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How auditing helps business growth

An IT product audit can prove to be not only an important step for discovering and fixing potential problems, but also a significant point of growth for the business.

Why?

The audit process can shed light on hidden flaws, optimize processes, and improve product quality. It's important to realize that an audit not only identifies problems, but also provides specific recommendations on how to fix them, resulting in a better and more competitive product.

Moreover, audits can help identify new opportunities for growth, optimize costs, and improve user satisfaction. By analyzing user experience and performance data, you can develop strategies to improve functionality and attract a larger audience. In this way, IT product auditing becomes a key tool to achieve high performance and sustainable growth for your business.

If you are going to audit your product or just thinking about it, email me, I am ready to answer your questions and help if needed!

The need for digitalization in insurance

More and more policyholders expect insurance companies to finally give them the ability to manage their policy portfolio independently. According to a study by Worldinsuranceeport, nearly 73% of customers want to apply for new policies and renew current ones without the involvement of insurer representatives. These customers have the necessary background to utilize the digital capabilities of portals and not need support. On the other hand, not all insurers are ready for this.

📍Despite insurers' concerns, the expansion of personal accounts is only good for business. For example, the leaders of the banking industry have removed restrictions for clients' actions in the personal cabinet as much as possible. Users can open and close accounts, issue new cards and close current ones, transfer funds and pay receipts, and even get loans online without going to the bank in person. Remembering that back in the early 2000s all these operations were performed only by employees, there is obvious progress.

📍The insurance industry will also come to this outcome. Especially when business understands that digitalization of personal accounts reduces costs and increases productivity. There are already positive examples among insurers.

Digitalization can be both a driver of insurance companies and a destroyer. Insurance is a conservative industry, but even in it clients expect to use technologies that have become common in other areas of the economy. In order not to lose insurers, business needs to develop appropriate infrastructure. This will allow you to serve customers wherever they are.

Technology in Insurance: The Internet of Things

The Internet of Things (IoT) not only makes life easier for its owners, but also gathers quite a lot of knowledge about them. Jokes about surveillance from a coffee maker are no joke. Insurers can use such information to analyze customer behavior. For example, a car tracking device collects metrics during trips and can provide details of the incident that happened. IoT records everything. This allows insurers to identify the causes of accidents, accurately assess damages and make decisions on fair compensation.

📍Abroad, the Internet of Things is actively used in the insurance business. For example, in France there is a cloud-based platform My Risk io, which is integrated with industrial IoT devices. It continuously monitors data and improves the accuracy of insurance underwriting. The US agriculture industry operates a weather forecasting platform. It collects information from IoT sensors that helps generate the most accurate forecast for a particular location. Insurers use such forecasts to build insurance models for agribusiness and calculate commensurate payouts.

Do you use this technology? 🧐

Technology in Insurance: Omniocality

Today, customers vote for the convenience of purchasing any goods and services, but there are distinct patterns of behavior. People choose expensive, premium products online but purchase them offline; low-cost products, on the contrary, are more likely to be purchased online, even if they first learned about them through live communication with salespeople or agents. This means that insurance companies need to utilize both ways of interacting with customers: online and in service offices.

📌Omnichannel is a strategy that connects all channels of interaction with the customer and provides a "seamless" user experience, regardless of the chosen method of communication.

When introducing omnichannel to the insurance business, it is necessary to think about which channels are already used to interact with customers and which channels should be introduced. After that, it is important to analyze whether sales are available in each communication channel. Omnichannelization allows to integrate all possibilities of purchasing insurance products at every customer touch point: in the office, on the website, in a mobile application, in social networks and messengers.

📌Omnichannelization is not yet sufficiently developed, but it is very important for companies to realize the fact that "it is not important how a person found out about a product, it is more important that he or she can buy it easily and at the point of touch that suits him or her. For this purpose it is necessary to create a complex system of communication channels, each of which integrates the possibility of purchasing an insurance product"