A growing evolution in how insurance is planned, sold, and serviced is being compelled due to increasing customer expectations for better access, transparency, and convenience. This has encouraged the industry to transform their operating procedures and embrace new trends to remain competitive in the market while improving revenue and profitability. Thus, this infographic explains why insurance companies at the global level are investing in the latest trends of 2018. Source: https://www.cogneesol.com/blog/insurance-industry-trends-2018/

1. GLOBAL INSURANCE
INDUSTR Y TRENDS
AN AL YSIS 2018
The multinational insurance enterprises are continuously outsourcing
their business operations to the developing countries like India and
Philippines to overcome their business incompetence.
TREND 1: EMPHASIS ON PROCESS
AUTOMATION
TREND 2:
INVESTMENTS IN CLOUD
COMPUTING
TREND 3:
CORE & TRADITIONAL
PROGRAM MODERNIZATION
TREND 4:
IT MODERNIZATION &
SIMPLIFICATION
TRENDS:
PUBLIC CLOUD
INFRASTRUCTURE &
APPLICA TIONS
TREND 6:
ENHANCED CYBER
SECURITY
TRENDS:
TREND 7:
CONSOLIDA TION OF
POLICY ADMINISTRATION
SYSTEMS
CONTINUED GROWTH IN TOP
OUTSOURCING COUNTRIES
WHY INSURANCE COMPANIES INVEST IN
OUTSOURCING?
Lack of industry experts Need of specialized
internally strategies & expertise
Lack of sufficient
resource in-house
Increasing investment Increasing challenges to
mgmt issue meet performance goals
External management
will reduce cost
OUTCOMES
BY 2020, AVERAGE
OUTSOURCING INVESTMENT IS
PREDICTED TO STRIKE
$2628
ACCORDING TO A HARVARD REVIEW REPORT, INSURANCE
AGENTS WHO OUTSOURCE INSURANCE BACK OFFICE REPORTED
REDUCTION IN:
65% COSTS
90% TURNAROUND TIME
Cogneesol
WWW.COGNEESOL.COM
INFO@COGNEESOL.COM
+16466882821