The insurance industry is facing major challenges as increasingly tech-savvy customers demand lightning-fast, highly personalised transactions, mainly delivered via mobile devices. They want their share of the cost optimisations that technology delivers, with claims processes that are slick, transparent and hassle-free. Insurance companies need to intimately understand and continually refine the customer experience just to stay relevant and keep pace. See how we achieve process improvement in the insurance industry below!
Capsifi Digital Business Platform helps the Insurance Industry deliver highly personalised products to demanding, tech-savvy consumers
Make no mistake, the balance of power in the Insurance Industry is shifting firmly in favour of the end consumer.
Today’s modern consumers are increasingly digitally savvy which means they’re demanding faster transaction times, more often via mobile devices – they want personalised products with less reliance on intermediaries. Big data is also playing its part in swinging the needle in favour of personalisation and data analytics, not to mention tech apps and wearables such as Fitbit contributing to the shift.
Now, add the impact of Artificial Intelligence and automation powering improved claims processes to the mix. Oh, and don’t forget the impact bots have on the customer experience by reducing manual interfaces and driving cost benefits.
All of these changing insurance processes means you need to closely understand consumer behaviour and expectations so you can consistently refine and refocus the customer experience you deliver – processing claims quickly and efficiently is a given.
But there’s more…
Covid19 did an excellent job of confirming the need for business continuity and resilience planning, at the same time highlighting a greater reliance on remote working and cloud-based platforms. It also exposed the risks associated with offshore service centres and increased the need for a move towards localised, onshore insurance business models.
And, of course, all this takes place against a background of Fintechs driving product innovation and increased Mergers and Acquisition activity.
The question is, how do you keep all of these new insurance ideas spinning when even the slightest technological improvement in just one area can have a huge effect on your business?
Well, how about a connected Digital Business Platform that provides the information you need to fine-tune and refine the customer experience in real-time? A Digital Business Platform continually helping you to adapt and improve your technology and information management landscapes, while coordinating ideas management? Would that help?
Welcome to Capsifi.
Outcomes delivered by the Capsifi Digital Business Platform
Capsifi’s Digital Business Platform is our revolutionary cloud-based solution that helps users make real-time decisions confidently. It provides the insurance knowledge management needed to fine-tune and refine critical decision making during real-time workflow. With Capsifi’s Digital Business Platform you continually adapt and improve your technology and information management landscapes, while coordinating ideas management at the same time.
Imagine you could capture your organization’s insurance operating model, map it to core strategies and policies, and integrate it with Customer journeys – with Capsifi you can do just that.
Here are some specific outcomes you can expect when you apply the Capsifi Digital Platform to your business.
- Connect the ‘Voice of the Customer’ to every element of your operating model
- Enhance your ability to rapidly respond to changes in the Customer Experience brought about by unexpected global and national events, such as Covid19
- Reduce the cost associated with changing regulatory requirements
- Develop a detailed understanding of the technological (apps, systems, IM) and business landscape (business capabilities, processes, value streams, organisation) in order to enhance detailed analysis and business requirements design.
Your questions answered
Here are some important questions being asked in the Insurance Sector and how the Capsifi Digital Business platform delivers the answers you need.
How can Insurance companies rapidly optimise their Operating Models to achieve continual improvements in performance?
In the Insurance Sector, even the slightest technological improvement can make a huge difference in claims processing, customer experience and the identification and implementation of cost optimisation opportunities.
Capsifi’s Digital Business Platform helps your business optimise performance by digitally connecting key elements to drive BAU (Business as Usual) and transformation initiatives to achieve continual performance improvements.
How can Insurance companies properly harness and manage ideas and suggestions from their front-line employees to continually improve the customer experience?
Claims management teams are a rich source of customer feedback and insight, generating countless ideas for continual improvement.
Most insurance companies don’t have the capability to capture, process and realise these ideas efficiently in order to effectively feed the backlog in line with strategic objectives.
Capsifi’s customer-driven innovation functionality enables the capture of ideas from front line employees, providing the means to systematically manage the prioritisation and development of ideas from concept to use case.
How can Insurance companies achieve continual transformation and performance improvement?
Keeping pace with competitors and addressing the digital demands of insurance customers requires a focus on continuous, systematic transformation. Building your capacity to continually transform means developing enterprise feedback loops, capturing innovative ideas from front line employees, and having the ability to prioritise against strategic business drivers.
Capsifi’s Digital Business Platform helps you build the capacity to transform, as well as showing you how to continually adapt your strategic priorities and pivot quickly – realigning your delivery to address customer, partner, and market demands.
Work together with Capsifi
Here are some of the benefits you can expect when you team up with Capsifi:
Break down information silos
We’ll help you identify key issues and areas of improvement across every aspect of your business operation, in an aggregated way that helps look beyond informational silos and at an organization-wide level.
Measure against best practices
With our help, you’ll understand where your organisation is at compared to industry best practice, and you’ll quickly see where improvements can be made.
Get the right executive support and leadership to champion innovation – supported by an understanding of the impact on business performance and the achievement of corporate objectives.
Involve your people
Empower every person in your business to engage in the continual evolution and improvement of the organisation and reward people for removing bottlenecks – enhance prioritisation and create a culture of continuous improvement.
Capsifi solutions for Insurance industry
Capsifi offers a comprehensive suite of strategic business solutions that can be applied as individual modules or combined in a powerful, integrated platform tailored to your specific needs. Take a moment to explore possibilities and discover the value Capsifi can bring to your business.
Gartner peer rating
We have clearly demonstrated that the Capsifi approach to collection, analysis and representation of business and technical information can significantly accelerate the development of requirements and designs for both business and technical stakeholders.
Director – Process, Business and Knowledge Management, Government Agency