Tag: SilverBridge

The evolution of consumer expectations in the insurance industry is reshaping the traditional insurer-customer dynamic. Customers are no longer satisfied with a one-size-fits-all approach; they are looking for a more personalised, meaningful, and continuous engagement with their insurance providers.

An application programming interface (Open API) provides standards for how different software communicate with each other. Taking it a step further, an Open API specification (OAS) allows both humans and computers to discover and understand the capabilities of a service without requiring access to its source code.

As technology evolves, people are not only comfortable with a digital environment but have also embraced an always on-mobile lifestyle. They now demand a seamless customer experience from their service providers across all engagement channels.

Research shows that insurance executives are recognising the opportunities associated with big data. Of course, they are no stranger to the importance of data analysis given how the industry is built around understanding market requirements and developing solutions accordingly.

Artificial intelligence (AI) provides banks with the means to make better use of the massive amount of data at their disposal. In doing so, they can identify opportunities for growth faster and gain significant competitive advantage at a time when more agile digital counterparts are emerging.

Thanks to digitalisation and the effective analysis of data, marketing continues to become more personalised and contextual. In fact, digital technologies enable companies to provide customers with relevant and quality experiences reflective of today’s real-time world. 

The Financial Advisory and Intermediary Services Act (FAIS) is designed to create a professional code of conduct with specific outcomes and measurements which Financial Services Providers (FSPs) must comply with. 

Data compliance is an important facet of any business today. For insurers who rely on customer data for product distribution and innovative development of better solutions, meeting the requirements of this regulation is critical.