5 Top Technology Trends for the UK Insurance Industry for 2012
PPI claims firms usually regard of technology as an enabler, a tool in which can help them address the obstacles and opportunities that lay ahead their venture. In earlier times, however, as both the business and IT agendas became almost interchangeable, technology has transformed into a driving force for insurance agencies communicating with clients who are continuously demanding and ever-increasing in impatience. This client’s own fondness with technology has resulted in the emergence of an entirely new anticipation and demand from insurance agencies. In fact, as of today, clients in the UK insurance market are expecting and demanding the ability to manage business transactions when, where and how they desire it With this increasing demand, 2012 has created different technology trends for the UK insurance industry. Here are the top 5 technology trends you should know about.
First, data as a platform, allocated wherever it is required. Insurance is an industry already flooded by information, yet the levels of data are anticipated to develop in exponential amounts, from a continuously escalating range of sources. Insurance firms will have to learn and master the large volumes of information that they have, both from external and internal sources, to be able to enhance all their operations, customer support services and generate products around the client and comply with developing regulatory requirements including Solvency II.
Second, analytics at the core of accomplishing improved client insight and more efficient enterprise processes. The insights that speculative researchers and experts can produce are especially vital to answer altering client behavior, yet remain more dynamic when they are incorporated into business processes. Researchers and experts can enhance advertising and allocation activities through assisting in determining the correct products for the right clients at the right time.
Third, cloud computing producing greater values up the business via applications and utilities Cloud computing systems has yet to make similar effects in the insurance industry as it already has in several other markets. This is large due to the fact that a lot of insurance firms are placed accountable with legacy networks that cannot be easily hauled into the Cloud system.
Fourth, service-centered rather than server-centered framework to produce versatile highly-responsive and speedy business structures and features Adamant and expensive legacy systems shape a primary barrier that bypasses insurance agencies from moving to more dexterous and responsive networks and business operations.
Fifth, social media and digital advertising to develop company brand awareness and online presence. The potential enterprise value for insurance agencies in such social media outlets as blog sites and social networking sites are developing for sales, brand growth and staffing. While having good exposure and visibility in major social networking sites are becoming increasingly crucial, latest, improved and interactive websites still prove to be the key to any online source.