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Digital transformation in insurance

In order to remain competitive, leading insurers need to go beyond digitising processes to actually digitally transforming insurance.

As insurance has become more competitive, insurance companies have adopted new ways to “engage” with customers, embracing technologies that facilitate provision of additional information, smoother customer acquisition and the enablement of self-service to empower policyholders to modify information.

Digital Transformation in Insurance, a whitepaper from Hitachi, explores how insurers can improve customer service, as well as to reduce risk, lower costs and establish a competitive advantage.

The report explores Five strategic Imperatives:

  1. Customer 360 – Insurers need a holistic view of the customer to become priority
  2. From Products to Experiences – The digital environment has revealed that personalised experiences drive customer-loyalty
  3. Omnichannel and Multichannel Integration – Today’s sophisticated consumers are accustomed to consistent experiences
  4. From Consumer-Aware to Context-Aware – Reducing the cost-to-serve using context-specific intelligence is a key priority for insurers
  5. Security and Fraud Detection – To combat rising security threats, insurers are increasing their technology budgets aimed at innovation, encryption and security

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