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There is a definite shift in the customer’s expectations and behaviour. Customers today demand information at the click of a button, and similarly they need services and products personalized. This also extends to claims processing and payment tracking features. There is complete transparency in the system and that is likely to be the way forward.
With the digital ecosystems evolving constantly and maturing, there is potential for it to become spaces where people share resources, expertise and data. Infact, this is a good space for reinsurers to enter and offer revamped services. Now, before we talk about how the reinsurers are taking the lead, we need to understand who a reinsurer is.
A reinsurer is basically a company that offers financial protection to insurance companies. They manage the risk elements which are too large for insurance enterprises to handle, thereby facilitating more business for the insurance companies that they might not have gone after earlier. Infact, reinsurers help insurers to deal with lesser capital since they don’t have large risk elements on their plate that might lead to potential losses.
The reinsurer is almost like the safety net that an insurance company uses to keep their business going, and to focus on new business instead of worrying about existing ones and any risk it might bear.
The digital shift & reinsurers role
Apart from adding value to their clients and investors, reinsurers are shifting their focus towards investments on innovation and technology. Today, insurance companies have moved towards being data and customer centric adopting advanced technologies and tools along the way.
Some of the ways in which the reinsures are taking the lead are:
1. Proactive approach
Reinsurers are taking charge of things; they are not waiting for their partners or other insurers to hop on board with the new technology to show them the way. What this also does is ensure no single company or person gets monopoly over a technology, and it is a level game field. Reinsurers are in fact maybe able to take a leap ahead with the existing technology trends to explore newer insurtech elements, giving them an edge. This also leads to a more agile business model. A trend that is emerging is reinsurers investing in Business Process Management (BPM), analytics, regulatory compliance solutions and core systems as well. Some have even adopted Artificial intelligence [AI], Robotic Process Automation [RPA] and Blockchain into their offerings.
The only way to beat competition is to stay ahead and that is exactly what the reinsurers have been doing the past few years. They are actively participating in initiatives around industry research, and partnering with other insurtech companies. The partnerships are mainly to help them move from legacy based technologies to offering better superior customer experiences apart from other data related advantages.
Reinsurers also have access to omni-channel platforms to provide solutions to their customers, which will help boost insurance sales and business growth as well. Similarly, reinsurers will also be in a position to offer unique products with shorter TAT and work with an extension of their current solution range.
3. Data driven success
It is visible that the reinsurance market is quite resilient, especially during tough and challenging times. The one aspect when talking about the future of insurance that will change the face of insurance is technology. The focus should therefore be placed on data accessibility and the quality. Better utilization of granular data through meaningful partnerships will help the reinsurers gain an edge over other insurers. They can then drive productivity and efficiency of the brokers/agents/insurers, thereby boosting the underwriting standards in the process.
Neutrinos is all about innovation and transformation in the digital insurance sales space. With the focus clearly moving towards offering enhanced services and personalized products, you will need a solution that will help you achieve the same. Looking to unleash innovation and accelerate the digital transformation of your presence in the insurance industry? Speak to us and we ‘ll tell you more.