Human existence has always been fraught with risk, and we’ve been doing our best to minimize that risk since the beginning of time. As our ancestors hunted woolly mammoths a million or so years ago, they didn’t all stand in front of the giant animal with the massive tusks and throw spears at it – they could easily have been trampled or gored to death. They spread that risk by attacking in groups, from different directions. And while the tribe received no compensation if some warriors did fall, adopting a strategy was its way of insuring itself against potential loss. Even back then, risk and insurance went hand in hand.
Fast forward to May 2021, and a list compiled by Forbes shows that as many as 113 of the world’s 2,000 largest public companies are insurers. Considering that these businesses protect everything from cars to property to health, we can expect the market to keep growing. And growth, especially in the digital age, means change, something the insurance sector has been known to resist.
Dinosaurs must go
Look up the insurance companies you know and you’ll find that some of them have been in business for hundreds of years. The history of the RSA Group, for example, dates back to 1710. The name was different at the time, and a couple of mergers took place in the 20th century, but it’s still an insurance company today. Is it surprising then that the industry has been so slow to respond to change in general and digital transformation in particular? After all, we only really started talking about digital transformation as recently as the turn of the millennium.
Insurance companies are often seen as dinosaurs, and the legacy systems they still rely on are now woefully inadequate. Business processes that used to secure a competitive edge are largely outdated. Excessive bureaucracy combined with the fact that developing new systems through the traditional waterfall method can take quarters or even years has caused many companies to fall behind the curve. Mergers and acquisitions have often resulted in messy conglomerations of assorted software systems, making life difficult for everyone involved. Incredibly, manual and even paper-based processes are not uncommon.
Most insurance firms, however, are beginning to realize that – with customers holding all the cards and being able to switch to another provider with a few clicks of a button if they’re not satisfied – improving digital technology is a must. Legacy systems are fragile and hard to maintain, and the pool of experts who understand them tends to be limited. As a result, you end up avoiding all but the most necessary upgrades; you have to put up with inefficient, error-prone manual processes and a suboptimal user experience. But there is a way to enhance legacy systems: through low code platforms. They allow you to create modern tools that communicate safely with your legacy system while adding more functionality. You can build, test and launch the business solutions you require.
Get digital with low code
Whatever industry you’re in, if you want to embrace digitalization, you need to ask yourself the following questions:
- Can I connect the systems I am already using and also synchronize my data?
- Can I handle back office tasks efficiently and error-free?
- Can I provide a great digital experience for my customers?
If the answer to any of these questions is no, you have to change something. Let’s have a closer look at how VisionX, our low code platform, can specifically help insurance businesses that face any of the above challenges.
CRM, ERP, underwriting, task management, commission tracking… so many different systems, with each one potentially using a different software solution, meaning data can be stored in several sources. It’s hardly surprising then that finding the data you need often feels like playing a guessing game – without any of the fun. With VisionX, you can connect all your systems together, which results in…
- less data entry required
- easy integration to move information quickly and effectively between systems
- operational information being found faster and in one place
In short, you can modernize your systems, optimize the productivity of your back office and avoid a wild goose chase, all at the same time.
Speaking of wild goose chases, your customers hate wasting time just as much as you do. They want fast and individualized service; if you cannot offer that, you may as well call it quits and try your luck in a different sector. This is especially true for claims management, the be-all and end-all of any insurance business. No matter the type of loss or damage, the process involves a lot of steps – registering the notification, checking the cover, asking for the necessary documents, etc – so it is crucial that an efficient system is in place in order for you to deliver fast. By allowing you to log, visualize and access claims easily, VisionX reduces claim solution time, optimizes your operational costs and improves customer satisfaction.
While some customers still prefer analog contact channels, the vast majority of them want options that enable them to have quick, stress-free, 24/7 access to their insurer’s services even when they are on the go. To meet this expectation, you need to integrate digital solutions such as chatbots and self-service that are easy to use on a smartphone or a tablet. Through integration and automated workflows, data and information can move a lot faster. Speed is key to providing great user experience throughout the entire customer journey – there are no two ways about it.
VisionX enables you to adopt operating models that are collaborative, innovative and agile. It creates an environment with a customer-centered approach while ensuring that your teams can connect quickly and work together effectively. It’s time for you to leave dinosaurs and the stone age behind – there are no risks involved.
Get a personal demo and find out what the digital age looks like.