Written by Harini Krish
Digital Marketing Lead Content Writer at Royal Cyber
The Insurance industry is known for its risks and low return on investment. In recent years the industry has a 10x increase in Insurance technology investment. Is the industry about to transform through its own digital methods? In this blog we will see how API’s can help the Insurance Industry on their road to Digital Transformation.
Digital insurance platforms allow insurance companies to connect with their ecosystem on a single, unified platform. The insurance industry is operating in a phase of deep-seated disruption. Traditional insurers need to rethink their business and operating models. With the broadening of product offerings and being price competitive, customer expectations change faster frequently.
This disruption creates increased pressure on IT to deliver fundamental business value. There has never been so much emphasis on IT’s ability to drive digital transformation that aids new services and offerings, new customer touchpoints, and better customer experiences, driving more operational efficiencies with the traditional business systems. With all these growing demands and delivery capacity remaining fixed, it isn't easy to know where to start.
It might sound easy to roll up your sleeves and get started with the projects. But many insurers create new use case documentation, proofs of concepts, integrations and services requirements, and a batch of other documentation often to solve specific issues. When the next project hits, both business and IT teams are doing these things all over again, which is not sustainable for IT departments. The real trial is about establishing a scalable way to remove this challenge. This needs an entirely new way of thinking and operating.
MuleSoft helps organizations across the world to help transform their business for the better. Royal Cyber has worked with insurance companies, helping them install a new IT operating model that lets central IT functions to focus on fashioning reusable assets. Doing so increases; IT’s delivery capacity, making the business faster, more agile, and ready for a transformation.
There are various approaches IT teams try to deal with the strains placed upon them. Some opt to replace the process or thorough transformation of existing systems, whereas some continue to improve. Regardless of the shift's, our methodology is intended to minimize risk and maximize value.
Our methodology is centered on a simple three-phased approach that utilizes the power of Application Programming Interfaces (APIs). APIs are a powerful integration method that enables seamless data flow within different applications, data, and devices across enterprises. By using APIs, we can unlock access to critical customer data, create connected customer experiences, and help insurance companies establish a data-driven approach to assist providers in thriving in the age of disruption.
Often referred to as legacy modernization. Legacy systems hold silos of data that are hard to utilize to the organization’s advantage, mainly due to the lack of visibility in your data and logic due to complex point-to-point connectivity. As your systems portfolio grows, customer data becomes increasingly complex. This step is about unlocking data using APIs to build a foundation for data flow across your enterprise.
Now with the unlocked data, it needs to be harnessed to deliver greater visibility to customers. Creating a single customer view and using this to drive strategic decision-making is the key to creating an enhanced customer experience. By orchestrating data for a single view for the customer, customer service can be improved, ensuring that the user experience is consistent across all platforms. This includes keeping the customer informed across devices like mobile and desktop.
Once the customers are delighted with the current service, you can grow your offering. With tools like AI and predictive analytics, you can upsell and cross-sell more efficiently. You can offer unmatched levels of service and revolutionize the business processes.
Royal Cyber helping you transform your business is essential to survival in today’s insurance industry. If you would like to try the solution for your industry Royal Cyber has built many re-usable assets with MuleSoft API assets, you can email us at [email protected] or visit www.royalcyber.com.