“If it ain’t broke, don’t fix it,” right? Maybe if we are talking about the garbage disposal in your kitchen, but, unfortunately, business transformation is not that simple.
Not broken is not enough. Technology is advancing at an exponential rate. In 1965, Gordon Moore predicted computing would dramatically increase in power and decrease in relative cost. This insight has held true for over 50 years and is now known as Moore’s Law.
Many of the insurance carriers we work with have a strong track record of success and roots dating back to the late 1800’s or early 1900’s. Over time, they have found ways to adapt and change to thrive and stay relevant. This most recent wave of transformation is no different; however, the rate of change is the most aggressive we have seen. Each day you are not actively taking the steps needed to advance and keep pace sets you further behind.
Digital Transformation does not have to be a massive overhaul of all your business processes at once. It is an ongoing process that will eventually touch all aspects of your business.
Insurers who think big, start small, and act now will be the ones who will remain in business and prosper.
Grow Beyond Your Headcount
Legacy business models require a significant amount of human capital to scale. Traditionally, to handle a higher volume of business an increase in headcount was a must. Now, with process automation insurers can speed up processing time and can manage more with less effort.
The sheer volume of information required to complete the business of insurance, end-to-end efficiently, often slows down processes. Collaborating with Naviant allows insurers to identify process gaps, and implement a content services platform that provides a full picture of a customer’s entire history and product portfolio. Unlocking a 360-degree view of information allows employees to make smarter decisions faster. In return, you will experience reduced operating costs and speed up processing times.
Exceed Customer Expectations
Forrester urges organizations to think of their business outside of the products and services they sell. Envision yourself as part of your customers’ value ecosystems to help meet their needs and desires. Because consumer expectations have changed drastically, it is difficult for insurers using legacy systems or paper-based processes to meet the standards of customers.
A flexible content services platform allows you to exceed customer expectations. By leveraging customer communication management tools, insurers can extend secure access to policy documents, provide updates on claim statuses, and give customers the opportunity to manage preferences and complete self-service tasks, like address changes.
Close the Insurance Talent Gap
Customers are not the only ones with changing expectations. With a competitive labor market and a looming talent gap, insurers are looking to find and retain new talent to fill the void of retiring baby boomers. One of the top ways to tackle this gap is to use technology effectively. While it is essential in the recruiting and onboarding process, it is arguably more important to employee retention. With vast amounts of information at our fingertips, our patience for tracking down information and working through clunky processes is limited.
Interactions with your processes should be intuitive, efficient, and fast for your customer AND your employees. By leveraging an integrated content services platform, your team has immediate access to critical information. They can electronically view physical letters, email correspondence, accident photos or any other information in one centralized place. Your team now has the agility to be informed of a claim and can swiftly answer specific questions regarding previous interactions.
Now is the time to act. The world is changing and it won’t wait for you to catch up. Contact us to learn more about how we can help you develop a digital strategy and keep pace with the ever-changing world.