Digital transformation is often referred to as the third stage of embracing digital technology.
«The general change potential of digitalization is subject of intense market discussions. Thanks to our industry- and outside-in perspectives across markets and financial industries, we jointly develop concrete fields for action and implement them successfully. Thus digitalization is no longer a threat but becomes an opportunity.»
Digital Business Model
Digitalization is changing the way we do business – customers are getting empowered, process get digitalized, business models need to evolve to keep up with new challenges.
Hardly any industry notices the impact of current and future information technology hypes like digitalization, big data or the internet of things (IoT). These topics provide chances for new business models, new customers and for internal optimization. Threats like new competition and change of customer behavior and expectations can be turned into lucrative opportunities.
For the insurance industry you can see the impact in all areas: life, non-life, reinsurance, and health insurance.
New customer areas are rising where digitalization enables new business models. For example Uber or AirBnB require specialized insurances and clarification of arising questions regarding liability. Simultaneously, traditional business is getting more transparent, and startups building on existing concepts create entirely new approaches (e.g. hioscar health insurance). Digitalization also facilitates proposing new products to customers based on their life style or using big data analytics (wearables, telematics, etc.).
Digital and innovative insurance business models include:
- New operating models (white labelling, outsourcing, alternative distribution channels, D2C sales, etc.)
- Data driven insurance analytics (big data, IoT)
- Telematics (real time & behavior data)
- UW tools for risk assessment
- External partnerships (data ecosystem)
Consumers are increasingly self-service-driven and are looking for empowerment and instant solutions. From searching for information to buying insurance products online, the customer journey is moving ever closer to the digital space.
Now is the right time to operationalize these hypes for your business and start securing results for the future. Synpulse is more than happy to support you with digitalization in the insurance industry by:
- Create business and digitalization strategies, and define new areas for activitie
- Develop and implement measures derived from your strategy, and build prototypes
- Accompany the digital transformation of your organization
The digital transformation of the entire value chain requires a rethinking of traditional business models of insurers. Future success depends on the ability to do this.
Banks and insurance companies are subject to constant organizational and technological change. Precisely where major restructuring or launch projects are concerned, professional training is key to success. In «Training Solutions», Synpulse has developed a methodology for mastering these challenges with modern and effective training solutions.
If you are facing the challenge of implementing a major change project in your organization, Synpulse is the ideal partner for your internal communication and training. «Training Solutions» is the methodology we have developed to prepare your organization well in advance for change.
Our first step is to explore with you your communication and training needs. Then we jointly decide on the most suitable training resources. Whenever possible, we use modern tools such as e-learning, webinars and e-classrooms. This gives you maximum effectiveness at minimal cost.
Precisely where international projects are concerned, it is essential that training can take place independent of time and place and that assessment is automated. Traditional training methods often break the agreed budget with the cost of travel alone, which frequentlyoften makes this option unviable.
We employ «Training Solutions» continually and successfully in projects and optimize it on an ongoing basis. Its pragmatic approach and the mix of training resources in particular mean that our clients can tailor the training process to their needs. It also means that we can make adjustments as and when they are required. Our customers additionally benefit from experienced Synpulse project team members, whose expert knowledge and skills from an insurance and banking background make them highly effective in putting together training packages.
«Training Solutions» is an ideal way of meeting a large-scale need for training. Our clients benefit from our many years of expertise. We help you to achieve maximum effectiveness from your training at minimal cost and working with modern tools and resources.