As one of the segments of the BFSI Insurance sector is undergoing a huge transition in terms of technology adaptability and focus on customer engagement and customer satisfaction.

The need for the above transition has been initiated due to the below mentioned strategic initiatives which the insurance sector is adapting. The initiatives are:

  • Enabling Prompt service delivery with the adaption of ICT tools
  • Facilitating customer interface thru any channel of communication
  • Cutting operational cost using process automation
  • Maximizing employee productivity
  • Minimizing employee attrition
  • Converting upsell cross-sell opportunities thru analysis of the available data for enhancing revenues and customers
  • Promotional campaigns on social media for creating product awareness

For the adaptions of the above initiatives, the ICT backbone and technologies are required and once the rollout of the above-mentioned initiatives would lead to the betterment of

  • Customer satisfaction
  • Enhanced profitability
  • Employee satisfaction
  • Reduced attrition

Considering the above let us analyze the ICT technologies which will be used to support the above mentioned strategic initiatives. The technologies are:

  • API (Application Programming Interfaces) – will enable enhanced data management with the integration of multiple systems leading to ease of digital claim settlements, HIPAA compliance, etc.
  • Analytics/AI (Artificial Intelligence)/Machine Learning – will be mainly used for customer behavioral and predictive analysis for betterment of personal services and enhancing operational efficiency.
  • Conversational Interfaces (Chat Boats, Voice Device Services) – will be used for designing voice-activated digital assistants which will become the next major consumer channel
  • Cloud – will be used for providing services like IaaS, SaaS, PaaS by the services provider to the banking industry how would prefer OPEX over CAPEX model which will also help them in reducing CAPEX and operational costs.
  • Mobility and Wearables – will be used for gathering customer data for better customer engagement.
  • Internet of Things (IoT) – will be used to improve serviceability, thru predictive analysis of the data gained from the IoT
  • BlockChain – will facilitate upgrade paths for outdated insurance systems with reliable and trust-able technology that could withstand frauds, scalability and security issues with reliable and trust-able technology which would lay the foundation for secure, reliable and transparent and seamless services.

Having analyzed the trends and upcoming technologies please find the below recommendations for the ICT solution deployment in the next generation insurance services.

  • Since this is a multi-location scenario the interconnect foundation must be strong enough ensuring the flow of data seamlessly with minimal latency ensuring better customer experience in case of application like video conferencing etc. The backbone should be based on Service provider MPLS with last-mile connectivity coming on Fiber.
  • In the branches, the internal LAN should be designed using the cable that supports 40-100G speeds from day one as the same would be required to facilitate uncompressed 4K Video traffic over LAN.
  • All IOTs, Lighting and AV integrations devices should be POE enabled an ensuring reduction in usage of power which in turn would lead to a greener solution.
  • Hosting of all apps can be done on Service Provider Data Center with enough resourcing to cater to the traffic being generated for a period of 5 years.
  • Omni Channel Multimedia contact center should be deployed to facilitate customers as the same will enable them to approach help desk using any channel (voice, video, email, chat, mobile app).
  • Engage in software selections which are an upgrade and have open API’s to customize the solutions and app as per the requirement. The same should also have integration capabilities with upcoming technologies like Blockchain, AR and VR, etc.
  • Integrate back end analytics for the betterment of customer services and efficient marketing.
  • On all of the above deploy robust, proven and stringent security policies for avoiding cybercrime incidents like hacking or data theft, etc.

This is just a brief of the setup we are recommending in general for more details contact us on