In recent years, technology has taken a central role pretty much everywhere. As a key enabler for many organisations, having advanced technology within core operations has become a key differentiator for businesses.
He adds: “Technology has become a core conversation in the boardroom. Now they are figuring out how technology can advance the business and drive the important aspects of the agenda. Investment in technology is becoming as important as the products an organisation sells.”
Helping organisations achieve their digital transformation vision
With COVID-19 accelerating the pace of transformation for many organisations, technology has resulted in significant positive disruption to many regulated industries. Using the healthcare industry as an example, Subramanya says:
“In an industry focused on safety, technology has helped those in the industry during the pandemic to create a vaccine in less than a year. Technology is clearly helping people in regulated industries to improve and innovate safely, and this is the same for insurance.”
He adds: “If you consider dynamically priced insurance industries, there is significant consolidation in the industry that is driving better experiences and modern capabilities; this can also be extended to the optimisation of functions such as underwriting. Those in the industry are using technology to improve the experience and value a customer gains.”
As an insurer, the experience that is provided to customers is one of the most vital elements in today’s market. “Loyalty to a product is going away,” says Subramanya. “This means that insurance companies need to innovate faster, so they are investing in solutions such as automation to reduce costs and better use these resources to improve the customer experience.”
Helping The Standard to digitally transform
Like any other insurance company, The Standard is focused on investing in its customer experience. The Standard offers a variety of solutions, including those for retirement, disability, dental and healthcare.
“Ensuring that they deliver frictionless solutions so that customers don’t suffer from long wait times, as well as innovating and improving fast are key components for the Standard,” says Subramanya.
He adds: “In order to achieve this, HCL Technologies is providing The Standard with significant optimisation capability for their current processes including infrastructure, development processes, and QR automation. With these capabilities, they are able to adopt and improve much faster.
“The Standard has also invested a lot in improving its operations and driving efficiency throughout its local platforms with RPA. HCL is helping to ensure that the entire process in the backend is optimised so that the customer experience continues to remain valuable.”