The global insurance market is undergoing an unparalleled change due to emerging socio-economic and technological trends.
Insurance brokers across the world are facing tremendous challenges in terms of the rapidly evolving Insurance industry. Rising customer expectations, increasing margin pressure, regulations, and competition using advanced data analytics are adding to their woes. While brokers recognise that embracing digital technologies is crucial for their competitiveness and survival, they may not be technologically-adept. That’s where brokers can rely on the valuable expertise that Insurtech companies have to offer.
Insurtech companies leverage emerging technologies such as Internet of Things (IoT), Robotic Process Automation (RPA), Artificial Intelligence (AI) and Big Data to help brokers provide services through a digital customer interface. They deploy analytical tools in carefully identified areas of broker business while ensuring that there is an alignment with the business objectives. They build their value proposition around lowering costs for policy administration, claims management, etc., through digital and leaner processes, thus delivering additional value to customers and helping brokers garner a larger market share.
The advantage of collaborating with Insurtech lies in the ability to utilise the cloud environment that they offer for better scalability and accessibility. Cloud-based platforms enable the retrieval and processing of large chunks of data in real-time. This approach of predictive analysis can do wonders for brokerage firms in taking customer service to greater heights. Powerful analytics-based systems can enhance the speed and quality of decision-making and lower the operating costs for brokers.
Exdion offers sophisticated Insurtech solutions to address the challenges of the Insurance industry. Its data scientists and subject matter experts have deep software skills on various analytical platforms. Exdion uses RPA tools to help brokers/MGA’s automate and integrate their disparate systems. They also use Artificial Intelligence, Machine Learning and Deep Learning to clone and execute mundane human tasks. With its flexible engagement models depending on client requirement, Exdion can be trusted to enable brokers ride the digital disruption wave successfully.