Having reliable insurance is crucial for businesses and individuals alike. As such, there are over 420,000 Insurance Brokers and Agencies in the United States alone! The industry is always growing and evolving, adapting to changing trends, needs, and regulations. Luckily, those in the business are flexible and do not hesitate to make changes as needed to provide the best service possible. Even the largest players in the game are known for adjusting their services to best suit current customer needs.
In an industry as competitive as insurance, it makes sense for companies to try to stay at least one step ahead whenever possible. For many, this includes the adoption of new digital and technology-based solutions. The insurance field is surprisingly tech-savvy, always game to try new products and platforms to make their job easier, more efficient, and more beneficial to customers. All this being said, it’s important that insurance companies avoid getting complacent when it comes to innovative technology. A large majority have already started down the path of Digital Transformation, but there’s plenty of ways to continue forward.
In this third installment of the Digital Transformation Series, we’ll take a look at the Insurance industry and discuss how you can stay on track with innovation implementation.
What Digital Transformations Are We Already Seeing?
Insurance is no easy field. There are many moving parts that make it possible to provide services like insurance policies to customers. You need people who can manage accounts, customer service representatives, IT experts for any platform or app troubleshooting, accountants and mathematicians for finances and policy coverages/tracking, and business professionals to handle marketing, customer research, trend analysis, and future planning. With such a variety of departments, Insurance is an ideal field for Digital Transformation.
Many Insurance clients have the foundation of a great digital system. We see a lot of cloud-based data storage, digital contract management, chat bots, automated emails, and more. Typically, Insurance companies understand the value of going paperless, and are already making moves in the right direction before we reach them. It’s wonderful to see an industry embrace technology advancement rather than shy away from it like many other fields do. With the volume of information Insurers must store, manage, update, and analyze, moving to digital versions or cloud servers is one of the smartest decisions to be made. It may be intimidating to try to learn the new system, but many are far more user-friendly than people realize. It’s unrealistic to expect a complete overhaul at once, but implementing new systems is often quick, easy, and painless. You can even find solutions that integrate with your existing business applications so that your staff doesn’t need to learn much new information at all.
What Are The Next Steps?
As always, each company will be slightly different in needs and wants. Luckily, moving forward on the Digital Transformation path can be done incrementally, at your own speed, and in whichever order you think works best. Here are some suggested next steps for Insurance companies:
- Robotic Process Automation (RPA): Robotic Process Automation, known as RPA, is the process of automating daily tasks that are repetitive or tedious. This can include data entry, sending out emails, managing timelines, issuing support tickets, and more. When you adopt RPA, you free up your staff to do more pressing and fulfilling tasks. There’s no need to have a valued employee spend hours logging in data when a system can do it for you automatically. Or, if you prefer, the data can be manually input, and automatically associated with/duplicated to other spreadsheets, projects, customer lists, etc. Not only does RPA free up time, it also greatly reduces the chance for error. Even the best employees can mistype or skip a line in a table, throwing off the final count and causing a delay. RPA is a helping hand to take over the mundane tasks all Insurance companies but complete. It’s not a replacement for your staff, rather it’s an assistant that will allow your workers to focus on big ticket items rather than filing and notation.
- Electronic Signatures: The next digital solution to consider is electronic signatures. Insurance companies are signing documents every day, and also must collect signatures from customers regularly. In today’s remote world, you should have a method of signing that does not involve any travel or in-person meeting. Most importantly, your eSignature software should have upfront pricing without hidden fees being sprung on you. Electronic signatures allow you to keep processes moving by avoiding delays in authorization. TrueSign, ImageSoft’s eSignature platform, allows you to collect signatures via email, text, or QR code. Your customers and staff can sign documents in real-time without downloading an app or any software to their mobile device. The price you see is the price you pay, no hidden fees or inaccurate quotes. On the backend, TrueSign lets Insurers create templates for documents they need signed frequently. You can set up the information boxes once, and send them out as needed without changing a thing. Electronic signatures are legally binding and officially recognized, and TrueSign automatically authenticates/certifies submitted signatures to prevent fraud. We comply to many government regulations including HIPPA and CJIS.
- Back Office Technologies: Many people forget to utilize digital solutions to speed up back-office processes. There are countless solutions available to assist with Accounts Receivable, Accounts Payable, Contract Management, Human Resources, and Vendor Management. These job functions often require quite a bit of data entry, file organization, and other repetitive tasks. There are digital solutions available that assist with document/file review, approval processes, data collection and management, records keeping and reporting, and so much more. Again, many solutions can be integrated with existing business apps, improving efficiency without causing any issues internally. If your Insurance company has not taken the Digital Transformation to back office tasks, expanding your infrastructure can be a great choice for moving things forward.
- Online Dispute Resolution (ODR): Insurance companies deal with the justice system on a regular basis. Many insurance cases involved mediation or arbitration, in which a third party is brought in to listen to the evidence and assist in the verdict. Online Dispute Resolution (ODR) is a news way to get settlements out of the way. Using AI mediation, or a live mediator over the internet, cases can be seen and closed in a fraction of the time of traditional processes. Additionally, settlement values can be calculated, adjusted, and agreed upon within the platform. This means no mediator/lawyer fee, and a much faster and more transparent turnaround. ODR is a great tool for Insurance companies to have in their back pocket to avoid spending time and money on claims disputes. Your clients will also appreciate the accessibility of the service and will see that there is truly no bias because the mediation does not come from within either party’s circle.
- Digital Workflows: Lastly, Insurance companies can benefit greatly from digital workflows. When you implement this solution, you improve communication and transparency within and between departments. OnBase by Hyland is a top-selling option that has a variety of add-ons and functions that will meet and exceed your goals. The options above are all OnBase add-ons, or can be integrated with the Onbase system. Insurance requires many people across teams and departments to work together. Things can get lost in translation or transit using traditional methods. With digital workflows from OnBase, your entire staff will be in communication, ensuring one hand knows what the other is always doing.
As mentioned, you can implement any of these solutions in any order. There are countless other ways you can slowly begin to introduce digital solutions into the Insurance sector as well. By taking things one step at a time, your team will not feel overwhelmed by the changes and the transition will be as smooth as possible. The industry is already headed in the right direction, so now is a great time to consider taking things to the next level. By expanding your digital solutions framework, you set your company up for success in the upcoming years. If you would like to learn more about Digital Transformation, visit www.nathana12.sg-host.com.