Companies seem to dislike the term ‘turnaround consulting’ because it represents failure. The truth is that turnaround consulting represents success at realizing the company is going in the wrong direction. The only time the company fails is when it is not possible to do a turnaround anymore. We help companies pivot into more profitable directions where they can expand and grow. It is inevitable that companies will end up making a few mistakes; we help them correct these mistakes.
At The Positive IT, we help insurers overcome these challenges by augmenting core processes through AI and machine learning, reducing process inefficiencies through intelligent automation and legacy modernization, and simplifying CX by reinventing customer journeys. That’s the underlying philosophy of what we term as Insurance to the Power of Digital.
Digital transformation and data collection has enabled insurers to adopt disruptive artificial intelligence and machine learning techniques to run their businesses more efficiently.
Digital Transformation in Insurance
Insurance industry is becoming technologically more advanced though the transformation is slow compared to other industries. Insurtech funding has increased by 60% in the US according to CB Insights. Insurers are changing their business processes to be more customer centric by activating and collecting the right data which helps them to better understand consumer needs and offer customized advice, coverage, and tailored pricing. Usage-based insurance policies, for instance, tap into customer data in order to charge users according to their specific needs and behaviors, putting the consumer in charge of their own fees. Such personalization and clever data-usage benefit both customers and insurers and for this to happen digitization is the key which facilitates customer satisfaction.