Use of technology in insurance companies has moved from mere problem solving solutions to enhancing customer experience. Information Technology (IT) is central to managing information both from customer expectation and from the perspective of the insurance. IT is no longer just a business enabler; it is now a business driver. Technologies that manage Information efficiently and effectively are now an integral part of insurance sector. These therefore include technologies that manage communication, processes, storage and security.
An Insurance company which closely integrates its technology strategy with its business strategy can certainly hope to reap the benefits of IT as it would help the insurance company to select and reach the target customers using the right channels, understand the value of the customers, optimize service quality, 'sense and respond' to customers' needs through appropriate cross-selling and up-selling tactics besides re-selling opportunities. End users are not only consumers of the information and services provided by enterprises but also providers of information. Customers today participate in communities, compose blogs, contribute to wikis, share Flash videos, populate tags, and perform many other functions.
To cope with this, business models have transformed from the traditional enterprise-centric model to the customer-centric model. This implies that insurance applications not only address the requirements of the own personnel but need to support the customers’ requirements. The applications are therefore based on newer technologies, newer frameworks resulting in complex approaches required for managing technology which needs to be supported by effective IT Governance.
Insurance industries in India have been using IT in one form or other for their various business activities especially for the last couple of years. The insurance companies have been transforming themselves through innovative deployment of core insurance solutions, portals, mobile computing, data management, CRM and Business Intelligence.
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