The global insurance industry has faced tumultuous times in recent years, with positive customer experiences having decreased significantly in 2014. Several disruptors are affecting the insurance landscape, such as:
- Rapid technological advancements and the deployment of the Internet of Things (IoT)
- Increased focus on Straight-through processing (STP)
- Use of wearables in the Insurance industry
- Usage-based insurance
- Newer payment modes like Apple Pay and Visa payWave
- Entry of innovative and aggressive new players in the market
- Economic uncertainties that demand greater operational efficiencies and quicker time-to-market, and ever-changing regulations
- Most importantly, Social Media and Data Analytics
This last factor is likely to have the biggest impact on the Insurance industry as a result of its ability to change the entire business by identifying threats and minimizing incidences of loss.
In a scenario such as this, customer expectations have risen dramatically, fueled by the ability to choose from multiple options and indulge in one-stop shopping experiences with the click of a button. In fact, some leading smartphone manufactures are now contemplating the idea of including a ‘BUY’ button on the main menu to enhance user experience for their consumers. Insurers cannot afford to lag behind and traditional models need to give way to the latest state-of-the-art technology and services platform(s) that allow the simplest of procedures for choosing, paying for, and renewing policies, apart from faster claims processing, ease of uploading documents, mobile-based payments, and automated assignment of claims
The ValueLabs Insurance edge
This is where ValueLabs provides a distinct advantage that insurers can immediately benefit from to ensure seamless customer experience. The ValueLabs Insurance CoE (Center of Excellence) is a strong, more than 15 years-old vertical with over 500 resources and more than 25 customers around the globe. We serve Insurance customers through our solutions-led approach and offer industry-leading, domain-rich services which enable our customers to thrive in the digital future.
The key differentiators of the ValueLabs Insurance CoE are:
ValueLabs Insurance framework
The ValueLabs Insurance framework offers a unique set of offerings and services that will help Insurance customers transform the way they run their business today, and make them future ready by shielding them from various ‘digital’ risks.
The framework provides a flexible choice of cost and delivery models with emphasis on SLA-driven management as defined in the iBAT (Insurance Business Application Transformation) and iBAU (Insurance Business As Usual) DNA models.
ValueLabs’ Insurance DNA is supported by a robust foundation of operating principles, which are a function of the company’s multiple years of experience in managing long-standing, deeply satisfied client relationships.
ValueLabs provides end-to-end solutions for the following lines of businesses:
- Life and annuity insurance
- Property and Casualty (P&C) insurance
- Health insurance
- Group insurance
- Specialty lines (pension, benefits, ancillary, etc)
- TestRight: Automation Intelligence Model for domain-led testing in the Insurance industry
- UnderRight: Cloud-enabled electronic capture and underwriting application for the Insurance industry
- DrivRight: Usage-based telematics solution for auto insurers
- HealthRight: Health engagement platform that combines technology and analytics to provide usage-based solutions
- Partner synergies: Tie up with various reputed technology, solution and resource partners to provide end-to-end solutions to our customers
- ACORD: Specialized integration consultancy for Acord integrations
- Mobility Solutions and Services: Insurance-specific, white-labeled mobile apps available for quicker and effective implementations
- Digital Marketing: Our 360° Marketing Platform enables marketing teams realize real-time marketing operations
- CRM services
- Project Management Office
- Big Data and Insights