Like all progressive industries, insurance and banking organisations want to increase the competitive advantage by gaining key insight across their operations. As the world becomes more volatile, uncertain and complex, insurance and banking organisations are forced to rethink their digital transformation strategy.
Increasing demands from clients, among other things, are further compounding challenges and forcing the adoption of new technologies. What's more, regulatory compliance and clients’ expectations of consumer-grade experience within applications, such as self-service analytics, are forcing the industry to innovate further.
Legacy infrastructure, disconnected data silos and a lack of knowledge of the value of analytics are the primary obstacles to innovation and progress for the insurance and banking sector. The new International Financial Reporting Standard (IFRS) is also changing the way insurers' and banks' financials are measured and reported on.
To achieve compliance, insurers and banks need to update their systems, adopt new processes and improve integration between departments. Accounting processes need to be more transparent.
AI, analytics and digital transformation allow insurance and banking businesses to simplify and automate the process of consolidating data from disparate systems, allowing you to make more effective and impactful decisions.
More advanced uses of AI and machine learning give you the power to improve security and compliance around anti-money laundering and risk management. They also enable you to offer a more proactive, personal customer experience and streamlined back-end business process management. Customer service can also be improved through the adoption of chatbots and RPA applications.
We have adopted a new approach to data that drives operational excellence and customer-intimacy by combining the modern data platform and advanced insurance and banking analytics. This allows us to help our customers integrate data across complex landscapes, access new types of data and share insight across the organisation.