Must know business strategies besides increasing the price of premiums to ensure profitability along with good customer retention during economically difficult times. The insurance industry has been facing a number of challenges in recent years, including rising claims costs, increased competition, recession-like situations, and a changing regulatory landscape. As a result, insurance companies are under pressure to find ways to…
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Revolutionizing the Insurance Industry through Intelligent Insurance Process Automation and Outsourced Backoffice Solutions In today’s rapidly evolving business landscape, the insurance industry faces numerous challenges in staying competitive, efficient, and profitable. To overcome these hurdles, forward-thinking insurance companies are turning to complete insurance business process automation as a catalyst for transformation. In McKinsey’s report, “Digital Disruption in Insurance: Cutting Through…
In the rapidly evolving insurance industry, companies face numerous challenges ranging from increasing customer expectations to rising costs and market competition. As insurers strive to stay ahead, they are seeking innovative solutions to streamline operations, improve efficiency, and enhance customer experience. In this data-packed blog, we will explore the promise of claims processing outsourcing and how outsourcing insurance backoffice…
Potential Pitfalls Insurers Forget When Building an Automated Collaborative Enterprise Architecture.
Potential Pitfalls Insurers Forget When Building an Automated Collaborative Enterprise Architecture.
Research indicates that by 2028, the role of AI in the insurance industry is expected to hit the USD 6.92 billion mark, growing at an ambitious CAGR of 24.08%. A critical contributor to this digital growth is the insurance industry’s focus on building an Automated Collaborative Enterprise Architecture (ACEA). A digital enterprise that leverages technologies such as artificial intelligence, big…
A recent article by Mckisey debated over whether North American life insurers should prioritize share buybacks. The report highlights that share buybacks have been a common practice among insurers as a way to return excess capital to shareholders and increase the value of their shares. However, it argues that insurers should also consider the potential impact of share buybacks on…