Why the insurance sector should go digital?

Table of Contents

Why should the insurance sector go digital – it’s more than just cost-cutting

The insurance industry is one of the last to undergo a large-scale digital transformation as its companies have been largely insulated against potential disruption. This is due to government regulation, the complexity of the services offered, large capital requirements for being a major member of the industry, complex business networks, and a wide array of policies that need to be reviewed during every procedure. Together, these elements have long prevented upstart companies from entering the industry and from the fast adoption of new technology suddenly changing the way business is commonly done.

The biggest cause of digital transformation in the industry is that insurance is based on customer self-service, which is supported by highly trained employees. Today, modern customers expect digital services that match the precedent set by companies like Amazon. As such, it is important for the modern insurance provider to give audiences a wide array of effective tools built for many different life circumstances, but also a customer experience that flows along easily and helps empower individuals to care for their unique needs.

To succeed, insurers must structure their approach to digital strategy, customer experience, internal organization, and technology. However, this is way easier said than done. So, where are we in reality? By conducting this international survey, Liferay aims to highlight the challenges companies are facing and the progress companies have made. Both in terms of digital experiences (DX) and customer experience (CX).

Will see How Liferay plays a vital role in the industry

Liferay allowed us to design a modern, mobile-responsive portal for our policyholders, agents, and administrator. Liferay helps us to manage policy buying and quote journey and manage content in CMS. With a DXP digital experience platform, we can draw insights from customer interactions on mobile, websites, call centers, customer portals in a single customer view. Provide a seamless and secure way to manage policy data, renew policies, and buy policies for your loved one in a single portal.

Here is the case study that we did for one of our esteem clients in the Insurance domain.

Challenges:

The old system did not meet the expectation of the user.
The user experience was outdated.
The long journey of getting quotes and slow response.
Policyholder data did not transparent for the user.

Results:

Improve the quote process under 5 minutes.
Simplify customer UI experience which is a target to web and mobile users to make SPA and responsive site.
Increase user engagement to get a quote.
Make it easy to use to view policy data and manage the account and multiple policies.

Business Needs:

Provide an end to end development, production and maintenance support, and environment setup.
Develop rich UI experience to meet customer expectations.
Migrate old system oracle data to a new system without fail of user information.
Migrate and manage more than 2000 content from the old system to the new system.
Improve User policy quote and buying journey.
Third-party vendor integration to the new system.
Manage User transaction data and profile data in a single platform.

Business Solution:

We provide UAT and production environment setup with load balance and cluster.
Provide world-class UI experience with the help of Bootstrap 4 and rich Liferay tool to meet mobile and web user need. We build a SPA and responsive web site to roll out modern design.
Provided a solution to migrate old system content to a new application to the most effective way with the help of Liferay’s well-defined content management system.
Quarterly update of Liferay’s hotfix and security fix patches.
Reduce manual activities by automating the business use cases using workflows.
Manage and collaborate all types of users in a single authentication point and integrate LDAP user to access system as well agent and system admin.
Provide Lead to the vendor and business executive to call back to the user and get user engagement.
Continuous Integration and deployment process
24*7 support with onsite-offshore modules.
High Application Stability

Technology Stack:

Liferay DXP
Apache for clustring
MySQL
Restful web services
JQuery and AUI script
Bootstrap 4 CSS
HTML 5
LDAP integration
Java 8