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Dec 2021

Insurers should leverage technology and ERP to meet client expectations

Source: Middle East Insurance Review | Oct 2021

Syed AijazuddinInsurers need to go digital to compete successfully. Utilising technology, data analytics and an effective ERP workflow can provide an opportunity for insurers to increase earnings, says Acess Meditech’s Mr Syed Aijazuddin.
 
 
Insurers face increasing competition as companies leverage technology to meet consumers’ preferences for digital experiences. To maintain an edge, insurance leaders must reinvent their companies to become digital from quotation to renewal. Digital insurance platforms enable this by enhancing speed-to-market, elevating customer experience and modernising IT. Businesses that move quickly and aggressively are more likely to succeed than those that do not employ cutting-edge technology to move forward and grow digitally.
 
As an InsurTech, we combine digital core analytics and AI to deliver a platform either as an ‘in-premises’ or as a cloud service offering digital insurance solution platform for the different business lines.
 
We offer advanced integrated health and general insurance management systems – TOSHFA and LIMRA (live insurance and management risk application) that eradicate fraud and exploitation of insurance data. TOSHFA is an integrated software used to process transactions and to deliver an optimised workflow and better user experience. LIMRA, which is web-based and API-driven, leverages technology to help insurers keep pace with the changing marketplace across lines of business.
 
Data analytics and ERP to boost revenue
All industries are being disrupted by digital technology, which is fast dividing winners. Insurers’ top strategic and tactical imperatives are intrinsically connected and mutually reinforcing.
 
We have developed a comprehensive digital insurance strategy capable of mitigating insurers’ core value proposition, go-to-market and distribution approach, workforce strategies and data and technology environments all consolidated as one unified and symbiotic entity to increase their ROI. We provide an inbuilt software management practice that outperforms its counterparts in terms of digital strategy, skills, culture and organisation.
 
Our solutions encompass various business and consumer needs via online portals.
 
Utilising an enterprise resource planning (ERP) workflow solution provides an opportunity for insurers to increase earnings in their core business. Enhanced service and shorter processing time achieved by using our digitalised software results in higher customer satisfaction. This increases profit through higher customer retention. When insurers use our software in their existing database, they may save considerable money across the value chain, improving the customer lifetime value. The automation services we provide may save the cost by up to 30%.
 
There is an increase in revenue opportunities for insurers. We provide insurers with digital technology, data analysis and an opportunity to learn about their customer. Besides providing better customer service, insurers can price and underwrite more precisely, introduce new products quickly and detect fraudulent claims more effectively.
 
Retain customers through AI
Insurers will require mitigation to manage the pandemic’s impact well beyond 2021. This includes processing business operations on robust digital platforms and developing more collaborative ways of working.
 
Our AI initiatives such as data mining processes and high-level data analytics programming provide insights to insurers by predicting accurately the future health trajectories of its customers and the associated utilisation of healthcare resources.
 
Mobile chatbots play an important role across the insurance value chain, which includes pre-purchase, purchase and customer service.  There is an ease in the complexity of insurance transactions, traditionally characterised by manual form-filling, elaborate questionnaires, time-consuming, background checks, staff shortages and cumbersome customer service.
 
By embracing the possibilities AI offers for innovation, insurance companies can increase customer retention and win new customers. M 
 
Mr Syed Aijazuddin is founder and CEO of Acess Meditech.
 
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