Insurance companies are undergoing a transformation process due to the growing regulatory changes, an increasingly digital customer and the introduction of new players and insurtechs ("insurance technologies").
We are facing a new environment where large areas of improvement and opportunities appear thanks to technology and knowledge.
The sense of the so-called digital transformation has changed. It's no longer just about digitalizing the company; real change is in introducing technology into business processes and taking advantage of it, setting new goals on the road to differentiation, seeking maximum operational efficiency and achieving a tailored range of products and services to offer.
This new game rules present insurance companies with new opportunities, such as offering their customers personalized and behavior-based insurance. This is possible thanks to the introduction of advanced technology that allows the identification of high behavioral risk profiles as well as the early detection of accidents. The introduction of analytical techniques and massive data processing or the integration of IoT elements in everyday aspects, play a fundamental role in the path of differentiation based on new business models.
Another aspect derived from the Digital Transformation for the insurance industry, is the change in fraud detection models; with more efficient, immediate and based on real data actions.
It is also important to prevent the leakage of customers, for which also comes into play the development of new digital and innovative products and services based on omnicanality, which improve the experience and customer satisfaction in a context in which differentiating from the competition and customer loyalty are so important.
This new digital ecosystem modifies the traditional insurance industry and becomes an appropriate context for companies to evolve. A new game board has been created. But it's of no use getting into the game without good preparation.
At Dominion, we help companies in the insurance industry to get ready technologically for change and to make it as efficient, profitable and transparent as possible, building a technological ecosystem that overcomes software obsolescence, the abundance of manual operations and the lack of integration between heterogeneous systems.