For the insurance industry, 2018 is already shaping up to be the year of the digital transformation. So, what does that mean for insurers and how do you get started?
A proper digital transformation is a two-pronged approach. Both a clear digital strategy and the right technology platforms are needed to transform an organization.
According to McKinsey & Company, “The definition of a digital strategy is no different from that of any other strategy. It is a set of integrated, hard-to-reverse choices, made for the future, in the face of uncertainty, with the purpose of creating and capturing economic surplus…What is different in a digital age is the speed and potential magnitude of that change, upending old business models and rapidly building entirely new ones.” The rapid change associated with the digital age is what makes the technology platforms that insurers choose so critical.
To accelerate their digital transformation, Insurers should look at platforms that integrate with existing technology investments and extend their capabilities, expediting their journey to the future of the industry. OnBase’s Case Management capabilities can help lead your organization to digital transformation.
3 Ways Case Management Can Transform Your Business
- Decompartmentalize Your Information
Insurers have a tremendous amount of content, processes, and casework managed by niche or old applications. Most of this material comes in through the mailroom, an email inbox, mobile devices, a web-based portal, etc. Add to these the internally generated content created in the context of routine business processes, and you find a jumble of valuable information not being efficiently managed.Each disconnected content silo increases the risk of security vulnerabilities and can result in duplication of information which leads to discrepancies in data and increases the challenge of audits and discoverability. Case Management provides Insurers the necessary tools to manage their non-digital, manual, paper processes more efficiently, while simultaneously reducing the risk of human error and compliance breaches.
- Have a 360 Degree View
When asked by Digital Insurance how the insurance industry is adapting to today’s consumer base Chunka Mui, an author, and insurance innovation strategist stated that he believes the industry’s most significant opportunity is to improve customer service by treating customers as people, rather than a policy. Technology makes this concept a reality by eliminating information silos and providing insurers with all the information they need at their fingertips to personalize their interactions with a customer.With OnBase Case Management, employees always have a complete view of information, wherever they are and however they work: in the office, on the road, in the field — in any core application on any desktop or mobile device. Essential documents, forms, business processes and reports are at their fingertips.
- Spot New Opportunity
Imagine the efficiencies that would result if employees had to spend less time looking for information and more time working with it. When all the information needed comes together in one place, suddenly employees can focus on spotting new opportunities to help the customer and build the business, rather than tracking information down.Technology has shifted consumer behavior, and it is time insurers use it to move theirs as well. Accenture advises that carriers need to change their business model from one that is product- and process-driven to one in which the customer is central. Strategically managing organization information and using the right tools, allows insurers to focus on the client and use data and analytics to drive decisions and experiences.
The Power of Context
OnBase and Case Management allow organizations like Farmers Mutual Group to provide easy access to information, to the right people, at the right time, regardless of where they are working. The decision to make OnBase a part of their IT infrastructure has helped them to not only manage their content more productively, but it has provided context around that content as well. The 360-degree view of their information and the meaning surrounding it has allowed them to look forward to a digital future.