digital solutions for life insurance companies by rapidvalue solutions
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© RapidValue Solutions
Insurance Unified Digital Xperience
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Are you digital ready as the bots are to take on the insurance jobs?
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Cyber actuary
Works out the personal risk and loss associated with the hack of an insured’s digital profile
Telemedicine nurse
A nurse located anywhere in the world that administers medical checks via video conference
Solution architect
Figures how to integrate data from connected devices and platforms into automated claims and approvals
Drone pilot
Pilots multiple drones to take photos of claims for assessment
Digital forensic investigator
Social media trawlers who check digital alibis to confirm insurance claims & bonafide
Timeline to disruption
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Top 3 priorities for Life & Annuity insurance business
Transforming for growth Addressing longevity risks Achieving information fluency
Revenue growth continues to underperform, in large part due to the industry’s lack of success in attracting new clients. Adding to it, drop in customer experience underscored rising customer expectations dragging down the customer experience levels.
Given the aging US population, improved health care, and lengthening lifespans, fewer and fewer people are covered by defined benefit retirement plans. A Deloitte survey said about 50% have not saved enough to cover them through retirement.
Many insurers are not positioned to fully leverage the vast amount of data they already have, let alone the new sources of information and real-time analysis at their disposal.
Explore direct-to-consumer options, particularly to target gen Y (>50% internet users), lower-income, and other underserved segments. Improve customer experience to meet customer standards
Enhanced creativity, risk management, and consumer communications are the key capabilities in serving this expanding market.
A new data management infrastructure and governance architecture should break free of outdated, siloed systems, while turning data into both a strategic asset and a competitive advantage.
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Key functionalities of customer lifecycle that must be digitally transformed
Research & Quote Generation
Policy Purchase Policy Administration Claims Servicing
Static/dynamic organization info
Product details & comparison
Capturing information in real-time
Information based quote generation
Quotes to policy conversion
Document management
Payment & policy issuance
Access to policy details
Modify policies & contact details
Reminders & confirmations
Premium payment & management
Claims report
Claims processing on mobile/online
Real-time claim status notifications
Quick inspections and reports
Proactive query & compliant resolution
Modern UI and simplified UX
Distribution integration and Omni-channel touchpoints
Automated customer management and back-end processes
Customer interaction Customer interaction
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Online assistance
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RapidValue’s Unified Digital Xperience (UDX) enhances customer experience and operational excellence
Price competitively
Constant messaging
Engage regularly
Deliver efficiently
Measure appropriately
↑ Customer experience
↑ Operational Excellence
Transform effectively
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Concepts & Ideas
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Increase conversions…
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…and conversations
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About RapidValue
RapidValue is a leading provider of end-to-end mobility, omni-channel and cloud solutions to
enterprises worldwide. Armed with a large team of experts in consulting, UX design, application
engineering, testing, along with experience delivering global projects, we offer a range of services
across various industry verticals. RapidValue delivers its services to the world’s top brands and
Fortune 1000 companies, and has offices in the United States and India.
www.rapidvaluesolutions.com www.rapidvaluesolutions.com/blog
+1 877-643-1850 [email protected]
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