How to optimize IT costs and drive ROI in the modern insurance agency

What does moving forward look like for insurers trying to optimize IT costs?

Hint: It’s a lot different than a few years ago.

As insurers operate in an increasingly virtual world, the core legacy systems they’ve depended on in the past may not be delivering the value, convenience and efficiency needed to keep up with employee and customer expectations.

The truth is the costs and complexities involved in IT development are increasing for insurers, especially for enterprises that haven’t moved beyond the first wave of digital transformation. Legacy solutions simply aren’t a match for the agile and adaptive enterprise-driven solutions taking over. Oftentimes, previous-generation enterprise content management and core line-of-business solutions can’t provide a complete view of your content ecosystem, communicate across departments or adapt to changing business demands.

In order to optimize IT costs and get the most from your investments for the long-term, finding the right insurance software solution that empowers your organization to accomplish the following important goals is critical.

Improving customer experiences

Your customers drive everything. If your technology isn’t meeting their expectations, they may jump ship for a shiny new InsurTech or resource-rich tech giant looking to disrupt your industry.

Take this into consideration: Just 15 percent of insurance customers are satisfied with their providers’ digital experience, according to Accenture.

A modern solution helps you strengthen relationships with your customers through:

  • Rapid-build, low-code capabilities that give you the ability to quickly react to changing customer needs
  • Intuitive analytic tools with deep insights that help you better serve customers
  • Reimagined policy and claims processes and models that nurture innovation and create new sources of customer value

Building out ecosystems

A content repository isn’t very helpful if users and systems can’t access all of your content – all of it. Modern solutions can either replace your core legacy system or complement it by creating the bridges needed for employees to get a complete view of the information they need, when and where they need it.

Whether you’re looking for a robust content services platform or the individual solutions they offer, the value is in bringing your valuable data together by:

  • Consolidating scattered data, tasks and activities that live outside your core system – like email inboxes and spreadsheets – into a single location that is tracked and auditable
  • Streamlining processes across the enterprise and throughout the insurance lifecycle
  • Integrating seamlessly with your core system, like Guidewire or Duck Creek
  • Safeguarding customer data and meeting compliance guidelines at every step of the insurance lifecycle

Establishing enterprise intelligencedigital transformation

Perhaps the largest leap in technology from previous solutions is the power of intelligent automation. This advanced technology has pushed the insurance industry to new levels of optimization.

Intelligent automation in the insurance realm includes:

  • Intelligent routing to keep claims moving
  • Robotic process automation for repetitive, rules-based tasks
  • Machine learning to process claims quicker
  • Automated ingestion and distribution for use in personalized correspondence tools

This type of enterprise-wide intelligence reduces costs and improves speed, helping your organization capture greater return on investment while providing quicker, more-informed service.

A modern content services platform gives you the flexibility to quickly and easily extend or amend existing processes or create new ones. The idea is that the solution you invest in today can adapt to be the solution of tomorrow, so you can continually serve your customers at the highest levels and be proactive for your organizational future.

Are you moving forward?

Insurance has changed a lot in the past decade. Fortunately, Hyland has been serving — and learning from — insurance customers for more than 20 years.

We’ve made it a mission to proactively evolve, so our insurance solutions continue to provide you with the transformative digital strategy you need to put your content to work.

Ready to move forward and re-evaluate your legacy system? Download The complete view: Strengthening your relationships with you with your customers.

Bryan Boynar

Bryan Boynar

Bryan Boynar is Hyland’s global solution marketing manager for the financial services and insurance industries.

... read more about: Bryan Boynar

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.