WHY INSURERS ARE EMBRACING CLOUD COMPUTING IN 2021
The adoption of cloud computing in the insurance industry is being led by Microsoft who have created a specific vertical that is industry focused.
Moving key capabilities to a cloud-based model reduces total costs of IT ownership and CapEx as no costs are not paid up front.
The OpEx from MS Dynamics 365 are paid monthly, and it also facilitates integration with third party systems and agency management systems.
In a sector where the customer is key, their loyalty needs to be recognised and rewarded to maximize renewals. By unifying customer data across all media (IoT), customer-centricity will be enabled so you can engage customers more effectively through new distribution models that take advantage of AI:
Gain a 360° view of internal and external data to predict customer needs and provide custom, innovative insurance solutions.
Augment human ingenuity with AI and cognitive capabilities to meet customers where they are.
Enrich customer understanding and insights with internal and external data sources, including social media.
Understand customer behaviour and identify opportunities to provide real-time upsell/cross sell guidance.
By leveraging AI to improve interactions insurance companies can deliver engaging policy holder experiences that are driven by intelligent agent tools. Using Chat bots within customer portals, which are skinned to look like part of your website, means data can be pushed and pulled by policy holders directly from CRM and all data is under the umbrella of Dynamics 365 will be protected by Microsoft protocols.
Intelligent solutions for Life insurance
Insurers can take advantage of automations that tailor the customer journey.
SELF SERVICE PORTAL
The video is an example of how a self-service portal can be used by the customer to change vital details: The Chat bot recognises the user straight away as the policy holder has a profile set up, so there is no need to sign in. The details that are then adjusted by the policy holder directly in MS Dynamics 365 CRM.
The transaction that the customer has made will become part of the customer chat conversation; even though this has been with the chat-bot. This can then be viewed by an agent on their Power BI dashboard, along with all other interactions, in chronological order.
In the transaction that is performed on the video, the customer interaction with the chat-bot, triggers an automation whereby the human agent is alerted. This automated alert has been set-up to notify the agent to the fact that the customer has changed his next of kin, as he is now married. This triggers the agent to call the customer with an up-sell.
The Power BI dashboards that the agent is using give him a 360-degree view of all the interactions with the client, the policies they hold, and all details pertaining to that. The automation that triggers the agent to call the customer can be seen on the dashboard and will have been added automatically to their daily/weekly calendar by scheduling.
WHAT ARE THE BENEFITS OF OPEX?
By switching to OpEx and placing your business in the cloud you will benefit from:
Lowered costs as the Licenses used are based on consumption. (API)
Reduced speed to market, as SaaS offerings are configured, not developed, giving you a low code no code solution.
The ability to spot trends and turn-around innovative solutions quickly to capitalize on new opportunities.
Reduce the burden on IT so they can empower innovation in your product offerings, and not get bogged down in infrastructure.
Having a more customer-centric, agile solution, will inevitably enhance profitability not only because of it’s flexibility on existing offerings, but also the speed at which new innovative services can be created and launched in the marketplace.
For further information see our INSURANCE SOLUTIONS PAGE, which breaks down all the components you will require.
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