The insurance industry is experiencing a number of challenges in the face of multiple pressures. These include: slow growth rate; a lack of coherent customer relationships; multiple regulatory jurisdictions; frequent iterations to compliance mandates; rapid technological change; and increased competition in the market. However, the advances in tech-led business, for instance, the Internet of Things (IoT), artificial intelligence (AI), and big data, are rapidly transforming the way the industry functions. Indeed Insurtech is revolutionising every aspect of the insurance industry. Examples include: more accurate and customised policy quotes; active risk management for vehicle telematics with data-driven underwriting; online claims processing with pre-populated claims forms for real-time updates; insurance marketing; and customer records management, among many others.
By embracing the opportunities offered by IT-enabled services, industry professionals can access and process large volumes of complex customer data. This opens up access to a number of advantages which include: reliable and holistic pre-purchase and purchase information; structured preventive and predictive insights for more efficient and accurate claims processing; effective risk management based on empirical intelligence; the focused marketing of customised products and solutions as per the target market segment. In turn this leads to better customer retention and acquisition through a more rounded understanding of their insurance requirements. It also delivers increased profitability as a result. Outsourcing the technical enablement of these functional tasks and processes within your insurance business to a reliable organisation like SBL is an efficient way to manage and maximise the considerable benefits.
With industry-specific expertise and a smooth track record, our solutions enable clients to adopt digital tools for a definitive understanding of customer-specific requirements. Our support services and solutions assist customers in improving processes within their organisations so as to optimise seamless customer experiences through tech-enabled applications and dynamic websites. For example: insurance claims assistance through apps; proactive customer sales conversions using call centres; and visibility to multiple quotes through data analytics, among others. Furthermore, to accommodate the paradigm shift arising from traditional insurers’ ambition to digitally transform themselves, we are always looking at new ways to bring increased flexibility, agility, and efficiency to back-office processing activities
SBL can transform business processes and enhance the strategies for its insurance industry clientele at a reasonable cost. Our agile IT solutions and services have been meticulously designed to assist you in increasing overall efficiency. Contact us to work with an experienced team with the resources, skills, and technology to tackle the complex process and build a successful operating model.
In addition to our secure, ISO-certified production centres right across India, we have office locations in the UK, USA, Australia and the Middle East, with plans to expand into Europe, Canada, South America and Asia in the very near future.
SBL is certified in ISO 9001:2015 Quality Management system, ISO 27001:2013 Information security management system and our software division is certified in CMMI level 3.
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