New Business Models
With traditional insurance approaches on their way to extinction, is your company positioned to compete with emerging internal and external pressures? Emerging competitors in the insurance space are expanding their businesses with competitive offerings that put traditional insurers at risk. Enterprises need to adapt or go the way of other fallen business giants. To break out in a crowded market, organizations must embrace digital transformation and develop new business models that appeal to the customer base of today and tomorrow.
How We Help
Prolifics works with insurance enterprises to support new business initiatives, including……
Transformed Health Insurer
Prolifics digitally transforms a workplace health insurer with a world-class data infrastructure and automated business processes.
Digital transformation is a must-have for businesses seeking to break through in a highly competitive market...
Digital transformation is a must-have for businesses seeking to break through in a highly competitive market. No longer is it just other traditional insurance companies imperiling market share—new insuretechs, mergers and acquisitions, and strategic partnerships present a threat to your organization’s ability to remain competitive and relevant. Digital transformation initiatives have the potential to drive customer engagement, unlock new revenue streams, and improve time to market with new products and services. Companies just starting to investigate their transformation journeys are already several years behind other innovative contemporaries.
Prolifics helps clients with their transformation journeys to build digital platforms, clearing the way for new capabilities and offerings. A robust digital environment leverages digital business automation, with APIs enabling integration with other service providers that add further value to your organization’s existing lineup of products. It also empowers greater engagement with both your customers and business partners, helping your enterprise collect crucial data that shapes offerings and partnerships.
The emergence of new competitors born and bred in the digital era creates substantial disruption...
The emergence of new competitors born and bred in the digital era creates substantial disruption in the insurance industry. Because of lower operating costs, these competitors can sustain higher loss ratios and still turn a profit. These organizations throw off the trappings of traditional business, offering personalized insurance products and services that customers want. Businesses seeking to stay competitive must match this granular level of personalization. This is where the traditional insurance companies have an advantage: utilizing their vast repositories of data and claims information to identify, develop, and implement products tailored to the individual customer.
With Prolifics on their side, enterprises can harness this rich store of data, integrate the business, and leverage analytics. Taking advantage of digitally connected devices to capture information about customer desires, behaviors, and usage enables tight targeting of value-added offerings and service provider partnerships via APIs, all while quantifying emerging risks for better management.
Data is your organization’s most valuable asset. It gives you a window into how customers think...
Data is your organization’s most valuable asset. It gives you a window into how customers think about insurance, what products and services they want, and how they shop for them. Consumers already use billions of digitally connected devices that collect and share data in real time, and that number is rapidly expanding. A major focus of the modern insurance industry lies in gathering, centralizing, managing, analyzing, and accessing this vast repository of data. This intelligence guides product design, shapes business strategies, fast-lanes business growth, and controls risk, as well as offering tightly targeted products that appeal to specific demographics and behavioral profiles.
Prolifics provides our clients with the ability to better manage risk, underwriting, and claims to improve their customer-first approach. We can help you capture more data throughout the customer journey, building and integrate your digital platforms with the Internet of Things, web portals, mobile apps, and other disparate collection sources to unify your data resources. Our experts introduce advanced analytics powered by the latest in Cognitive and automation technologies, allowing your business to make sense of unstructured data sources, fostering the deeper understanding of consumers’ core habits that helps build a competitive advantage.
The way customers approach insurance is changing. As millennial customers become a major force in the industry...
The way customers approach insurance is changing. As millennial customers become a major force in the industry, they expect high-value offerings that are available when and how they want them. The new generation of customers is willing to share personal information if it benefits them in return, such as by offering discounts on their premiums. To meet customer demand and prepare for a starkly different industry future, enterprises must reconfigure their offerings and approaches to match expectations.
Prolifics can help you reorganize your business to make on-demand insurance-as-a-service offerings a fundamental part of your enterprise. By rebuilding your key integration architecture, realizing the capabilities of automation and APIs, revitalizing your user experience, and leveraging cutting-edge technologies to connect with customers, your enterprise can set itself apart in a highly competitive space.
With the rise of B2B2C platforms, ecosystem partnerships, and frictionless capital flow across the value chain...
With the rise of B2B2C platforms, ecosystem partnerships, and frictionless capital flow across the value chain, it’s become more important than ever for insurers to create an interconnected network of partners to inject value into offerings.
Prolifics helps enterprises redraw organization boundaries to include resources and partnerships that increase the functionality and appeal of insurance offerings. Our experts implement integration and service-oriented architecture to build new connections with external providers, and can show you how leveraging APIs unlocks new capabilities that put your enterprise ahead of the competition.
Customers are demanding—and finding—new ways to make payments...
Enterprises are facing challenges from the digitally native competitors that are springing up in the insurance space, as well as from non-insurance organizations that are exploring offerings within the industry. These competitors present unique challenges surrounding pricing, availability, and transparency—standards that traditional insurers must match in order to continue thriving.
Prolifics assists businesses in levelling the field with insuretech disruptors by helping them modernize their platforms and applications for today’s market, as well as build omnichannel answers to the threats competitors pose. This includes experience-enhancing features like web portals and offering comparison tools, as well as integration and partnership capabilities with third-party providers to add value to your offerings—all powered by the latest customer experience technologies and cloud optimization strategies.
Technology Makes it Possible
Prolifics' expertise across multiple specialties enables us to create unique, comprehensive solutions for your innovative new business models. Technologies we typically leverage for these types of initiatives include: