Insurtech is a subset of Fintech, referring to the technology that is bringing positive change to the Insurance sector.

‘Fintech’ – short for financial technology – is a term that refers to the technology used in the financial industry to digitise and disrupt traditional methods. Retail banking was a sector within the financial industry that was one of the first to wrap its arms around digital change – and quickly reaped the benefits.

The Insurance sector has been slower to react to the change, with risk and compliance being a forethought of Insurance leaders. However, due to advances in technology such as data, automation and AI being able to streamline parts of the claim process and enhance the customer experience, Insurers are now seeing the benefit of investing in digital transformation. These tools are referred to as insurance technology, or ‘Insurtech’ for short.

Telefónica Tech is proud to work with leading Insurers on projects using the latest Insurtech solutions, shaping positive change in their organisations.

Deliver personalised policyholder experience

Being able to understand and delight policyholders is an imperative aspect of an Insurer’s strategy. Utilising the latest Insurtech can enable insurers to accelerate growth and loyalty.

Dynamics 365 Sales and Marketing both complement one another in being able to offer a rich customer experience. Dynamics 365 Sales allows salespeople to build meaningful relationships with customers while taking action through insights. On the other hand, Dynamics 365 Marketing gives scope to build personalised marketing campaigns to elevate the customer experience.

Mapping a customer journey enables organisations to gain valuable insights through each customer touchpoint, aiding decision making which can improve the overall customer journey process. This is made easy through customer journey mapping – a feature of Dynamics 365.

Gaining insights into customers is now essential for organisations to better understand their audiences and in turn improve customer experience. Combining Dynamics with internal and external data sources, including social media, can help to enrich your understanding of the customer.

Modernise core Insurance systems

Insurers are also innovating their core Insurance systems by embracing Insurtech solutions.

Power Automate, powered by the Power Platform, allows you to create automation workflows that speed up processes within organisations. For Insurers, this means having the ability to streamline the efficiency of underwriting and claims processes. Being able to streamline these processes not only saves the organisation time, but providing a quicker process for a customer means a happier customer.

Power BI has several business analytics tools used to analyse data and share insights. More importantly, it ensures that everyone within an organisation can make confident decisions using up-to-the-minute analytics.

Empowering employees

Advances in technology are also empowering employees to do more, which is invaluable to organisations.

Low-code/no-code solutions through Power Platform are allowing employees to enhance their skillset while enforcing positive business change.

Power Virtual Agents gives users the ability to make powerful chatbots in just a few steps. These self-serving chatbots use Azure machine learning to learn and adapt so that they can give more accurate answers. In the case of Insurers, it means that customers can receive information relating to their policies efficiently, so while the customer experience is improved, Power Virtual Agents chatbots also give employees time back to focus on more valuable tasks.

Many new Insurance customers come from a younger generation who are used to living in the digital age and expect to be able to self-serve when it comes to making a claim, as opposed to traditional ways of filing a claim over the phone.

Mobile applications are a popular solution and Power Apps allows employees with no developer experience to create these. The applications not only help to make a greater customer experience but also benefit the organisation by having all information related to a claim in one place.

It is a truly exciting time for Insurers with advances in Insurtech, and as time goes on, the power of the technology will only grow. Telefónica Tech is proud to work with leading insurers on their digital transformation journey, playing our part in the Insurtech revolution.

For more information on the latest technology that is sweeping the Insurance sector,  visit our Insurance Hub. Alternatively, if you have any questions about how we can assist your organisation on its digital transformation journey, then please get in touch.