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Group benefits insurers are pressured to modernize their ecosystems, to allow for greater product innovation and elevated service levels. Mathieu Beauchesne from GFT discusses how to ensure a smooth transformation that is completed on time and on budget.

The effects of the pandemic will reverberate throughout the global community for generations. For the group insurance industry, Covid was a catalyst for powerful transformation. The resulting operational revisions, strengthened customer relationships, and focus on innovation will highlight a new and exciting chapter in the ongoing evolution of group insurance.

Large projects like a core modernization take months to complete with involvement from many different teams across a group insurance carrier.

Quality 360’s market-driven approach helps balance project development speed with constant quality assurance. With project team engagement, testing early and often, and incorporating key learnings into current and future projects, Vitech can ensure that expedited projects are embedded with quality from start to finish.

Modern policy administration systems continue to evolve, and building effective fraud detection and prevention protocols are significant advances to protect all constituents.

Organizations that invest in innovation not only surpass companies that invest less or not at all, but the rate of return on future investments is higher because of learnings from previous innovation efforts. Bottom line, innovation is no longer an option.

With personalization and omnichannel, supported by customer personas, a journey orientation, and a strong technical and organizational foundation, group insurers can now achieve the powerful digital engagement to empower its customers and to maximize their own success.

A next-generation technology foundation combined with omnichannel, data and analytics, and personalization can deliver the future-focused CX needed now and in the future.

Organizations need to look at a completely new set of parameters based on changing work dynamics to ensure they remain engaged and remodel employee benefit programs in the post-pandemic world.

For today’s group insurers, the pandemic provides an opportunity to demonstrate and promote the value of their services and offerings. To respond most effectively, group insurers need modern core administrative platforms to enable seamless engagement, portability, more granular pricing for mortality and morbidity, and easy integration into the complex healthcare benefits ecosystem.