The technology-enabled operating model Research shows that a comprehensive technology strategy for companies is critical to business success. Part of this success relies on a market leader’s ability to scale technology to enable exceptional customer experiences and new value propositions. To support this effort, insurers are modernizing their core insurance systems and moving them to the cloud as they are driven by the rapid launch of new and differentiated products. This allows them to leverage advances in customer experience technologies such as self-service and personalization through generative AI and other technologies. They use these advances to drive the speed and scale needed to remain competitive grow profitably. In fact, a Gartner survey of insurance CIOs ranked customer experience and new product/service development among the top five goals of their digital investments. The insurers we work with expressed similar views.
Bring new products to market faster
When a Tier 1 pension provider wanted to offer new products in a shorter period of time, they began modernizing their products Core policy management system. By using the platform’s configurable product templates, they were able to create a product chassis as a foundation from which multiple product variants could be quickly created by enabling or disabling features. This feature also allows them to offer white label products to their distribution partners, such as using a customized index instead of a public index for one of their fixed income products. With this high level of flexibility, the carrier is able to achieve its goal of bringing new and differentiated products to market quickly. At the same time, they offer their sales partners an even better experience.
Increased operational efficiency to better serve customers and employees
Similarly, a Tier 2 life insurance carrier modernized its new business and underwriting functions with a focus on process efficiency to drive product development and improve the customer and employee experience. They used that Accenture Life Insurance and Pensions Platform (ALIP) to launch and later update an indexed universal life insurance product and subsequently place their high-volume term product on the platform as a testing ground for future product launches, including a new indexed whole life insurance product. Using this technology helped them rethink their processes, making them more efficient and freeing up capacity for product teams to focus on the product roadmap and producing products that meet their customers’ needs.
This sustainable carrierWe leverage technology to provide greater flexibility to respond to and anticipate customer and stakeholder needs across businesses and sales channels. Let’s talk about how you can improve the customer experience through greater operational flexibility.
