Customers now expect to communicate primarily through mobile channels and experience faster and personalised offerings which combine both human and technological capabilities. This is being met by intertwining technology, processes and people. After decades of working with paper-based documents and processes, the customer now has the ability to use high-trust, secure and legally valid electronic signing solutions.
Data Security & Compliance
As insurers develop a more digital experience, enhanced security design controls need to be considered, including authentication. Various regulations such as GDPR (EU Law), CCPA and CPRA (California Law) increase the rights of individuals and the responsibilities of companies handling personal data - insurers need to see this as an opportunity to demonstrate trustworthiness to their customers.
Big Data Analytics & Privacy in the Hybrid Cloud
Predictive analytics will expose trends of behaviour and common demographics and characteristics, resulting in revised and targeted marketing strategies, service delivery and distribution models, product range, risk selection and pricing structures. The hybrid cloud allows the data and the related analytical workload to be positioned where it makes the most sense in terms of business requirements. The information privacy and security is managed and controlled consistently across all the systems of the hybrid cloud environments.
Secure & Technically Trustworthy InsurTechs
The transition from reactive to proactive business models, made possible by technology and data, is driving the rise of InsurTechs. However, InsurTechs have access to data that is more detailed and personalized, which raises data security and privacy concerns. Securely integrated service networks with ecosystems allows management on and off premise- helping insurers balance innovation alongside security requirements.