The insurance industry regularly moves through hard and soft markets – and a soft market can often mean decreased profitability and increased competition.
With tighter margins and downward pressure on pricing – as well as rising customer expectations – the onus is on insurers to deliver increasing value while maintaining market share and protecting profit, too.
Agile and innovative approaches are increasingly needed to succeed in a soft market, and technology is key.
Working smarter, not harder
It’s a cliche, but it’s true – the smarter we can work, the more we can achieve. And in today’s insurance industry, technology is no longer nice to have, rather, it’s a strategic essential.
Today, successful digital transformation is the difference between success and failure. A recent study found that insurance companies are losing customers due to digital inefficiencies, while a report from the Australian Finance Industry Association claimed the industry’s adoption of and investment into generative AI could save the sector $25bn if there was a high level of adoption between 2025 and 2035.
By implementing insurtech tools, insurers can quickly realise a strategic advantage that enables them to work smarter, respond faster and deliver better outcomes for themselves and their customers.
Here’s how insurtech can help you achieve much, much more – illustrated with some examples from our own ClaimsGateway platform.
Insurtech can turn data into meaningful intelligence
Insurers are unlocking new value from their data, enabling smarter, more informed decisions to be made. Advanced analytics can create deeper insights into customer behaviour, risk patterns and operational performance, which in turn enables more accurate underwriting, sharper pricing strategies, and improved loss ratios.
For example, ClaimsGateway enables insurers to monitor team performance, identify bottlenecks, and track claims progress in real time – this means that areas of improvement can be quickly identified and addressed. After all, claims is the critical point in the insurance value chain.
Insurtech can streamline operations and drive efficiency
Claims really is where the rubber hits the road in insurance, and a modern claims workflow is essential. By automating and simplifying the end-to-end claims lifecycle with a platform such as ClaimsGateway, you can reduce manual handling and improve data accuracy. You can also significantly cut processing times and deliver faster outcomes for clients – without compromising on compliance, quality and accuracy.
By automating those repetitive processes, you will free up time for your claims team to spend on higher-value work. Whether that’s ensuring clients are being kept up to date, being out in the field in emergency situations, or something else entirely, they can be assured that, thanks to real time visibility, nothing falls through the cracks.
In addition to increasingly satisfied clients, you’re also likely to see reduced overhead and increased output.
Insurtech can help you deliver a more personalised customer experience
Customer satisfaction is vital in a claims process where speed and accuracy matter. Platforms such as ClaimsGateway enable insurers to resolve claims faster, with better accuracy, thanks to intelligent automation.
This leads to higher satisfaction and a more positive policyholder experience, which is paramount for insurers. In addition, customers today expect a seamless experience.
According to PWC, 73% of customers say that the digital experience offered by a business is one of the most important factors in their purchasing decisions. Quite simply, a strong, reliable and intuitive digital experience is expected.
Insurtech can help you gain a competitive edge
Any business that can reduce costs while improving customer loyalty is onto a good thing – and solutions such as ClaimsGateway can help you achieve both.
By streamlining and automating the claims process, you can reduce administrative burden, eliminate inefficiencies, and lower operational costs, without compromising performance and accuracy.
At the same time, you can deliver fast, transparent, and personalised interactions that drive loyalty.
In a market where retaining customers is just as critical as acquiring them, that competitive edge matters.
And with flexibility and scalability, the right solution can also help you scale, adapt, and introduce products into new or underserved segments.
The time for digital transformation? Today.
In the current softening insurance market, digital transformation is no longer a future ambition; it’s an absolute necessity.
Insurers that embrace smart technologies are well-positioned to remain resilient, customer-focused, and competitive.
Insurers that don’t – quite simply – will be left behind.
ClaimsGateway is helping lead the insurance industry’s digital transformation. With a secure, scalable platform packed with automation, analytics, and real-time functionality, ClaimsGateway is simplifying claims management and empowering insurers to deliver faster, smarter service at scale.
Want to learn how ClaimsGateway can help you stay ahead in a changing market?
Get in touch with our team. We’d love to show you what’s possible.