![]() ![]() That’s what Microsoft 365, Microsoft Teams, and Microsoft Viva are all about, as Nationwide experienced when they built a hybrid work environment for their global workforce of 25,000 associates, and saw improvements in collaboration, flexibility, and employee wellness. For employees to thrive and build commitment to the business, they must be empowered and energized to do meaningful work. After all, when they’re not at work they’re customers themselves, and they know what a great digital experience is when they see it. It’s not only customers and partners who want digital experiences. 1 And, as Gjensidige, Norway’s largest insurance company has seen, a modern “DevSecOps” environment also puts security front-and-center, without impeding developer velocity.Ĥ. Developers using GitHub Copilot see a 55 percent productivity boost when working on real-world projects and tasks. Just as with the rise of compilers and interpreters, AI-assisted coding is poised to fundamentally change the nature of software development, giving developers a new tool to write better code, more easily. Copilot draws context from the code a developer writes to offer recommendations for completing lines and even suggesting entire functions. For example, with GitHub Copilot, AI is employed to turn natural language into coding suggestions and entire functions-in real-time, directly from the editor. AI is redefining the very idea of an application and changing the way people build software. This is another area where AI is delivering amazing benefits. One of the most important requirements of digitally transforming core insurance systems is to bring new solutions and services to market in better and faster ways. Innovate with a cloud developer platform. The potential of AI is astonishing, and Microsoft is committed to delivering on its promise in ways that are both impactful and responsible.ģ. To cite just one example, Progressive is using AI-powered chatbots to save USD10 million every year as their bots answer up to 200,000 queries each month with personalized, intelligent, text-based responses. ![]() And it can help create differentiated solutions that speed service delivery and impact. AI and data analytics can improve efficiency and customer satisfaction by automating and streamlining processes such as underwriting and claims. To not just survive but thrive, insurers need to differentiate their products and services, without breaking the bank. And, of course, insurtechs are upending traditional industry practices with a digital-first mindset to deliver entirely new products and services that customers often love. Competition in the insurance sector has intensified as industry leaders keep raising the bar on the customer experience with innovative digital solutions. Insurers like AIA invested in large-scale infrastructure modernization and are now not only reaping major benefits in cost savings, sustainability, and customer experiences but are positioned to do more with less as they create new digital capabilities and harness the power of AI.Ģ. The good news is that most companies are well into their digital transformation journeys. The best way to meet these types of new demands is to tap into the benefits of the cloud. Partners (agents, brokers, and affinity) want stronger integrations with you to create comprehensive views of their customers (who are ultimately yours) and to align your business strategy with theirs. Customers expect seamless omnichannel experiences as they engage with you on the web, via their smartphones, or with agents. Leverage the cloud to digitize the business. Looking forward, I see five priorities that every insurer should keep in mind:ġ. These goals (and more) are attainable, but the right digital strategy is critical. In my conversations with customers, the number one theme I hear for 2023 is that insurers need to do more with less: more innovation with less time, more agility with less money, and faster processes with less risk. Companies that have invested in strong digital foundations are weathering the storm and are in a good position to capitalize on new opportunities. Nonetheless, I encourage insurers to see this as a time for optimism. It’s easy to wonder if the challenges the insurance industry faces in 2023 outweigh the opportunities.Įconomic headwinds, new competitors, regulatory demands, and the lingering effects of COVID-19-it all adds up to one of the most difficult environments in recent memory. ![]()
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