27/09/2016
Solution package of components and services for the insurance industry / Consulting and software support from the backend to customer communication
Digitalization is constantly changing the demands on business models in the insurance industry. Companies are also being faced with new challenges that transfer the focus of business to the customer and their needs. This means identifying and satisfying customer wants and then providing them with helpful product and service recommendations. At the forefront is a seamless service experience that creates customer loyalty, uses the right channels to contact them and thus promotes a positive decision to buy. For insurance companies this means developing innovative products faster and introducing them to the market, then ultimately integrating them into the backend landscape. Insurers can master these challenges using the Insurance Suite by msg.
With the Insurance Suite, msg has developed a holistic solution package of components and services that specifically addresses the needs of primary insurers. The suite consists of easy-to-maintain software components and is based on a modular concept that simplifies the integration of the individual elements. The suite covers the requirements of all lines of insurance business and is based on a uniform technical industry standard.
With this product, msg not only supports companies by providing suitable software, they also offer consulting services to help companies develop new products or even integrate the components into their existing product portfolio and backend system.
The Insurance Suite by msg contains the following components:
- I-Factory in the field of Systems of Record covers the full spectrum of insurance functions with modules for life and P&C insurance, just to name a few. The product-oriented approach that is delivered with basic content makes it considerably easier to create new, market-oriented offers for customers and to do so quickly and flexibly. This ensures high-performance capabilities in the backend, while also allowing companies to react quickly to customer needs.
- I-Digital in the field of Systems of Engagement serves to enable tailored interaction between insurers, customers, interested parties and partners. In addition to the necessary infrastructure-related services, the Insurance Suite also offers solutions and technologies that support sales, channel management, self-service as well as collaboration. This allows insurance companies to satisfy both modern demands for customer and partner communication, while also ensuring faster processing of data and inquiries using the portal function.
- The third element of the Insurance Suite, the I-Analytics or Systems of Insight, contains analysis modules such as the Insurance and Performance Analyzers, as well as an integrated business intelligence solution. Insurers can use this module to perform analytical and predictive analyses of all data, giving them an intelligent tool for monitoring customer communication or new services. That allows them to keep a constant eye on the profitability of the business relationships.
Furthermore, third-party services from the cloud, such as social medial, Amazon or Google can be integrated into all three parts of the Insurance Suite.
Digital Transformation Consulting
As experts in digital transformation within companies, msg is not only able to support insurance companies through the components of the Insurance Suite, but also through consulting services that address new digital services and improved customer communication. Basis for these consulting services is the msg innovation cycle. The innovation cycle provides a framework for developing and realizing digital strategies. To that end, msg consultants evaluate innovation topics starting with the top level management, support the definition of an innovation strategy, as well as research innovation and new business models. These are then implemented in concert with the customer and used to create a solution. This holistic approach of consulting and software solution makes sure insurance companies are well-equipped to master the challenges of digital transformation.
Jens Stäcker, member of the Board of Directors at msg, explains, “Digital transformation gives insurers the chance to use new channels, as well as enhance their ability to customize their offers, thereby intensifying their contact to customers. to use new channels to contact their customers and to intensify the number of customized offers they are able to make. In addition, new business models allow them to set themselves apart from the competition. However, doing so requires the implementation of new tools and processes in order to allow innovation to be quickly introduced to the market and in order to keep customers happy. With the Insurance Suite, we have designed a solution package that insurers can use to face these challenges and to keep up with the expansion of digitalization.”
