The technical examination of business models 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 drive exceptional customer experiences and new value propositions. In support of such an aspiration, insurers, driven by speed to market with new and differentiated products, are modernizing their core insurance systems and moving them to the cloud. This enables them to take advantage of advances in customer experience technologies such as self-service and personalization through generative AI among other technologies. They look to these advances to drive the speed and scale required 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 goals for their digital investments. The insurers we work with expressed similar views.
Improved speed to market for new products
When a Tier 1annuity carrier wanted to provide new products on a faster timeline, they started by modernizing their central policy administration system. Using the platform’s configurable product templates, they were able to build a product chassis as a foundation to quickly create multiple product variants by turning features on or off. This capability also enables them to provide white label products to their distribution partners, for example using a bespoke index instead of a public index for one of their annuity products. With this high level of flexibility, the carrier is positioned to achieve its goal of rapidly bringing new and differentiated products to market. 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 insurer modernized its new business and underwriting function with a focus on process efficiency to drive product development and improve the customer and employee experience. They used the Accenture Life Insurance & Annuity Platform (ALIP) to introduce and later update an indexed universal life product, followed by placing their high-volume long-term product on the platform as a test bed 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 produce products that meet their customers’ needs.
These forward-thinking operators are looking to technology to provide greater flexibility to respond to – and anticipate – customer and stakeholder needs across their businesses and distribution channels. Let’s talk about how you can elevate the customer experience with greater operational flexibility.