How to start a digitalization journey in the insurance sector?

Why is digitalization in the insurance sector interesting?

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Digitalization in the insurance sector is no longer a nice-to-have, but a strategic necessity with numerous benefits:
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1. Better customer experience: Customers today expect a user experience similar to that of e-commerce platforms: fast, simple, and personalized. Think of smooth claims reporting via a smartphone, access to documents through a customer portal, or proactive tailored communication. By introducing self-service options and digitizing processes, you increase customer satisfaction and loyalty.
2. Efficiency and cost savings: Many insurance processes are still labor-intensive today. By automating, for example, policy issuance, premium calculation, or claims handling, the error margin decreases and internal efficiency increases. This translates into direct cost savings.
3. Better-informed decisions thanks to data: Digitalization gives you access to valuable data. This makes it possible to assess risks more accurately, detect fraud faster, and offer personalized products. Think of smart algorithms that recognize abnormal behavior or predictive models for customer behavior.

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Moreover, digitalization is an opportunity to adapt and digitally optimize existing processes. It is a missed opportunity to simply convert current existing processes into digital form. Be sure to get support from our team of experts for this!

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What steps should you take to digitalize?
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1. Strategic planning: A successful journey starts with clear objectives. Do you mainly want to focus on customer experience, internal efficiency, risk management, or compliance? Involve all relevant stakeholders, from IT and compliance to marketing and management. Don't forget the end user: digitalization is often also change management.
2. Technological evaluation: Map out your current IT landscape. Which systems are outdated? Where are the bottlenecks? A Service Blueprint can help clarify which functionality adds value, after which we translate this into qualitative, user-friendly, and maintainable implementations or solutions.
3. Compliance with regulations: The insurance sector is highly regulated. In digitalization journeys, you must consider the following regulations:
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• GDPR: Ensures secure and transparent processing of personal data.
• Solvency II: Improves risk management and reporting through digital tools.
• IDD: Guarantees fair and clear communication to the customer.
• Cybersecurity & NIS 2: Secures your systems against data breaches and attacks.
• DORA: Ensures digital operational resilience of your systems

Don't know where to start? No worries. During your digitalization journey with Kunlabora, we take care of this so that your new solution complies with all these regulations.

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Digitalization in the assurance sector in practice: Thewave case

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A great example of a successful digitalization journey can be found at Thewave, for which we developed a digital application. The new software platform ensures that insurance brokers are brought closer to their own policyholders. We started this project with a detailed Service Blueprint and continued to build an easily expandable application.

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Rely on Kunlabora for your digitalization journey

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A digitalization journey in the insurance sector is not a standard project. You are dealing with complex processes, regulations, legacy systems, and high expectations from your customers. Let Kunlabora guide you with our strategic planning, smart technology, and human-centered approach. This way, you get the most out of your digitalization journey!

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Contact us

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