Is your organization as healthy as you think?

A few years back, I became the recipient of a hand-me-down smart watch. The watch has become one of my greatest assets. I don’t leave the house without it.

The watch tells me when I should “move.” It gives me quick access to information about my heart rate, how many steps I have taken, and the elevation I have climbed, among other fancy attributes.

After a workout, I immediately hit save and my stats are uploaded to the website/app. I get a clear picture of the workout – from broad strokes to intricate details. And I have the option to see the stats of anyone else in my network.

Initially, I was apprehensive, having never used a smart watch in the past and managing to survive without one. I was reluctant to see the true value in what the device, and its technology, could give me.

My reluctance quickly dwindled as I began to leverage the statistics and information the watch provided to course correct some of the negative tendencies I had formed over the years. I am now able to analyze my results and understand where there may be opportunities to improve.

Smart technology to help your company stay ahead of the curve

You can apply that same philosophy to your insurance organization. We all can. To stay ahead of the curve and to identify where they might have opportunities to improve, life insurers should use technology that provides them with a clear picture of their organizations’ health.

Analyzing processes and procedures in order to improve the business isn’t something new to most insurers. What is new is how that data is collected. Too many insurers still rely on dashboards and statistics compiled from disparate data sources and built by hand over an extended period. Additionally, much of the information generated is not real-time data that can be acted upon in a timely manner.

All too often, we hear of organizations running into process bottlenecks that are difficult to identify. When asked to generate a report of the processes in place – how many Not in Good Order (NIGO) issues came in during a given time period, or how long it takes to complete a standard term policy vs. long-term care policy – the business does not have an immediate line of sight into this information. By the time one process is flagged, another issue arises, becoming a cyclical process that is virtually unavoidable.

Break the bad information cycle

The right insurance software can break the cycle. All it needs to do is offer an easy-to-understand dashboard that reports real-time statistics into the operational efficiencies and inefficiencies within your organization.

Imagine a world where:

  • Solutions are quick to configure and purpose-built for users
  • Managers can see the amount of work left for the day, then, in real-time, how to staff accordingly to get the work done
  • NIGO issues, flagged in a given period, are simple to see and easy to analyze
  • Information allows you to suggest ways to improve processes with your associates, or to give positive feedback

Much like my experience, you may not realize what you are missing. However, as time passes and competitors in the space continue to invest in new technology, it becomes imperative you look into opportunities to advance your processes. That’s how you keep your organization healthy.

After spending 12 years active duty in the Marine Corps, Joe joined Hyland the day after Veterans Day, 2012. Joe initially spent five years in Technical Support rising to the position of Team Leader and is currently a developer in R&D. Joe is an active member of the VFW and IAVA.
Joe Kocsis

Joe Kocsis

After spending 12 years active duty in the Marine Corps, Joe joined Hyland the day after Veterans Day, 2012. Joe initially spent five years in Technical Support rising to the... read more about: Joe Kocsis