In the previous blog, we have already defined the P&C Core Insurance Platforms, further in this blog we will be focusing more on the benefits of this platform and their effectiveness in the insurance industry.
The insurance industry has benefited a lot from the implementation of the advanced P&C insurance platform and has contributed to the revolutionization of the entire insurance industry. It has addressed the needs of the modern insurer of being a hassle-free, tech-savvy (mobile friendly), and convenient insurance platform.
Digital transformation has been a major catalyst for this rapid growth of the insurance industry and precisely the P&C insurance industry. The implementation of innovative and advanced technologies such as AI-powered processing, online claim portals, and IoT all have played their role in its success.
Listing all the benefits might not be possible, but here we will be discussing a few benefits of the same:
- Cost Saving
It has been efficient for both the customer and the vendors to manage the costs since the integration at one single platform has happened. This has led to a significant reduction in the costs from the vendor’s side and the customers are benefited in the end. With the help of automation and self-service platforms, the efficiency has been increased, which in turn increases the profit and revenue collected, reducing the premium costs and other variable costs as well.
- User-Friendly UI
The UI for these new platforms has been developed in a manner simple for the user to access information and convenient for the business to manage and update the software on a single platform. If the entire system is cloud-based, it makes the process simpler for the business to maintain. The user-friendly experience is not only necessary for the consumer but also for the vendor, as a better customer experience provides higher revenue and further enhancement of the platform.
- Customer Insights
It provides an overall view of the customer and makes it easy to predict customer behavior based on the data available on the platform, it also makes it easy for the customer to analyze all available options based on the data of current users of a particular service.
- Business Agility
With deep customer insights it is helpful for the organizations to focus on the prime sector where customer engagement is more compared to others, it, in the end, increases organization profit and better customer experience.
- Digital Transformation
integrated platforms have made it easier to access digital transformation and AI for a better customer experience. This transformation also consists of online claim portals and implementation of other techs such as IoT and AI-based automation for processing of claims and other functions which in turn reduces the time required.
- Reduced Risk and Fraud Activities
The AI tech with its automation has enabled the insurance industry to reduce the risks and fraud activities such as false identity claims. This provides a secure and safe insurance claim experience for the customer and protects the vendor in case of any legal issues. When a claim is filed, a thorough check is performed and once the identity is verified then only the claim is provided.
All these benefits combined make the P&C insurance platform an inevitable platform to be adapted in the insurance industry by all the vendors. It has made it easy at both ends to manage things and have a better experience throughout the journey of the insurance. The P&C is such a sector that has always been in demand, with the digital transformation it has been more in demand than earlier.
In the upcoming blog of the series, we will be discussing some other factors in the P&C industry.