A New Era of Insurance Opportunities
Sapiens is a Business Reporter client.
Times of uncertainty and challenge often separate visionaries from their more traditional counterparts. Insurance is certainly no exception.
Due to recent conditions that continue to challenge even the most tenured carriers, much of the global insurance landscape has changed. However, with increased data and device connectivity coupled with growing demand for personalized offers and experiences, the small commercial insurance market has become even more ripe with opportunity.
As a critical and strategic market for carriers, SMEs have historically been underserved in the products, experiences and even technology necessary to operate and evolve in a dynamic landscape. Even with the rapid adoption of customer-centric products, policies and advanced technologies, SME ratings of their insurers again fell last year, for a second consecutive year.
Recent times have upended markets, and both insurance carriers and SMEs stand to significantly benefit by adopting a more strategic, innovative mindset that encourages the adoption of robust, unified platforms designed to enable agility, breadth, depth of functionality, precision and high execution speed.
In an era fueled by digital dexterity, the demand for digital requires carriers to continue to adapt to not merely survive but thrive in this new insurance marketplace. The power to deliver distinctly tailored and more personalized options, engagements and experiences and to expand capabilities will better serve the SME market, which continues to move forward to build new and stronger foundations.
By incorporating data and technology, and the innovative mindset necessary to incorporate both intuitive decision-making and data-fueled personalization into all facets of their business and across distribution channels, insurers are better able to not only support SMEs, but also capitalize on the growth potential. These implementations better empower insurers to deliver the essential functionality required to serve small and medium-sized businesses, including the ability to rapidly introduce and launch new products, elevate user and customer experiences and reinvent the beneficial value delivered by an agile business model.
For more than 40 years, Sapiens has been dedicated to serving the insurance market with robust, feature-rich platforms, enabling carriers to deliver the agility, efficiency and human-centered technology they need to continue providing stellar service, security and experiences to their customers.
For more information visit us at sapiens.com or contact us directly at digitalnow@sapiens.com.
This article originally appeared in Business Reporter. Image credit: iStock id1198734921
