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Banking, Financial Services & Insurance

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Navigating the Future of Banking

In today’s rapidly evolving financial landscape, banks are faced with the challenge of not only meeting rising customer expectations but also keeping pace with technological advancements. The emergence of fintechs, the urgency for digital transformation, and the critical need for robust data security are driving financial institutions to innovate at an unprecedented rate.

iSOFT: Your Partner in Transformation
 
At iSOFT, we specialize in guiding banks through this transformative journey. Our extensive expertise helps financial institutions leverage technology to enhance customer engagement and operational efficiency. 

Here’s how we can support you:

Software Implementation and Support

We provide comprehensive software solutions tailored to meet the unique needs of your institution, ensuring seamless integration and ongoing support.

Securing Networks and Data

Our services include robust security measures for networks, applications, and data, safeguarding your operations against emerging threats.

Driving Digital Transformation

We empower banks to embrace digitalization, streamlining processes and enhancing overall agility to better serve customers.

Leveraging Analytics

Utilizing advanced analytics, we help you unlock valuable insights that facilitate smarter decision-making, foster personalization, and elevate customer experiences

Monetizing Data

We assist banks in maximizing their data potential to develop new revenue streams and innovative business models.

Sustainable Finance

By guiding investments into renewable energy and carbon footprint reduction, we've enabled banks and other financial institutions to offer sustainable financial products that not only generate returns but also make a positive impact on the environment and society.

 

Domain Services

Commercial Banking and Diversified Lending

We create seamless digital lending experiences for both commercial and consumer sectors, automating processes and generating data-driven insights while effectively managing risk.

Retail Banking

We transform traditional, siloed operating models into agile platforms, enabling hyper-personalized customer interactions that drive satisfaction and loyalty.

Investment Banking

Our expertise enhances office operations from front to back, ensuring they are future-ready, profitable, and resilient.

Cards and Payments

We empower financial institutions to implement next-generation payment solutions at scale, while efficiently managing compliance and complex risk environments.

Asset Management

We help firms adapt to market demands, seize new opportunities, and create compelling, cost-effective customer propositions.

Capital Markets and Wealth Management

We focus on delivering superior investor experiences, enhancing advisor capabilities through hyper-personalization, and integrating data-driven insights with innovative technologies.

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Navigating the Future of Insurance

The insurance industry is navigating a convergence of challenges that are reshaping its operations and future outlook. Let’s break down the key issues and how we can help.

Key issues in Insurance

Natural Disasters & Climate Change

Impact
As climate change accelerates, the frequency and severity of natural disasters like hurricanes, wildfires, floods, and droughts are on the rise. This not only leads to an increase in insurance claims but also puts immense pressure on insurers to price risk accurately. Areas historically deemed low-risk are now becoming high-risk zones, and insurers are forced to adjust their coverage and premiums accordingly.
Consequences for Insurers and Policyholders
Insurers are raising premiums, tightening coverage, or even withdrawing from particularly high-risk areas. Consumers in these areas may find themselves with either much higher premiums or reduced coverage. In extreme cases, some may be unable to find coverage at all, especially in markets that are seeing large-scale climate-related damages.

Supply Chain Disruptions

Impact

The pandemic, geopolitical tensions, and trade disruptions have caused significant supply chain problems, leading to shortages of key materials and delays in production. This directly affects the property and casualty insurance market—particularly in industries like construction, manufacturing, and automotive—which rely heavily on the availability of materials and labor.

Consequences for Insurers and Policyholders

Insurers are seeing increased claims costs due to higher replacement costs and delays in repairs or construction. For consumers, this can result in higher premiums and longer wait times for repairs or replacements. The construction and auto industries, in particular, are facing higher underwriting risks as a result of these disruptions.

High Inflation

Impact

Inflation is driving up the cost of goods and services, including the cost of labor, materials, and replacement goods, which directly impacts claims settlement for property, auto, and casualty insurance.

Consequences for Insurers and Policyholders

Insurers are paying more to settle claims, but often must balance that with the need to remain profitable. Premium increases are therefore a natural consequence of inflation. However, for policyholders, inflation can mean that their coverage may not stretch as far if the coverage limits haven’t been adjusted for rising costs. Insurers may also impose stricter terms or higher deductibles to maintain profitability.

Regulatory Changes

Impact

Governments around the world are increasingly tightening insurance regulations. This can include raising capital reserve requirements, imposing new consumer protections, or mandating changes in underwriting practices, particularly in areas with increased natural disaster risk.

Consequences for Insurers and Policyholders

For insurers, this means higher operational costs and increased complexity in managing compliance. For consumers, it can lead to more standardized coverage options or new types of coverage requirements. In flood-prone areas, for example, insurers may be required to offer more comprehensive flood coverage, even though the risk may be financially unappealing to them.

Cyber and Operational Resilience

Impact

As digital threats and cyberattacks become more frequent and sophisticated, insurers are facing an increased volume of claims under cyber insurance policies. Businesses are also investing heavily in strengthening their operational resilience to prevent or mitigate these risks, which in turn impacts the types of coverage required.

Consequences for Insurers and Policyholders

Insurers are now forced to rethink their underwriting models to account for cyber risk more accurately, which can lead to higher premiums for businesses. For policyholders, particularly in sectors like finance, tech, and healthcare, this may translate to higher costs for cyber insurance, but also better coverage in terms of risk management and business continuity.

More Frequent Claims with Higher Costs

Impact

The cumulative effect of natural disasters, supply chain issues, inflation, cyber threats, and regulatory changes has led to a significant rise in both the frequency and cost of claims. This is stretching the financial capacity of insurers and pushing them to reconsider their pricing and risk management strategies.

Consequences for Insurers and Policyholders

Insurers are increasingly focused on risk mitigation, with a greater emphasis on more accurate underwriting models and data analytics. For consumers, this means higher premiums, stricter underwriting criteria, and potentially less coverage as insurers manage their risk exposure.

Broader Implications for the Insurance Industry

Repricing and Restructuring
As insurers deal with higher claims frequency and severity, many are adjusting their pricing models. This may include significant premium hikes, higher deductibles, and exclusions for certain risks (like flood or cyber). The insurance market is evolving toward more personalized risk assessments using big data, AI, and climate risk modeling to better predict and price individual risks.
Shifting Coverage
In certain markets, especially those highly exposed to natural disasters or cyber risks, insurers may offer narrower coverage options or limit payouts in ways that could leave policyholders underinsured or with less comprehensive coverage than before.
Consumer Behavior
In response to rising premiums and the tightening of coverage, some consumers may opt for lower levels of coverage, higher deductibles, or even risk retention (self-insurance) for some types of coverage. This could lead to an increase in underinsurance, particularly among lower-income groups or in high-risk areas.

How we can help

The insurance industry is facing a challenging environment, with interconnected risks forcing insurers to reassess their strategies. iSOFT assists Insurers  to manage risk better and drive more personalised pricing, and has a proven track record in helping Insurers to transform and following are certain areas where we can engage with you.

Property and Casualty transformation
We offer Core System Transformation with proven delivery framework, repeatable methodology with supportive accelerators and integration patterns to speed up delivery with high quality outcomes.
Life insurance transformation
Life Book Health Assessment to define the roadmap for each component of the business processes and application landscape. Customer Experience Transformation such as Digital Sales and Touchless Service.
Customer communication management (CCM)
CCM solution leverage ‘Human Centered Design’, Technology Platforms and Accelerators to ensure that the modernized CCM system keeps the ‘Customer’ at the center of all communications.
Data strategy
Data Strategy for Core system transformation provides clients the option, choices, reference architecture for data management and insight delivery to business.
Touch less claims
Intelligent process automation

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Singapore 018983

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Uttar Pradesh 201313, India

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