Many challenges and much uncertainty face insurance companies today. Pressure comes from better-informed and more demanding customers, complex regulations, and economic, geopolitical and ecological considerations. In addition, insurance companies must respond to new competition from banks and other non-traditional sources and must deliver products and services across multiple channels.
To survive and thrive, insurers must seek new operating models and strategies that enable innovation and increase profitability.
Insurance of the Future
Agent and Producer Portals
Agents and Producers must quickly create quotes under multiple coverage scenarios and communicate and collaborate with customers, underwriters, claims processors and others to provide timely and accurate responses, requiring access to the latest product information.
Multi-Channel Sales Delivery
Customers want sales information in a variety of new channels such as mobile devices, web sites and kiosks. Insurance providers must develop a multi channel strategy that will allow for the delivery of consistent product information regardless of the channel.
Insurance Self Service
Customers now expect to initiate and, in some cases manage, entire activities themselves. Providing customers with self-service capabilities to initiate common activities is increasingly becoming key to customer acquisition, as well as ongoing customer satisfaction.
Standards-Based Process Improvement (ACORD)
The Insurance industry has adopted ACORD's standardized forms, resulting in streamlined workflows that reduce redundant processing and improve efficiency. ACORD forms meet compliance requirements in all states and jurisdictions where they are used, and are filed with regulators on behalf of ACORD members. IBM and ACORD are working together to eliminate paper through these open standards.
For more information on ACORD eForms from IBM that are powered by IBM Lotus Forms click here (link resides outside of ibm.com).
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Prudential
"There was ample scope for us to be more proactive in the way we serviced our clients. Plus, growing profit in a mature business such as insurance requires reducing costs." David Kennington, VP of IS, Prudential
ACORD
"This demonstrates IBM's commitment to industry standards and the community in which it operates. It will create a value proposition for the industry that will enable and support industry transformation for growth and survival as well as promote innovative business solutions in a manner that is technology neutral, but more importantly, will stand the test of time as the 'transport' technology changes."
Gregory A. Maciag,
President and CEO, ACORD