Seizing new opportunities in a digitised insurance market
Currently, insurance companies are searching for new sources of revenue growth. However, legacy complexity drives unsustainable cost structures. The emergence of Industrial Internet, big data and other new technologies provide fundamental changes in core risk management approaches including claims and underwriting.
Though, the digitalisation of the industry increases efficiency within traditional businesses and opens up new revenue streams in emerging products.
Several challenges lies ahead of insurance companies but there are also huge possibilities to benefit from the opportunities that has arisen.
Seizing the opportunities in a digitized insurance market
Meeting customer needs and wants regarding digital financial services will be one key question. Building new digital financial services on top of current operating models as well as efficiently manage regulatory requirements are also important factors.
Key success factors in the new business environment
We have identified several key business opportunities which you could leverage on in order to improve your clients experiences as well as staying ahead of competitors.
- Bring innovation to customers by improving time-to-market through digital channels
- Modernize and simplify operations for higher efficiency
- Simplify business processes through leveraging on vertical solutions
- Modernize your IT through cloud solutions
- Build insights from data
- Integrate cross-industry data into your solutions using embedded analytics
- Improve analytical solutions with vertical solutions knowledge
- Manage trust, risk and compliance correctly and efficiently
We can help you:
- increase customer loyalty and improve time-to-market.
- manage end-to-end digital transformation.
- digitalise the insurance customer experience.
- simplify your business processes.
- implement cloud solutions in order to modernize your IT infrastructure.
- optimize the operating cost of legacy systems.
- integrate cross-industry data into our solutions.
- use analytics to build insights and to enhance business capabilities.
- implement cost efficient data management solutions.
- implement new compliance requirements cost efficiently.
The Tieto Insurance Concept
The Insurance Concept
In order to address the increasingly changing insurance market, we have made significant investments to respond to the transformation needs. We have launched an ever-developing vehicle called the Tieto Insurance Concept to drive this initiative. We believe this strategic choice will expand our presence from being the leader in Insurance IT to become leading Insurance Business Solution provider.
The Insurance Concept is Tieto’s point-of-view of insurance, collection of best of breed insurance solution components including 3rd party partnerships and network of expertise both inside Tieto but also through Insurance ecosystem. Our target is to enable self funded business and IT transformation in the insurance sector by delivering modernization services and simultaneously lean heavily forward on new digital business opportunities such as Internet of Things for Insurance and digital insurance start-ups.
You are welcome to get in touch with us in order to discuss upcoming challenges and how you can transform those into business opportunities.