Insurance

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Current State and Opportunities

Challenges
 
Opportunities
Customer Behavior & Changing market
Expectations for varied offerings & customer service are evolving rapidly
Shifting & expanding distribution channels
Flexible and extensible, yet consistent & integrated, core insurance capabilities required
Regulatory Compliance
New era of increased oversight implies need for increased transparency & on-demand management and compliance reporting
Transparent & on-demand management & compliance reporting
Pressure on Financial Results
Catastrophe losses trending upward
Need to lower loss payouts and operating expenses, while growing the premium income
Improve core underwriting & claims performance. Fraud prevention & operational efficiency
Shrinking Margins due to competition
Need for new products to protect margins and grow premium income
Need for re-configuring & extending existing products & services
New Data & Analytics driven Product Development for the connected world of loT

Insurance Industry is not an exception to current trend of rapid evolution of customer service sand increased transparency and on-demand management and compliance reporting. This forces the insurance companies to offer new products to protect their profits while growing premium revenue.