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Product Innovation driving growth in Insurance Industry

Published on 13 March 15
Product Innovation driving growth in Insurance Industry - Image 1
Innovation and development in the insurance application and management systems have been one of the major reasons of rapid growth of the insurance industry.

Public or private, insurance industry has marked a rapid growth in the last 14 years in both the sectors. With more than 24 companies offering insurance solutions, competition in the industry has been increasing every passing day. All of the companies coming up with much advanced applications to manage their systems, people have a freedom to choose from the various avenues available for them.

Factors like product innovation, claims management and multi-channel distribution are considered to be the major growth drivers of the insurance industry. While the engineers were coming up with increased levels of customization in the insurance application development area, it was the distribution of the product via various channels like internet, direct and telemarketing and NGOs that actually helped reach out to more people. With effective applications claims management also became quite easier as they helped the companies prevent delays. Thus, expanding application range, developing innovative application for management and increased distribution channels contributed to the profitable growth of the industry.
Day-by-day more advanced insurance applications are launched in the market by various software companies. Insurance Application Development and Insurance Application Support form the major part of the Product Innovation in the insurance industry. Hexaware, being one of the biggest player in the insurance application development, has been able to come up with cost effective solutions for over 25 insurance companies globally touching all the areas of insurance domains.
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Apart from insurance application development services, Hexaware also provides insurance application support and guides for the maintenance as well.

It is only with a complete knowledge of all the kinds of Insurance plans that includes Life, Retirement, Pension, Property, Casualty and Health insurance plans that one is able to effectively work on insurance application development.

An insurance application should be able to efficiently merge and migrate policy, claim and accounting data from multiple source systems into your new policy administration system with zero chances of error.

The application should have customizable and scalable Insurance Business Analytics to make it more comprehensive.

While there is a lot more to achieve in the insurance industry, experts believe three factors that will help grow in the long run will be:

  • Product innovation: Insurance application development need to more customer-centric
  • Sales and marketing: Teams to function in a much more optimized and responsible manner
  • Reengineer Distribution: On the basis of changing market dynamics and consumer preferences

Thus, insurance industry needs to maintain a customer-friendly management system for stable growth and reach out to rural areas as well, thus raising its share of the contribution for economy growth.

This blog is listed under Industry Specific Applications and Data & Information Management Community

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