161Dev Inc. WORLDWIDE 161Dev Inc. WORLDWIDE
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Insurance

Insurance

Insurance

Insurance companies play a crucial role in mitigating risk for individuals, businesses, and other entities. The basic concept of insurance involves transferring the risk of a potential future event from the insured party to the insurer in exchange for a premium.
The insured, also known as the customer, pays a regular premium to the insurance company. In return, the insurer agrees to provide financial protection or compensation to the insured in the event of a covered loss or occurrence specified in the insurance contract.
Insurance covers a wide range of areas, including health insurance, life insurance, property insurance, automobile insurance, liability insurance, and many more. Each type of insurance caters to different needs and provides protection against various risks.

Reimagined insurance

The center of disruptive technology and converging is the insurance sector. Leading insurers are diversifying and enhancing their offerings as they synchronies with evolving consumer demands. This means making unanticipated new ecosystems that cater to a wide range of client demands and making investments in customer-facing, cloud-based digital technologies. Additionally, insurance companies are considering their place in society, launching sustainability programs, and promoting diversity among their representatives as well as their management teams.

This is a pivotal time for the sector and a chance to offer significant value to stakeholders, employees, and customers. Accenture Insurance provides the knowledge and extensive digital capabilities to support insurers in fostering agility, resulting in the development of new revenue streams for the company as well as seamless digital services for clients.

Life & Annuity

In order to make their clients the center of their businesses, pursue development, and achieve operational excellence, many life insurers are turning to Accenture for assistance. The power of analytics, artificial intelligence, and ecosystems, as well as connected insurance, are just a few examples of the new potential that carriers may fully capitalize on by assessing and updating their business and operating models, in our opinion. It is not sufficient to simply digitize existing operations.

161Dev Inc. is a pioneer in the field when it comes to assisting in the creation and execution of a comprehensive "living business" strategy that enables insurers to profit from disruption and continuously adapt to it. Our particular areas of focus within this broad accountability are listed below.

Property & Casualty

We work with property and casualty (P&C) insurers to improve their policy, distribution, and claims functions, as well as help them leverage digital technology and undergo transformation. Here's how we support P&C insurers

Policy Function Improvement
We help P&C insurers enhance their policy management processes and systems. This includes implementing digital platforms for policy administration, underwriting, and quoting, enabling straight-through processing, and automating manual tasks. By streamlining policy functions, insurers can improve operational efficiency, reduce errors, and enhance customer service.
Distribution Transformation
We assist P&C insurers in transforming their distribution channels to meet evolving customer expectations & market dynamics. This involves leveraging digital technologies to enable omni-channel distribution, personalized customer interactions, seamless integration with intermediaries. We help insurers optimize their distribution strategies & improve agent & broker effectiveness through advanced analytics & sales enablement tools.
Claims Function Enhancement
We support P&C insurers in modernizing their claims processes to expedite claims handling, improve accuracy, and enhance customer satisfaction. This includes implementing claims automation, AI-powered claims triage, and digital claims filing and tracking systems. By leveraging data and analytics, insurers can gain insights into claims patterns, identify fraudulent activities, and improve claims decision-making.
Digital Technology Adoption
We help P&C insurers embrace digital technologies that can drive operational efficiency, enhance customer experience,enable innovative business models. This includes leveraging cloud computing, data analytics, AI, machine learning, robotic process automation (RPA) to automate processes, improve risk assessment,enable personalized product offerings. We also assist insurers in adopting digital platforms & tools for customer engagement, mobile claims processing, self-service functionalities.
Transformation and Change Management
We provide guidance and support to P&C insurers throughout their transformation journey. This includes developing transformation strategies, creating roadmaps, and implementing change management programs to ensure successful adoption of new technologies and processes. We help insurers navigate organizational challenges, optimize resource allocation, and drive cultural shifts towards embracing digital transformation.

Property & Casualty

We work with property and casualty (P&C) insurers to improve their policy, distribution, and claims functions, as well as help them leverage digital technology and undergo transformation. Here's how we support P&C insurers

Policy Function Improvement
We help P&C insurers enhance their policy management processes and systems. This includes implementing digital platforms for policy administration, underwriting, and quoting, enabling straight-through processing, and automating manual tasks. By streamlining policy functions, insurers can improve operational efficiency, reduce errors, and enhance customer service.
Distribution Transformation
We assist P&C insurers in transforming their distribution channels to meet evolving customer expectations & market dynamics. This involves leveraging digital technologies to enable omni-channel distribution, personalized customer interactions, seamless integration with intermediaries. We help insurers optimize their distribution strategies & improve agent & broker effectiveness through advanced analytics & sales enablement tools.
Claims Function Enhancement
We support P&C insurers in modernizing their claims processes to expedite claims handling, improve accuracy, and enhance customer satisfaction. This includes implementing claims automation, AI-powered claims triage, and digital claims filing and tracking systems. By leveraging data and analytics, insurers can gain insights into claims patterns, identify fraudulent activities, and improve claims decision-making.
Digital Technology Adoption
We help P&C insurers embrace digital technologies that can drive operational efficiency, enhance customer experience,enable innovative business models. This includes leveraging cloud computing, data analytics, AI, machine learning, robotic process automation (RPA) to automate processes, improve risk assessment,enable personalized product offerings. We also assist insurers in adopting digital platforms & tools for customer engagement, mobile claims processing, self-service functionalities.
Transformation and Change Management
We provide guidance and support to P&C insurers throughout their transformation journey. This includes developing transformation strategies, creating roadmaps, and implementing change management programs to ensure successful adoption of new technologies and processes. We help insurers navigate organizational challenges, optimize resource allocation, and drive cultural shifts towards embracing digital transformation.
Group & Voluntary Benefits

Here's how we help insurers enhance value to these stakeholders

Brokers

We work with insurers to provide brokers with the tools, technology, and support they need to effectively serve their clients. This includes developing broker portals and digital platforms that offer streamlined access to product information, quote generation, policy management, and claims handling. We also assist in improving communication and collaboration channels between insurers and brokers, enabling them to work together more efficiently and deliver excellent service to customers.

Employers

We help insurers enhance their offerings for employers, ensuring they have comprehensive and tailored insurance solutions that meet the specific needs of their workforce. This can include designing flexible benefit plans, implementing wellness programs, and providing access to digital tools and resources for employee engagement. By supporting employers in managing their insurance programs effectively, insurers can strengthen their relationships and demonstrate the value they bring to the table.

Employees

We assist insurers in creating value for employees by offering user-friendly and personalized insurance experiences. This includes providing digital self-service platforms that allow employees to easily access and manage their insurance policies, submit claims, and receive timely support. We also help insurers leverage data and analytics to offer personalized recommendations, promote wellness initiatives, and provide educational resources to help employees make informed decisions about their insurance coverage.
Life Science
assisting our clients in using New Science, cutting-edge medical technologies, and improved teamwork to significantly improve the lives of patients.

Digitally shaping the future of Life Sciences

Businesses are being urged to embrace a modern transformation approach due to rising costs, shifting patient expectations, and the requirement to improve R&D, service models, and therapies. Future sustainable growth will be fueled by a reinvention strategy with digital technology at its core.

Facing biopharma’s new reality

The metaverse has arrived, is rapidly developing, and some elements are already causing revolutions in the life sciences sector. According to Accenture research, 91% of MedTech executives and 85% of Biopharma executives believe it will benefit their companies.

The future of this industry is being dictated by four significant technology trends: Web Me, the Programmable World, the Unreal, and Computing the Impossible. With the help of these metaverse parts, we can develop fully redefined technology strategies that will enable us to better satisfy the unmet needs of patients, staff, and healthcare professionals in ways that were previously unthinkable. Discover how technology is transforming biopharmaceuticals and medical technologies by checking out our podcast and study.

Enabling powerful outcomes via R&D optimization

The biopharma sector had to establish new standards for innovation, as well as the speed and cost of bringing novel therapies to market, after two years of disruption. Additionally, the productivity equation is under strain from rising price pressures, which are expected to cause an affordability gap in developed economies of $300 billion by 2028.

Now is the moment to change tactics and rethink R&D using data, advanced analytics, and technology with a digitally powered and patient-centric design. Three plays supported by five enablers were found in Accenture study to help firms accomplish this transition. Adopting these tactics will help with the adoption of New Science, cut expenses from billions to millions, and drastically alter the pipelines for commercialization and access.

The rise of digital health in MedTech

Due to their special expertise of treatments, patients, and providers, MedTech businesses are best positioned to lead the transition in Digital Health. The popularity of digital devices, many of which are already in customers' hands, is fueling growth. However, it will be challenging to use digital insights to develop a complete Digital Health solution without the proper digital framework to support these businesses inside.

In AdvaMed's Digital Health Centre of Excellence, we spoke with 30 CEOs and C-Suite leaders from the MedTech and pharmaceutical industries to better understand the main obstacles facing life sciences professionals when they are expanding. Additionally, we studied 600 product launches and over 100 M&A deals from a subset of MedTech companies that took part in a global survey of 150 MedTech executives.

Leveraging new paradigms for sustainable growth

The metaverse has arrived, is rapidly developing, and some elements are already causing revolutions in the life sciences sector. According to Accenture research, 91% of MedTech executives and 85% of Biopharma executives believe it will benefit their companies.

Understanding the transition to sustainable growth and the underlying trends is necessary given the current state of the sector. Accenture conducted research on the four routes that businesses are going in this area and how knowing these models will reveal patterns for success and innovation. For businesses to assess future growth, long-lasting effects, and patient outcomes, they must select the appropriate roadmaps in conjunction with three important steps.

Taking Life Sciences to the Metaverse Continuum

The metaverse has arrived, is rapidly developing, and some elements are already causing revolutions in the life sciences sector. According to Accenture research, 91% of MedTech executives and 85% of Biopharma executives believe it will benefit their companies.

The future of the sector is being shaped by four major technological trends: WebMe, the Programmable World, the Unreal, and Computing the Impossible. With the help of these metaverse elements, we can develop fully humanised digital strategies that will enable us to better satisfy the unmet needs of patients, staff, and healthcare professionals in ways that were previously unthinkable. Discover how technology is transforming biopharmaceuticals and medical technologies by checking out our podcast and study.