Driving a successful insurance transformation can be a complicated endeavor. There are many moving pieces and shifting strategies when accomplishing a significant change — but the results are worth the effort.
Read on to learn our top four methods for a successful insurance transformation and contact us for more details.
Top Four Methods for Successful Insurance Transformation
The insurance and risk management industry is ready for change — and innovative companies are ready to deliver. Insurance transformation is happening at a record pace. Be successful in your transformation by following some of these top methods.
Robotic process automation to drive change
Insurers need to move quickly and find ways to save time and money. One way to do that is by automating routine processes and low-value activities so your adjusters can focus their time on more critical tasks.
But it can be a challenge to automate processes due to legacy systems and budget constraints. Traditionally, making a systems change required an expensive IT project with a dedicated developer. With the introduction of no-code and low code robotic process automation (RPA), anyone can easily make changes to the system without changing code.
This saves time and money — and leads to greater agility. Carriers can design and implement split testing, review the results, and implement the new design in a matter of weeks, without employing outside developers.
Legacy system integrations to grow results
Many insurance companies are working with homegrown legacy systems replete with patches and temporary solutions. The time has come to update these systems with smart integrations and new capabilities designed to improve the customer and employee experience.
Modernization has many benefits — and being able to fully integrate with new vendors offering the latest insurtech is a main one. Using an established framework means you don’t have to purchase an expensive new system and spend months getting it up and running. The Hyperstack Automation Framework™ allows you to integrate and build automation quickly. We can help you:
- Quickly identify the right business processes to automate. Not every process is the right one for automation. Our experience guides you to select the right processes to automate for the most value. High-value workflows will be tackled first, extracting the most value from the lowest effort.
- Easily create process automation. Design automation to enhance your processes for sustainability. Enterprise consistency comes from everyone doing the process the same every single time. Automation is the only way to guarantee this by removing the possibility of human errors.
- Create an error-free environment. Be confident in your system’s ability to get it right. The workflow you have built is error-free — there is no potential for simple human error to cause a compliance problem or customer complaint. And this means your employees can focus on the more vital tasks that do require their skills and attention, like working with customers or negotiating settlements.
Technology helps you compete
You have to compete on many different levels today. Your competitors are hoping to take over your market share, your customers, and even your most talented employees. Using the latest technology to power your business gives you a competitive edge with your customers and employees alike. No one likes to waste their time — and that is exactly what repetitive manual business workflows do to your employees. Morale decreases with every data entry keystroke, especially when your employees know simple processes could easily be automated and handled by a machine.
In a competitive market, you need to be an employer of choice. Having a great benefit and salary package is table stakes. To hire and retain the most talented employees you’ll also need top technology that is easy and fun to use. Empower your employees and future hires with robotic process automation tools they can use to find efficiencies.
The insurance and risk management industry has been affected by the Great Resignation like most other fields. This means every employer is competing for employees who could decide to leave the RMI field and go into another business altogether — so our industry must be innovative and find new ways to solve problems. Technology is a driver of innovation and employers who embrace this mindset will succeed faster than those who do not.
Agility helps you grow and scale
One thing is certain — the insurance and risk management industry will continue changing and adapting over time. New risks and exposures are created by technological advances in every industry. People are changing the way they live and work, and insurance products have to keep up with the times. Autonomous vehicles, wearable sensors, and smart homes are just a few consumer examples of products insurance companies must learn to underwrite and insure.
Having agile technology in place allows carriers to adapt swiftly to introduce new products. When vacation home rentals took off, short-term home insurance products became critically important. And when the pandemic sent every employee home to work, companies had to adapt their workers’ compensation coverage to match the new risk. Adapting is nothing new for insurers — but technology allows for faster adaption at scale.
If you are constrained by your legacy systems, let’s talk about how we can help you become more agile and prepared for change. You don’t need to eliminate your legacy system to drive a successful insurance transformation — but you do need an agile framework so you can iterate, fail fast, and reiterate to drive results.
Integratz Makes Your Insurance Transformation A Success
Connect with us to book your free preview call today and see how we can help your insurance transformation succeed! Our intuitive, fun robotic process automation tools can change your business by automating workflows and freeing your employees for more complex tasks. Learn more today.