By Greg Murphy
In light of 2020, many companies have turned to working from home and are evaluating their organisational goals to better improve their employee and customer experiences. Companies have realized that not only do they need to improve business practices, they also need to do it quickly and efficiently.
While speed-to-market may seem too hazy a goal for insurance companies to prioritize, it is important to recognize the need for rapid execution in 2021. Whether your plans include improving new business processes, improving customer experiences and engagement, or operational efficiency, it is important the end results come quickly.
Even in the best of times, customer acquisition is not an easy task for insurance companies. Many insureds find it far too difficult and time consuming to obtain new quotes or switch providers, even if they are not satisfied with their current insurance company’s price or customer service. It really is one of the most difficult sales to complete successfully.
Insurance organisations can incentivize new policyholders to make a change, but only if new or modified insurance products are available that better serve the needs of policyholders. Unfortunately, legacy systems restrict the ability of insurers to rapidly define or change products without precious time and resources invested via in-demand IT resources.
To be competitive, many insurers are turning to insurtech innovations to design new insurance products via user-friendly questioning and AI related data sources. Affinity or demographic groups, MGAs and small business audiences are just a few examples of how insurtechs can ease deployment of new products, in a fraction of the time, to multiple audiences by opening new distribution channels.
Customer Experience & Engagement
How do companies improve their customer experiences and engagement? Simply by turning to insurtech innovations – these insurtechs have enabled insurance providers to make it simple for their agents/brokers or the customers to go online and quickly quote a new policy. The results seen from this investment are immediate. Customers and brokers both want the insurance process to be easy and this has become even more important than price.
Furthermore, simplifying the process to quote a new policy, make a mid-term change, or even renew the policy instantly gives the customer, agent/broker, or even internal users (i.e., underwriters) more reasons to stay engaged with the insurance provider.
Insurance organisations investing in multi-year, multi-million-dollar enterprise strategy projects are exceedingly rare these days. Rather, companies are turning to no-code and cloud solutions to address how pieces of the insurance value chain can bring higher value in shorter timeframes and requires less change management. Additionally, these solutions improve performance through the ability to scale, ease of upgrades, and low total cost of ownership (TCO).
Cloud solutions are designed to be maintained by skilled business resources, rather than IT staff (who can then invest their expertise in other enterprise efforts), which then eases the heavy lift in terms of time and money spent on maintenance. Plus, the open API framework characteristic to most modern cloud solutions allows integrations with new data services and legacy applications alike to be accomplished in record time.
Speed-to-market is the focal point that all insurance companies should address in 2021. Utilising no-code, cloud-native technologies allows companies to focus their time and energy into the areas that create the most value: new business, customer experiences & engagement, and operational efficiency. As well as through innovative technologies, insurance carriers can build new products, simplify the buying process, and increase their bottom-line in weeks or months, rather than years. It is time for the industry to find solutions that allow users to experience insurance in the way the best suits their needs, rather than relying on outdated systems of the past.
If you are ready to experience “Insurance YOUR Way” then check out this short demo explaining how INSTANDA can help you achieve your goals. Or contact us at +44 (0) 345 319 1028 or request a virtual demo.
Greg Murphy is the EVP, North America for INSTANDA. He can be reached via email at firstname.lastname@example.org.