Pres­i­dent of In­sure­soft

Digital Insurance - - STRATEGIES - CON­TACT IN­FOR­MA­TION In­sure­soft email: sales@in­sure­soft.com phone: 866.299.81314

Why do in­sur­ers need to im­ple­ment to a dig­i­tal pol­icy ad­min so­lu­tion? What are the main busi­ness im­per­a­tives?

Sell­ing and ser­vic­ing poli­cies for next gen­er­a­tion in­sureds re­quires a dig­i­tal ad­min so­lu­tion. Mil­len­ni­als ex­pect to be able to man­age their poli­cies on­line, when ap­pro­pri­ate. When they do need as­sis­tance from either an agent or an in­surer, they ex­pect the per­son pro­vid­ing them with as­sis­tance to have im­me­di­ate ac­cess to all of the in­for­ma­tion about their poli­cies, cov­er­ages, in­voices, etc. And, they are look­ing for a per­sonal touch. A dig­i­tal so­lu­tion that com­bines pol­icy and un­der­writ­ing in­for­ma­tion, not just by pol­icy, but by client, pro­vides the in­surer with op­por­tu­ni­ties to de­liver on their cus­tomers’ ex­pec­ta­tions.

How should in­sur­ers with highly cus­tom­ized legacy sys­tems go about a dig­i­tal up­grade? What ben­e­fits can they ex­pect?

Start with your busi­ness teams first. This is not an IT project; it’s go­ing to change the cul­ture and the way the in­surer op­er­ates. It’s im­per­a­tive that the project have com­plete buy-in from the busi­ness unit. The process lead­ing up to the search and se­lec­tion of a new sys­tem is more im­por­tant than the se­lec­tion it­self. In or­der to up­grade suc­cess­fully and make the most out of the new sys­tem, in­sur­ers must be will­ing to change their work­flows and busi­ness pro­cesses to meet the dig­i­tal age. In­sur­ers also need to iden­tify what cus­tomiza­tions in their legacy sys­tem re­ally set them apart to their agents and pol­i­cy­hold­ers. Those are the fea­tures and func­tions it might make sense to cus­tom­ize even with a new, more ro­bust so­lu­tion. Fo­cus on mak­ing de­ci­sions for the right rea­sons and keep an open mind.

How do the lat­est busi­ness in­tel­li­gence func­tions give in­sur­ers such a big com­pet­i­tive ad­van­tage? Why are these ca­pa­bil­i­ties de­pen­dent on a mod­ern, in­te­grated suite of dig­i­tal core sys­tems?

The data avail­able to­day is as­tound­ing. When used right, de­tails like ac­ci­dent fre­quency within a mile of a risk ad­dress, smart home tech­nol­ogy that con­trols how of­ten an alarm sys­tem is ac­tu­ally used, not just in­stalled, and so on al­low in­sur­ers to set their pric­ing and un­der­writ­ing rules ac­cord­ingly. And, that in­for­ma­tion needs to be avail­able in real-time so that the data can be ap­plied to de­ci­sions at the trans­ac­tion level. Gone are the days of un­der­writ­ing a pol­icy one-time when it comes in the door as new busi­ness.

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