REWRITING THE RULES OF CUSTOMER ENGAGEMENT: INSURANCE INDUSTRY

The insurance industry was humming well, using and reusing their robust models and techniques to price, assess risk, manage claims. Technology disruptions, digitization's, analytics and new consumption pattern has undergone a change. The industry realized that the customer expectations and their consumption behavior has changed. Now the driving factors for growth are mining data from IOT sensors for decision making, going digital and connecting data sources and leveraging them. A mix of analytics, machine learning and data, new business models, modern customer service channels are raising the customer experience bar and business models for insurance industry. In Insurance sector also customers want to speed up the services. For insurance companies, there is a great wealth waiting to be exploited across a diverse range of structured and unstructured data. There is lot of innovations being introduced in the insurance industry and scope to rewrite the rules of customer engagement, to improve their services and profitability. In platform economy if insurance companies want a space than they need to embrace new ecosystems and be prepared for strategic alliances. Now a days API and micro services are evolving very rapidly and can provide impetus to insurance companies. Leveraging the API economy to integrate feature, functionality, and data points which were earlier black box, opens up a new frontier of cross-industry collaborations and has a potential to add to the value chain.