AI-Driven Sales and Marketing

Investment in Artificial Intelligence solutions by insurance companies is on the rise. In fact, according to new research by the Economist Intelligence Unit, banks and insurance companies expect an 86% increase in AI-related investments by 2025.

Arrayworks, in conjunction with our partner SAS has co-developed TAP+, an integrated and scalable approach to incorporate IoT and AI capabilities to support the development of intelligent and connected insurance solutions. Whether recommending the right product, helping to identify fraud or to track streaming data in order to manage ever-changing risks, TAP+ enables the speed, real-time situational awareness, actions and accountability insurers need to quickly innovate and deliver competitive solutions in a digitally connected world.  

Exceptional Customer Journey

They used to say nobody buys insurance; it is always sold. But in today’s fast-paced digital world, selling insurance requires a highly personalized and well-orchestrated omni-channeled approach to both digital and human engagement.

Positive engagements are the lifeblood of competing for and winning customers. Arrayworks’ TAP+ enables insurers to quickly identify, track, understand and when appropriate, engage customers with the right information, at the right moment, with targeted and personalized next best actions. With TAP+ insurers are able to create cross-organizational engagement models that allow customers to choose how they wish to connect, automating engagements and supporting customer decisions.

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Done right, the benefits of a winning customer engagement model include higher sales, higher retention rates, improved customer loyalty, and higher operating efficiencies. Ultimately, this results in every insurer’s primary goal of increased profits.

Improved Governance, Risk and Compliance

In a world where regulations are constantly changing, it is important that an organizations’ governance strategies are dynamic and adaptive. New business models, regulations, and increasing cybersecurity risks are all pushing businesses to reach a higher degree of governance responsiveness. 

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TAP enables both business users and IT to digitize and integrate processes, knowledge assets, documents, and governance policies into a comprehensive policy administration solution for managing the interactions between the suppliers, producers, and consumers that encompass the extended digital business ecosystem. TAP simplifies the complexity by implementing a unified platform approach for proactive compliance. 

Operational Effectiveness and Continual Improvement

Insurance operations are no longer relegated to performing simple paperwork-driven tasks in support of sales, claims and underwriting. Operational back-ended and siloed solutions must become fully integrated with front-end systems of engagement including the customer presentation layer. Operational efficiencies are now a critical factor in providing superior user and customer experiences, especially during the customer onboarding experience. 

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Whether it is marketing, sales, underwriting or claims, TAP enables operational processes that support both informed decisions as well as the automation of redundant tasks. Every instance of  TAP also provides role-specific dashboards that enable workers to easily identify what tasks need to be completed, where the bottlenecks are, and what improvements can be made. 

Reduction of Legacy and IT Debt

Traditional insurers are facing a 100 year extinction event. New and nimble competitors are popping up at every turn and are pressuring incumbents to reshape how they conduct business, engage with customers, and respond to new opportunities. The challenge is how to plan for and execute the transition from relying on antiquated legacy software and processes to a new solution stack able to support the innovation, agility and adaptability required to both service existing lines of business and to out-maneuver the competition. 

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The three primary drivers for modernizing legacy systems are: 

• Improve service for customers and business partners.

• Increase operational efficiencies and reduce costs.

• Speed time to market of new products & services. 

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Arrayworks’ low-code application platform, TAP, has enabled our clients to meet these challenges by optimizing current business models, while they innovate, test and scale new digitally transformed products & services. We enable our clients to create integrated experiences that engage and support customers at every step in their journey. 

Efficient Underwriting and Policy Issuance

In today’s digital world, insurance customers demand an easy, efficient, and convenient policy quoting and buying experience. Some insurers are unable to meet these customer demands due to siloed legacy systems and manual processes. Insurers must be able to easily access and incorporate external data quickly and securely in order to streamline the underwriting process.

TAP enables insurers to leverage their existing systems to digitize and streamline life insurance underwriting. With TAP, our clients have improved straight-through processes to increase sales and deliver optimal experiences for all users.