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Technology-driven operating model research shows that a broad enterprise technology strategy is critical to business success. Part of that success comes from a leader’s ability to scale technology to deliver exceptional customer experiences and new value propositions. In support of such an effort, insurers, driven by speed to market with new and differentiated products, are modernizing their core insurance systems and moving them to the cloud. This allows them to take advantage of advances in customer experience technologies such as self-service and personalization through generative AI, among other technologies. They seek these advances to drive the speed and scale needed to remain competitive and grow profitably. In fact, a Gartner survey of insurance CIOs ranked customer experience and new product/service development among the top five objectives for their digital investments. Insurers we work with expressed similar views.
Improving the speed to market of new products
When a Tier 1 annuity insurer was looking to offer new products on an accelerated schedule, it began by modernizing its central policy administration system. Using the platform’s configurable product templates allowed them to build a product chassis as a base to quickly create multiple product variations by turning features on or off. This capability also allows them to provide white-label products for their distribution partners, such as using a custom index instead of a public index for one of their annuity products. With this high level of flexibility, the airline is positioned to achieve its goal of bringing new and differentiated products to market quickly. At the same time, they offer an even better experience for their distribution partners.
Increased operational efficiency to better serve customers and employees
Similarly, a Tier 2 life insurance company modernized its new business and underwriting function with a focus on process efficiencies to drive product development and improve the customer and employee experience. They used the Accenture Life Insurance & Annuity Platform (ALIP) to introduce and then update an indexed universal life product, followed by placing their high-volume term product on the platform as a testing ground for future product launches, including a new indexed whole life product. . Leveraging 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 manufacturing products that meet their customers’ needs.
These future-ready carriers turn to technology to provide greater flexibility to respond to and anticipate the needs of customers and stakeholders in their businesses and distribution channels. Let’s talk about how you can improve the customer experience with greater operational flexibility.
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