Topics In Demand
Notification
New

No notification found.

Open Innovation Roundtable: Vertical focus approach – Insurance (2/2)
Open Innovation Roundtable: Vertical focus approach – Insurance (2/2)

April 28, 2023

222

0

Open Innovation Roundtable: Vertical focus approach – Insurance (2/2) 

We have already talked about how insurance firms are transforming themselves through collaboration, but it is also crucial to understand the fundamental issues they face, as well as the areas where they believe an external ecosystem may help them grow their business.  

Challenges exist but can be addressed 

  • Trusting the start-ups: While a start-up may be technically powerful, it is always difficult to trust a newer start-up over an established one. Because the long-term viability of the start-up you are working with is always on the minds of corporates, particularly legacy firms 

 

  • Timelines / Gestation Period: The most common issue when collaborating externally because while one may start with a set deadline, many issues arise while working such as culture differences, identifying problem statement/scoping and making it understandable to the collaborating partner, and even testing a start-up can take a long time. In some cases, success is achieved but on a delayed timeframe 

 

  • Integrating start-up with corporate: Start-ups think in a more comprehensive manner rather than in a more focused one 

Insurance areas that require technology intervention that can be accomplished through external collaboration 

  • Health Risk Assessment Parameters: To deliver a better quote based on the needs of the customer by improving the algorithms that access the consumer's background and share a more focused and customised quote. 

 

  • End to End Automation: Insurance businesses can simply automate their processes using AI and ML to increase efficiencies of current workflows and minimise operational turnaround time. 

 

  • Data Insights / app that captures data: In a customer-facing business, customer insights are critical, and thus generating relevant insights can assist large corporations in developing a tactical approach to dealing with customers 

 

  • Decreasing turnaround time: Reducing the time it takes from the moment a customer seeks a solution to the time the customer receives the service and, of course, adhering to government rules.  

 

  • Customer profiling and engagement: It is not just accumulation, but an individualistic strategy for constructing the customer's healthcare portfolio 

 

  • Building inhouse capability: Instead of relying on external collaboration, a company can engage the key trained professional for the necessary transformative and innovation agenda 

 

  • Transforming cost structure: Reduced claim settlement time, which may have a direct revenue impact on the company's financial statements. 

 

  • Building expertise: Instead of developing general holistic solutions, startups can provide niche-focused solutions that can assist huge corporations in revolutionising their products. 

 

  • Making insurance a viable selling proposition: Insurance agents play an important role in selling insurance products, and there should be some ways to make this process easier and more flexible for greater outreach. 

To summarise, the insurance industry must fast-track its collaborative efforts to accelerate its digital transformation and innovation path. It will not only help them develop their business, but it will also help them improve the efficiency and effectiveness of their business processes. 

 

 


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


© Copyright nasscom. All Rights Reserved.