Do online business models offer insurance companies potential for optimization?
Due to tougher competition and increased equity requirements (Solvency II for example), insurance companies today are under increasing pressure to optimize their costs.
The area of online applications offers considerable optimization potential and a wide range of possible uses, both inhouse and with policy holders, with affiliated companies, business relations with other insurance companies and to support sales.
A simple, but frequently not yet implemented example of online application use is a change of the policy holder’s address or bank account. By providing policy holders with this functionality the insurance company can eliminate many currently manual processes.
For affiliated companies and contractors it is advantageous if tradesmen can be instructed, bills and cost estimated and submitted and appraisers can be involved directly by means of online applications. Additional sales markets may even be developed as a result of integrating financial service providers and other industries.
Other essential uses are online connections with reinsurers and other participating insurance companies as well as sales support for both customer acquisition and portfolio maintenance.
Inhouse at insurance companies the use of Web technology is to be recommended for, say, uniform cross-system and cross-site work processes.
In addition to successful projects with insurance clients we have many years of experience in other industries and cover the full range from conception to implementation.
Areas of use for online applications:
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