qualycloud’s smart insurance
The insurance industry is not alone in having to address the demands of growing customer expectations and ever-changing technology.
At the most basic level, insurers have always been reliant on data — nowadays, big data — to help ascertain risk in order to calculate premiums and essentially stay in business.
Customers too have been quick to adapt to technology by surfing the Internet to find competitive deals being offered by a much broader range of insurers. These sellers can be anything from insurance companies or authorised agents to ‘virtual’ insurers that find the best current deals on offer using sophisticated technology, and then repackage or bundle those services for online customers.
Today, banks, communications service providers, supermarkets and retailers (to name a few) are offering insurance to their customers, so it can be a very challenging area for not only those offering the services but also for their customers. They have to be able to understand and compare packages that are often inconsistent across insurers.
Matters become even more complicated when customers are offered discounts if they are willing to have their driving behaviour, for example, monitored by the insurer to help determine the level of risk they personally represent. Some insurers are offering apps for phones, others devices that are installed in vehicles. As we see more and more connected cars coming online, these tools and applications will become the primary source of driver information as well as being used to determine liability if an accident occurs.
It’s no wonder the insurance industry is looking at better ways to operate with all these demands to contend with.
At qualycloud we develop a fully customer-oriented digital ecosystem, centered on a platform that connects every stakeholder in the insurance business – insurance companies, brokers and their customers — in order to digitise, secure and automate all transactions.
The ecosystem covers the complete ‘business to business’ (B2B) and ‘business to business to consumer’ (B2B2C) process management, from the stakeholder to the customer, including customer onboarding; contract management; claims handling and extending as far as confidential medical records.