Safely and securely engaging all primary stakeholders in the insurance value chain via a common ecosystem is critical to driving 4 main goals :
Transparency, Efficiency, Compliance and Competitiveness.
Tailored products which take into account customer preferences
Single digital app for faster, simpler access and single point of contact
More competitive pricing and rewards based on personal choices and (validated) data provided
More efficient, transparent processing of applications, claims and other transactions
Increased automation of back office including underwriting and risk assessment leading to faster/more efficient processing and reduced costs
Re-purposed core staff to value add rather than routine tasks
Improved fraud prevention and detection to lower costs and increase regulatory compliance
Reduced dependency on manual interfaces (e.g. paper, phone, email etc.) to speed up end to end processing
Increased reliability of customer profile data
Improved customer retention
Provision/receipt of information (e.g. proof of delivery, estimates, invoices etc.) directly to/from the ecosystem
Reduced adminstrative overhead.
Preferred status from ecosystem participation by insurers
Faster payments from insurers to improve collections related cash flow.