The evolution of next-generation technologies and innovations, and their consumption pattern among the current generation, has witnessed a major shift in the handling of insurance needs. Customers are not only seeking simpler and more effective products, but also expecting an end-to-end digital experience from product purchase to administration. Post-COVID-19, as the world starts recovering from […]
Today’s customer expectations drive insurers to introduce innovations in product development and roll out products in a faster time-to-market to stay ahead of the competition. Insurers are moving from the ‘Product centricity’ to ‘Customer centricity’ product model where the features are defined based on ever-changing customer needs and market trends. Are the insurer’s systems fully […]
Peer-to-Peer: The concept In the current world of digitalization, the way we transact has exhibited a paradigm shift that saves our time and effort. Cash-less, card-less, and peer-to-peer payments (P2P) are here to only grow in the coming future. A P2P platform directly connects individuals while completing a financial transaction without the intervention of any […]
The simplification of the loan origination process needs some technical changes, which are to be looked around in the recent era. First, let’s investigate what a simplified loan origination process looks like: What do we want a simplified commercial loan origination process to look like? A simplified commercial loan origination process must contain four high-level […]
Time-to-market (TTM) is one of the critical business KPIs for any organization, regardless of the industry or domain. Insurers look to accelerate product development through agility in the product development lifecycle, which also includes effective test coverage. Insurers devise Test Data Management strategies (TDM) that help them effectively manage test data management at an enterprise […]
Buy Now Pay Later (BNPL) is a major disruption in alternative financing and e-commerce payments. It has rapidly become popular during the pandemic, which acted as a catalyst for this trend. BNPL has emerged as a digital lifestyle solution with rising merchant adoption. The latest report revealed a 10% CAGR growth in ecommerce in Western […]
While empowering the hybrid workforce remains the top priority of all organizations post-pandemic, digital initiatives have further accelerated, and so has cloud adoption. The buying trends indicate some very interesting traits for Azure Trends in 2023. Organizations at high cloud maturity curves are looking to improve efficiencies by further outsourcing capabilities like DR, scalability, resiliency, […]
With 2023, organizations are asking for more cloud computing adoption from companies, as they continue to leverage cloud technologies to drive productivity, resilience, and efficiencies. Gartner, Inc. forecasts that in 2023, worldwide public cloud spending will grow 20.7% to a total of USD 591.8 billion, up from USD 490.3 billion in 2022. The popular ‘’as-a-service” […]
In this age of a globalized economy and business beyond national borders, an organization often comes across challenges on being coordinated with their counterparts on aspects like regulations, byelaws, and accounting standards. This is primarily because each nation would have their own way of handling events and transactions in their books. The insurance/reinsurance industry is […]
Industry 4.0: At the Forefront of Innovation Industry 4.0 is driven by the global trend of leveraging digital technologies for improved automation, optimization, efficiency, responsiveness, and asset productivity. Manufacturers are now hopping onto this digital transformation bandwagon with a vision to create smart factories backed by fully integrated digital threads. A key aspect of Industry […]
Digital transformation for P&C insurers is more important than ever before because the risks of falling behind are far greater now. Every new wave of technology presents new possibilities of competitiveness. Now is not the time to slow down; it is the perfect time for digital acceleration. Insurance as we know is a resilient industry […]
Present-day insurance testing Today, insurance companies operate with multiple software/products across the business value chain encompassing new business, policy admin, underwriting, rating, claims, billing, document management, etc. In the current digital world, to reduce costs and meet different customer needs, they add applications to their landscape to cater to additional functionalities that are not supported […]
