geospatial and satellite data (P&C insurance)
  • Weather data

Agent Enablement to Serve Policyholders Faster

Digital disruption, the insurtech movement, and operational inefficiencies have contributed to the insurance agent experience. Legacy technology in insurance is affecting agent enablement, even though customer expectations have shifted with the digital era. How can insurers enable an agent to quickly quote and meet policyholder needs?

Meeting evolving customer needs is always a priority—and policyholders should feel empowered to make informed decisions. Insurance agents can help make the experience of owning policies rewarding by providing education on self-service, promoting policy resources and maintenance, and walking customers through online claims’ processes.

Our insurance experts have the technical expertise to make agents’ lives easier while making business processes more efficient, including:

  • Portal servers
  • Content management
  • Business process management

Claims Management to Scale, Cut Costs, and Reduce Fraud

Reducing the time in which insurers settle claims can provide a competitive edge. However, insurers—both large and small—are challenged with strict compliance and government regulations. The use of effective claims management software speeds up the claims process, minimizes cost, reduces fraud, and enhances customer satisfaction.

One way insurers are tackling painful, manual processes is through Robotic Process Automation (RPA). At the forefront of data analytics, RPA automates tasks, analyzes data, and reduces errors. By combining APIs and user interface (UI), these tools complete autonomous execution of various activities and transactions related to claims management.

Cloud-Native Environments to Accelerate Digital Transformation

The insurance industry relies on on-premises, legacy systems to retain and win customers. However, these legacy core systems lack the openness needed for insurers to quickly, easily, and inexpensively connect with new data sources. Cloud-native development allows insurers to update applications more quickly, as well as:

  • Improve customer experience
  • Accelerate business velocity
  • Improve scalability
  • Reduce cost footprint

Conclusion

Technology is helping insurers gain valuable insights into their customers’ needs, as well as providing a more innovative approach to delivering these products and services. We are here to support insurers with the tools and resources to create a more modern insurance experience.

Selected Experts

david-antoline

David Antoline

Managing Director, Commercial, Levvel

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