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Cloud application and its transformation in 2020

Sep 16

Blog
See All Blog
Cloud application and its transformation in 2020

Sep 16

Blog
See All Blog
Cloud application and its transformation in 2020

Sep 16

Fast-Track Digital Growth

Transform Digitally with the Power of Gen AI

In today's fast-paced world, customers seek speed, choice, and personalized digital experiences. For insurers and their intermediaries, adapting to these demands means rethinking traditional business models and embracing new technologies. Monocept is here to simplify this transition. With our deep expertise in AI, ML, and predictive analytics, we offer tailor-made solutions that enhance your digital capabilities, making your services more agile, efficient, and customer focused. Let us help you navigate your digital transformation journey, ensuring you stay ahead in a competitive landscape. Partner with Monocept for a smarter, more profitable future.

Why Become A Digital Insurer?


Digital transformation delivers tangible and intangible benefits across your insurance value chain, especially in six specific areas:

Cost-competitiveness

Leverage cloud-based solutions for high-end operational efficiency and reduce complexities of current operations, especially in claims management and fraud detection, to reduce risks and costs and achieve unlimited scalability.

Greater agility

Enjoy immense capabilities to rapidly enable, update, change or adapt your business processes with minimal risks or disruption to meet the ever-changing insurance market.

Personalized Insurance offerings

Develop better digital products and experiences tailored to your unique customers for higher revenues and customer retention. Gain the advantage to delight and impress your customers across multiple channels.



Process Automation

Get rid of bottlenecks and tedious manual processes to achieve end-to-end visibility for astounding sales, productivity, and profits. With digital transformation, you can get the best out of your people, processes, and technology.

Unified CX and EX

Leverage integrated design and synchronous processes that enable transparent communication with customers and employees for higher efficiency and build your company reputation without hassles.

High-End Responsiveness

Seize the advantage of real-time data-driven insights to detect challenges and make critical business decisions about underwriting, policies, and new product offerings, on time.

Get Inspired

40%


of consumers continue insurer relationships based on the quality of experience

39%


of U.S insurance customers cancel contracts due to customer experience in 2019

71%


of consumers perform digital research before buying insurance

50%


of consumers will willingly provide additional personal and lifestyle information to secure the best deals.

90%


of insurance executives agree that customization and real-time delivery are the next big competitive advantage waves.


How Monocept Helped To Create Future Ready Application To Generate Leads And Policy Proposals


Client Background


The client is a leading life insurance company in India. Its distribution channel includes various platforms like banks, individual agents, brokers, and corporate agents etc. Besides life coverage, it also covers health, pension, and annuity. The client has about 2,00,000 life insurance customers in India.


Problem Statement


The client wanted to have a future ready handy agent application which can be accessed almost everywhere. The existing application had major connectivity issues which hampered the lead generation process. The purpose of this application was to generate leads and to display policy proposals/illustrations.


Approach


Monocept created a hybrid lead generation application for iOS and android using Ionic Framework. Frontend was made using ReactJS. A component of Web Application for administrator rights/console was also developed. The application also had a broadcast and controlled notifications feature. Full automation testing was carried out before the release to ensure quality delivery.


Benefits


Provided fastest solution generation according to customer and the number of leads increased by 35% within 3 months of the introduction. Reached to 100,000+ downloads within a year having 4.5-star rating out of 5.0

Move Digitally Forward With Confidence


We take time to understand your challenges, goals, and industry potential to forge robust solutions, rework your insurance strategy from ground up, and uncover opportunities to serve your employees and customers for unstoppable growth.