With the advent of digitalization, the insurance sector is undergoing a transformation from outdated business models and manual operations to emerging technologies that are reshaping the industry. To maintain a competitive edge, insurance companies must embrace technology in an ever-evolving world, diversifying their business models, products, and processes. However, many insurers are still in the early stages of their digital transformation journey, leaving them susceptible to being overtaken by more agile competitors. Leaders in the insurance industry must gain a comprehensive understanding of how these trending technologies, such as AI, IoT, cloud computing, and low-code platforms, are reshaping the business landscape.
AI is useful in helping to modernize legacy insurance operations, from claim process, product pricing, and underwriting. Insurance underwriting is still a labor-intensive and fallible process, and as insurance companies expand, customer volumes rise, and data sources multiply, the need to modernize underwriting processes becomes a must to streamline operations, lower costs, and enhance efficiency. IoT is utilized to define a new era of connected insurance, by automating the data collection process, insurers gain deeper insight into risk reduction, leading to more informed underwriting choices.
Migrating essential systems to the cloud offers significant benefits to data management and customer service. Cloud technology provides opportunities to enhance customer service, accelerate time to market, and achieve greater efficiency and scalability. Using Microsoft Dynamics 365 (D365) as a low-code platform addresses the challenges of data silos, enabling businesses to integrate data from different departments and provide a holistic view of their operations. FPT Software, an insurance solutions provider, offers advanced technology and extensive expertise in AI, automation, big data, and low-code capabilities to help organizations stay ahead of the pack.