in India has undergone transformational changes over the past two and a half decades. The customer experience has improved with a huge bar through the onset of digital and online management tools. Companies that have dealt with insurance solutions have started to look for technology-smart insurance products and services. The digital transformation is reaching out to the insurance industry as well and is becoming a must for those insurers and brokers who
want to stay in the business at all. Over the last decade, the behavior and expectations of the customers have changed drastically,
and the companies currently operating in the industry need to find innovative channels for attracting and retaining customers.
- Built-in insurance metrics
- Time rollback
- Time bases
- Dynamic earned and unearned calculations
- Insurance exposures / sums insured views
- Complex and changing organization structure
- Product – line crossover reporting.
Insurers are in cross-road to deal with key challenges like new entrants disrupting the business model pressurizing to adopt newer technologies, complex IT landscape impeding the release of new products to market. Lesser productivity due to redundant processes, increasing operational costs, fraudulent practices and regulatory changes are the other major hurdles for these organizations.