How To Shift From Survive To Thrive In Insurance
Digital transformation is proving to be quite the cornerstone for change. Not only from a business angle but in our daily lives as well. Everything is now tainted with the aspect of speed. An acute example is the human attention span which has decreased from 12 seconds to 8 seconds.
Thus, as a business, the delivery pace of your services and ideas must increase or you risk falling behind competitively both with consumers and colleagues. Similarly, digitisation has made working from home more practical as about 60 per cent of people work from home after stipulated office hours, and with the pandemic upon everyone, most aren’t tied to the office as working from home is not only viable but necessary.
Data collection has also increased by 90 per cent which is directly affected by security threats and attacks which have doubled over the past couple of years. All these changes have borne disruption and with the current climate caused not only a want but a need to drive the business forward.
Mohamed Al Basti, Senior Manager at Dell, and an impressive 20+ year IT veteran presented an instructional and innovative take on the disruption and the opportunities it brings forth.
He attested to the fact that transformation is not only necessary “but also opportunistic. COVID-19 has pushed businesses to transcend their limits and cruise into the digital world so as to adapt to the current situation, or fall prey to it. For any business to survive, it’s a current and imperative need.”
In this way, it is vital for insurance companies to materialise and emulate this transcendence into digitisation. As any CTO or CIO of an insurance firm, there are several markers that encapsulate optimum adaptation and increased value creation. Predictive analytics is one of the major strides.
This data collection allows for the study of behaviour and history of clients to be able to serve them better thus, improving the business. The second tier is AI adoption. This is vital as it honours and customises plans with specification to clients.
Therefore, the firm operates from an all-around personalised perspective instead of a ‘one size fits all’ model, driving forth competition, versatility and customer satisfaction. Machine learning is another major operation.
It curtails more automation processes as less human intervention correlates to fewer mistakes, faster speeds and services. The IoT factor plays a key role in this transformation. The more clients share personal data, the easier and more versatile customized plans are driving client satisfaction and allowing the firm to diversify their policies and services.
As far as transformation goes, social media is one way to boost efficiency. Not just, Al Basti adds, “for marketing purposes but also as a mining engine to oversee and correct false claims and frauds and monitor newer generation interests as firms collect new clients.” He observes that “Chatbots are one way to improve consumer interaction as it allows for 24-hour customer service for any consumer queries and needs. Through automation, the firm is not only closer to the client but just a click away.” Similarly, is the facilitation of drones and CCTV to improve efficiency.
“If a client got into an accident, once they provide a location, a drone can be deployed to the site, documenting full resolution pictures of the accident without any manipulation which then allows for a much greater assessment of the situation in lieu of any claims,” says Al Basti. Lastly, is having sufficient blockchain which protects data transference within the firm’s internal and external environment.
Al Basti not only comprehensively covered what to do, but how to do it. One answer; Applications. The core is in applications.
“The chain of processes from infrastructure to the end-user involves the use of applications which must be run on clouds. Be it hybrid, public or private. The cloud runs on infrastructure which houses networking, security, storage etc, whether off or on-premise, depending on the cloud. Clouds provide an agile, metered and flexible approach as they focus on operating mode and efficiency of features.” he says.
This is directly linked to end-user access and satisfaction in response to needs such as VPN, policies and access which serve as disruptive elements in the platform. It’s easy to lose credibility if these functions are left unprotected. A multifaceted and well-protected framework has four major pillars that must thread the needle of transformation; Security, digital, workforce and IT transformation.
Dell, he avers, promises to drill through these pillars and provide a secure foundation for any firm looking to survive the transcendence. With the provision of end-user software and security, servers and networks, infrastructure operations and even financial security, they not only look at but implement technology in regard to each pillar and scale upwards to ensure seamless end-user interaction and client satisfaction, driving forth business and improving innovation and profit.