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The health and protection insurance industry is at a crossroads.
Consumers expect insurers to mirror Amazon, Google and Uber, providing the myriad of lifestyle apps on their phone that value their support, trade and loyalty.
Given the opaque and conservative nature of the industry, many firms are struggling to meet these requirements.
Despite other insurance sectors like property and casualty racing ahead with technology, the majority of health and protection providers are grappling with outdated, siloed technology that causes friction at every stage of the customer journey.
The consequences? Frustrated customers, negative net promoter scores and stagnated business growth.
Hesitancy permeates the trade despite acknowledgement that change is required. Insurers spend their entire lives evaluating risks, yet the risk of doing nothing is, ironically, undervalued.
Take Octopus Energy. Turning a historically dull and opaque industry into something interactive, engaging, and empowering is no easy task. Yet in 10 years it has become the top supplier of energy to UK households.
Tech-driven personalisation, gamification, transparent communication, and community-centred models, all previously alien to the sector, have been embraced by Octopus, proving that putting customers at the heart of your energy strategy is not just good ethics – it is good business.
Workplace issue
A lack of technology modernisation is not just a customer issue.
Employees struggle as well, installing a lack of productivity, engagement, and motivation across all levels of staff: board members are tasked with balancing innovation and budget constraints; front-line staff are juggling siloed systems and IT teams are forced to maintain codebases older than some of their newest recruits.
The strain is real, and it’s all rooted in one core issue: outdated technologies. They slow down processes, limit agility, and hinder innovation.
They are killing the industry, so it is high time to move on.
Comarch has been providing modern software solutions at leading insurers across Europe for more than two decades.
Designed with the future in mind and built to support a full-scale transformation of health and protection businesses, Comarch supports insurers in transformation and meeting the changing face of insurance:
- Customer-first design – delivering seamless, omnichannel experiences that genuinely put the client at the centre. In a world of hyper-personalisation, the perceived value of your product is just as important as the policy itself.
- Enterprise management – streamlining operations, processes, and workflows to run more efficiently, cost-effectively and with greater agility. In short, making insurers more agile, easier to manage and quicker to adapt.
- Business intelligence – harnessing modern digital tools to create meaningful, data-driven experiences that add value across the entire insurance value chain.
- Cyber security – in an age of escalating cyber threats, Comarch offers robust protection that keeps both customer and company data secure.
Modernising insurance technology is not as simple as plugging in a new system and walking away.
It is about creating a resilient, future-ready business. Transformation does not – and should not – happen overnight.
A phased, step-by-step approach is the most sustainable way forward.
But the first step? Choosing the right partner, such as Comarch, one who not only understands your business, but who stays ahead of the technological curve.
In a market defined by change, agility is everything. By making smart, future-focused investments today, health and protection insurers can finally catch up, and even leap ahead, in this era of digital revolution.
Learn more about insurance transformation with Comarch: https://www.comarch.com/finance/insurance/insurance-transformation/
Download the roundtable supplement for the Health & Protection technology roundtable in association with Comarch by following this link.