As the BFSI Industry continues to evolve, several organisations have discovered new ways to improve their customer experience by implementing digital platforms designed to address customer needs while ensuring a customised personal experience. Rising customer expectations, innovative offerings, and new players are propelling the BFSI sector in necessitating frictionless customer onboarding and product buying journeys. Here are some of the trends and challenges we’ve come across in the recent past.
 

Customers are Digitally Empowered 

• The brand digital experience is often the differentiator for the customers.
• Traditional means of purchasing insurance products may not fully meet customers’ changing needs and desire for add-on services, personalisation and flexible offerings.
• There’s a growing demand for a Digital Transactional Channel.

New Business Models are better serving customer needs

The BFSI Industry needs to experiment with new business models that meet coverage gap and customer demands for personalisation and convenience.

• Usage - based models offer as-you-go coverage.
• On - demand models.
• Micro-lending/ Micro-Insurance.

Efficient and Faster Digital Enablement 

There’s a need to generate a demand outside the traditional buyers’ network which includes approaches such as bundling insurance or loan offerings with other products to spur point-of-sale interest, like pairing mobile insurance with mobile phone sales.

• Quick product launches to capture market share.
• Faster customer onboarding 
• Automated Processes 

Simplify offerings to create genuinely Digital Products 

• The products should be easy to understand to allow for customers to make a quick buy/ no buy decision.
• Automated Processes: straight through processing to simplify underwriting, claims etc.
• Interactive Customer Education: Gamification and interactions to improve customer engagement and experience.

Our Solution 

In order to keep up with the latest trends and challenges, we’ve crafted a Digital Insurance Suite of products, platforms and solution accelerators to accelerate digital transformation. These help insurers become truly digital, fill gaps within their existing architectures, and build new capabilities to support their digital transformation goals.
 

Pylon: API Middleware 

Provides the ‘Integration Glue’ to connect internal and external systems with digital front ends such as Liferay DXP and fast tracks user digital journeys.

• Consume 3rd Party APIs and expose APIs to partners.
• Track and monitor stages of user digital journey
• Personalisation and Attribution 

Tailor: Product Configurator 

Automates generation of multilingual screens, forms and dynamic configuration of rules/validations across digital channels.

• Quickly deploy products across digital channels
• Automate product buy and sell digital journeys 
• Configure multiple product rules on top of core PAS systems.

Fabric: Web App Framework 

A full-fledged web application development framework written in pure ReactJS to quickly create components once and use them on multiple platforms.

• Components in React are created once, used in multiple environments.
• Rest of the tasks like packaging, integration, deployment, API connections, database connections, UI generation, themes are handled by Fabric itself.