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4 Tips to Improve Your Insurance Rules Engine

Insurance Rules Engine

4 Tips to Improve Your Insurance Rules Engine

 

There is a quiet revolution sweeping through the insurance industry. New data storage options and artificial intelligence solutions are allowing smaller insurance companies to use the same technology as their larger counterparts, giving them access to previously unattainable levels of data security and operations efficiency.

This innovation represents a real game-changer for small insurance companies, as it allows them to compete with larger firms in terms of both streamlined workflow and the quality of the services they provide.

In an industry where data collection is vital and secure storage even more so, small insurance companies must optimize their rules engines to stay competitive. CHSI Connections can help you do just that.

How to Improve Your Insurance Rules Engine

Even if you have high customer service marks, there is always room for improvement. Here are a few of the most important steps to take for long-term customer satisfaction and growth:

1. Streamline Data Collection

It’s vital to maintain a database of accurate and current customer data, but it’s equally important to store it all in one place. Too many small insurance companies have fragmented data, making comprehensive data analysis a painstaking and inefficient procedure. To improve your insurance rules engine, the first step must be data consolidation.

2. Use Offsite Storage Solutions

Any successful underwriting rules engine needs to be secure. Recent advances in offsite data storage, often referred to as “cloud storage,” allow companies of any size to secure their clients’ personal information. Cloud storage eliminates the need to buy expensive security and insurance upgrades and maintain physical onsite servers.

3. Digitize Routine Processes

New insurance technology solutions allow you to turn over mundane tasks to your computer’s software. You can process cancellations, renewals, audits, and even quotes at lightning speed without having to hire extra employees.

You can also use insurance logic software to solve common billing problems with unparalleled efficiency. You can then allocate your newly-freed employee time to more cognitive tasks, allowing your company to grow and advance instead of simply treading water.

4. Trust and Use Artificial Intelligence

Another way to improve your underwriting rules engine is to incorporate artificial intelligence. According to insider predictions, the global AI market will be worth more than $190 billion by 2024. Its potential to gather data, breeze through billing, and seamlessly interface with customers will transform the way we do business.

We don’t what exactly AI advancements will bring, but we can be sure that it is a growing technology that will bring time-saving advancements to the insurance agency.

Explore Comprehensive Data Solutions

With the increased efficiency and quality of service they can provide, it’s always the right time to switch to hosted management solutions. Improving consensual data collection and storage, in terms of both efficiency and security, will save you and your team time and money, while building client trust and good will for your brand.

At CHSI Connections, we offer cloud storage, big data analytics, and AI solutions for insurance companies of all sizes. If you’re thinking of optimizing your insurance rules engine, just send us your contact information and we’ll be happy to set up a consultation to discuss what we can do for your company.