Digitalisation in the insurance industry

Digital transformation creates a competitive advantage for insurers

Digital transformation is progressing rapidly and helping Swiss insurers to address their key challenges, making them more customer-focussed and competitive while enabling them to handle data more securely and efficiently. All of which provides the basis for tapping new sources of revenue.

Current challenges facing the insurance industry

Digital transformation presents the insurance industry with many challenges: new digital competitors, changing customer needs and the development of new, innovative business models. Data-driven decision-making, managing the growing mountain of data and the safe handling of sensitive insurance data are all central to this, not to mention compliance with regulatory requirements.

Customers today want personalised insurance products and an optimum online experience. Part and parcel of a seamless customer experience is 24/7 access to information from anywhere. Insurance customers today report claims quickly and easily via a mobile app, track the progress of their claim in real time and can easily make changes to policies as required.

Digitalisation and transformation of insurers

It is imperative for the Swiss insurance industry to replace outdated systems, modernise operational processes and implement effective data management, with effective cybersecurity also playing an indispensable role. This is the only way for insurers to ensure their long-term competitiveness and the sustained implementation of the ESG criteria.

Our experts will be happy to accompany you on your digital transformation journey. Swisscom gives you comprehensive, individual support with a holistic approach, from business consulting and software development to the integration and operation of your solutions.

The main areas of focus for insurers

With the aid of our experience and holistic approach, insurance companies can successfully drive digital transformation. We’ll help you identify the specific challenges of the insurance industry, take a strategic approach and adapt your company to the changed market conditions in order to achieve long-term success.

Business transformation

To remain competitive, insurance companies need to rethink their business models. New digital approaches include embedded insurance, on-demand insurance and personalised, IoT-based insurance products. A flexible system architecture and integrated Insuretech solutions are the key.

We help you identify and implement digital business models and product innovations. With our insurance expertise, comprehensive partner network and innovative technologies such as the cloud and IoT, we’ll support your digital transformation, allowing you to offer your customers added value, increase your competitiveness and tap new sources of revenue.

Customer experience

Insurance customers expect a seamless online customer experience with easy interaction. To deliver this, insurers need innovative approaches to customer communications, personalised services and seamless digital processes across various channels. Investments in modern technologies facilitate claims processing. Customers today are no longer simply looking for insurance cover. They also want value-added services.

With effective tools and advanced technologies, we help insurers create a seamless, personalised customer journey and improve communication with their policyholders and sales teams. Leveraging real-time data analysis and AI, we identify cross-selling and upselling opportunities, which you can use as the basis for offering customers personalised services via self-service. How to increase sales and customer satisfaction.

Operational Excellence

Insurance companies need to continually optimise their business processes in order to meet increasing volume and cost pressures. Chatbots, robotic process automation and AI can be used to make processes more efficient, for example in claims handling. There is also a demand for modern and flexible working environments to remain attractive as an employer.

We work with you to establish efficient and consistent processes and implement improvements throughout your value chain. We digitise, optimise and automate processes and create a flexible IT infrastructure and modern workplace solutions, helping you increase your product quality, speed (time to market), customer and employee satisfaction, and overall cost efficiency.

Risk management

In the modern business world, insurance companies have to identify and minimise (cyber) risks and comply with data protection and sustainability requirements. This requires investments in IT and data security as well as transparent ESG reporting. Business continuity plans and crisis management are necessary to maintain business operations following an incident.

We will help you identify and accurately calculate your risks as the basis for intelligent risk decisions, ensuring the ethical and sustainable protection of your business (ESG). Our Cybersecurity, Data Governance, Business Continuity Management, Event Streaming and Fraud Detection solutions preserve and enhance your enterprise value. They protect your insurance business against financial damage and strengthen customer confidence.
Bild: Verkaufsgespräch

Data-driven business

Data plays a key role in the insurance business and is critical to the success of digital transformation. A holistic data concept is required that integrates various data sources, converts data into useful information and visualises it in clear dashboards. This is the only way to achieve a transparent view of the entire value chain.

We help you to collect, process and visualise relevant data. With our data-centric platform and analytics tools, we integrate data sources and provide comprehensive data management solutions with a focus on data quality and data protection. You gain meaningful insights and can make data-driven decisions.

The first step

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Insurance meet-ups

We regularly organise interesting events for the Swiss insurance industry focusing on specific topics, customer cases and best practices. Take the opportunity to interact with industry experts and grow your network. Register for the distribution list for the next Insurance Meet-up.

Articles

Swisscom is the digitalisation partner for your insurance company

Holistic solution approach from strategy to implementation and operation

Extensive industry expertise and experience in project implementations

Innovative partnerships for effective added value in the insurance industry

Needs-based, provider-independent solution for your digital transformation 

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Our experts will be happy to answer your questions. Contact us.