The growth in emerging markets, challenging regulatory environment, shortage of skills & capabilities and change in consumer behaviour are just too transformative to ignore by winning insurance companies.

Therefore, insurance companies are looking to streamline and consolidate their insurance technology investments. They are embracing digital technologies in pursuit of personalising every aspect of customer experience, enhanced operational efficiencies and new digital business models

Heterogeneous and legacy systems within the insurance organisations lead to challenges in implementing and scaling new digital solutions that require data from multiple sources. On the other hand, customer-centricity is a vital differentiator in the insurance sector. And hence, solving these challenges and offering value to the customer becomes a top necessity.

Some of the top technology challenges that insurance companies are facing:

• Data Integrity Issues: Maintaining data integrity across various systems and applications is a significant challenge.
• Scalability Concerns: The ability to scale across multiple systems and accommodate growth is crucial.
• Data Security and Privacy: Ensuring data security and maintaining customer privacy is of paramount importance.
• Rising Costs: Increasing costs associated with technology infrastructure and operations pose a significant hurdle.
• System Integration: Building new solutions that seamlessly integrate with existing systems is a complex task.
• Talent Acquisition and Digital ready workforce: Accessing the right skills and talents to drive technological advancements is a recurring challenge.

A holistic and strategic approach is urgently needed for winning insurance organizations so that they can reach customers with greater agility and create a delightful real-time customer experience.

How can we help?

Sciente Consulting is focused on life, group health & general insurance segments.  To add immense value to insurance companies, in solving business technology challenges, we amalgamate our deep industry know-how and digital technology specialisation and we work with our clients in a consultative manner in the following areas:

• Legacy system upgradation/migration/modernisation
• Customer Experience
• Mobile Computing
• Agency Systems
• Policy Administration & Management
• Claims processing
• Regulatory Compliance
• Risk
• Analytics

At Sciente, we tailor engagements to meet the unique needs of each client. Contact us and together, let’s collaborate to transform your business in the ever-evolving landscape of Insurance.