Insurers Focus on Operational Efficiency
If 2009 was the year to do more with less, then 2010 has become the year to “Do a lot more with a little more.” According to a survey conducted by IVANS Inc., 93% of insurance carriers queried are increasing their investment in automation technologies to improve operational efficiency.
Clare DeNicola, president and CEO of IVANS Inc said,”Like most organizations, carriers are working with finite resources and want to invest in projects that will have the greatest impact on their business.” Insurance companies recognize the need to maintain a competitive edge by enhancing customer experience.
“Insurance organizations know that building stronger relationships with customers and agents is a solid bet for sustaining their business, so the 2010 agenda is heavily weighted towards technology that helps them and their agents respond more quickly and knowledgeably to customer demands.”
In a recent survey conducted by the Novarica Insurance Technology Research Council, insurance IT executives ranked policy administration as another of the industry’s hottest areas of importance. Matthew Josefowicz, director of Novarica’s insurance practice, explains: Policy administration is a high priority area for insurers in 2010, since it is critical to introducing or modifying products, serving customers and distributors, and sourcing data for business intelligence (BI).
The key to success in improving both efficiency and customer experience, while also being able to introduce new products quickly, is automation. The ability to gather data in an easy to use and understand web interview, allows insurers to quickly build products and respond to customers. And because all of the data is available for reuse and reporting, insurers can manage their sales process and more easily maintain quotes and live policies.
Benefits of automating insurance documents and processes include getting products to market faster than your competitors, improving compliance and lowering your cost of product development. Sound good?