Imagining technology possibilities: Insurance
Insurance is on the verge of a seismic, tech-driven shift. Unprecedented increases in electronic data, the ubiquity of mobile and the growing power of artificial intelligence are all accelerating the rate of change.
Customer expectations are also making an impact. Reliant on digital tech, customers demand simplicity, speed and convenience. Traditional boundaries across insurance and other industries are falling away.
In the face of great disruption, three areas of focus standout for insurance firms looking to remain competitive:
Rise of the Millennials
Those in the insurance biz would do well to focus on technological innovation on Millennials and Generation Y. Their spending power is set to overtake Baby Boomers this year and, by 2025, they’ll represent 75% of the workforce. Already, when it comes to purchasing insurance, more than 50% of Millennials research and compare products online.
Millennials are unique in other ways. They use feedback from friends to help them make choices and value face-to-face communications. They’re savvy, educated and, alongside their own needs, care about important social issues facing their generation.
Build a seamless multi-channel, mobile-led education, quoting and claims process and you unlock this largely underpenetrated, potentially lucrative market.
New opportunities in the Cloud
When it comes to digital transformation, cost savings and pay-as-you-consume contracts are now pretty much BAU for insurers. To remain competitive, you’d want to be exploring, growing and scaling capabilities in the new generation of cloud-powered technologies. How’s your multiyear cloud strategy looking? Outside just cloud migration, start taking advantage of new scalable cloud applications. Being first to access better business-driving analytics depends on it.
Data overload. It’s already creating challenges for insurance companies, especially those with siloed legacy systems. New cloud capabilities enabling instant access to all your data in a central repository, and empower you to innovate in new technologies. Think predictive analytics. Artificial intelligence. And connected devices such as heart rate monitors or GPS sensors to assist with accident claims. Liberate your data!
Many insurance businesses are stuck in technological ‘detect and repair’ mode. Focus on the above, though, and you shift adeptly to ‘predict and prevent’. Advanced technologies enhance decision-making on all fronts, from productivity and costs to customer experiences and innovation. Be among the brokers, consumers, financial intermediaries, insurers and suppliers leading the new accelerated pace of change.
6 vital business-transforming digital skills
Customer-centric product design
Australians. Mobile. Insurance. They’re made for each other! We help you apply advanced human-centred, service design to improve the experience of customers searching and transacting with you, coupled with leading cloud architecture to ensure scalability from Day 1.
Cloud and DevOps
Inherited tech that’s not up to the task? Got a niggling feeling your digital ‘solutions’ are problems? Arq Group Cloud and DevOps specialists immerse themselves in your world to discern the drivers of your operational success, then work with your teams to transform the quality, pace and ROI of your IT solutions.
Scalable machine intelligence
Machine learning and artificial intelligence validate customer journeys at speed. Scale up the learnings and you get more value, faster. As a premium partner of all top cloud providers, Arq Group can securely deliver multiple prototypes at speed. Build. Test. Iterate. Validate. Go live. Customers love your innovations sooner.
Data. It’s complex. It’s mammoth. It’s growing. Arq Group give you the power to harness your data, ready for whatever challenges your future holds. Whether its selecting a new cloud data platform, data cleansing or creating models to exploit customer insights or mobilise fraud protection, our veteran team put years of specialist data and analytics expertise at your disposal.
How can Arq Group offer you experience and knowledge in tech that’s brand new? The answer is a possibility. Conceiving of what is possible lies at the very heart of our business and is the creative drive behind every customer-reaching decision we make - from designing conversations to innovating interfaces. Our projects are so forward-thinking, cloud providers vie to partner with us and leverage our success. From augmented reality or virtual reality, chatbots or voice-powered virtual assistants, new is what we do.
They say no two clouds are the same and it’s true. Fortunately, our expertise encompasses private, public and hybrid cloud models. We build cloud-based platforms and systems supporting millions of users, endowing large organisations with startup-esque agility. For smaller organisations, we apply the same heavyweight attention to detail and security.
Customer experience is core
We’ve been partnering with one of Australia’s largest Insurance groups for 5 years now, guiding and supporting them as a go through a major data transformation journey. Keeping the customer experience at the core of everything we do, we’ve delivered a series of projects across data warehousing, business intelligence and reporting and visualisation. We’ve helped enable their business to be agile in how they collect and leverage data to make more informed business decisions, faster.
- Michael Kingston
See how our innovators solved super-complex problems to deliver business-powering outcomes for our clients and their customers.
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