How 3 Insurance Companies Benefit from Digitization

How 3 Insurance Companies Benefit from Digitization

Ulrika Mann

Ulrika Mann,

Insurance companies face tremendous pressure to reduce costs and invest more on strategic initiatives to increase revenue. Digitization is key for remaining on the frontline – learn how others have met the challenges through disruptive technologies.

Case 1. Global insurer uses detailed analytics to boost customer renewal rates
major global insurer wanted to improve customer retention by creating targeted messaging and retention programs for at risk customers. Through a detailed analytics program, the company achieved several benefits: increased premium revenue by 8% within one month, recovery of 4.5% of the customers the insurer had lost in the previous year, and ROI of more than 180% within the first year.

 

Case 2. 5-star app store ratings as insurer energizes its digital transformation
leading U.S.-based insurance carrier struggled with poor customer feedback and low online adoption of its web and mobile apps, leading to a negative Net Promoter Score (NPS). A customer survey framework, that incorporated sophisticated analytics and a 360-degree feedback loop, resulted in a new intuitive user interface for the company’s Web-based customer self-service application. As a result, NPS increased by 65 points, and mobile app adoption increased by 138%.

 

Case 3. Insurer’s claims and disaster management improves efficiency by 30%
major property and casualty insurance company struggled with operational challenges due to a lengthy claims adjustment and settlement process, caused by the company’s outdated, inefficient and largely manual processes. A cloud-based fully automated end-to-end process, using GIS, satellite imagery and optimization, has improved efficiency of claims processing and settlement by 30% and lowered operational costs by at least $300,000 annually.