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Falling Behind on Tech Disadvantages Small Insurers


Falling Behind on Tech Disadvantages Small Insurers

As client businesses amp up their digital processes, their efficiency increases and their businesses grow, both in scale and geography. In turn, these businesses expect their insurers to keep up with both their speed and growth. Fortunately, digital insurance technology makes use of agile solutions to solve thorny organizational problems. Insurtech improves customer satisfaction across growing businesses because insurance infrastructure works best when it aligns with existing business structures. Here is some information to consider as you look to keep your small insurance operation relevant and competitive.

Integration Challenges

The rise of integrated platforms and improved communication across silos, from inventory and customer management to accounting and distribution, has spurred many organizations to grow beyond traditional regional boundaries. Even small companies conduct business across state and international lines. If insurers cannot offer businesses customized options, and if small insurers do not have the bandwidth to manage multi-state and international regulations within one policy, then those insurers will likely find their clients going elsewhere.

Single Platform Solutions

Single platform insurance software solves the integration problem. Through one sign-in portal, agents have access to the dashboards they need to swiftly close claims and serve customers. Customer service management modules synch in real-time and streamline policy management with third party-insurers. While this technology serves traditional insurance firms well, cloud-empowered software reaches its full potential when applied to captive insurance models.

Leveraging Cloud Technology

Recent industry surveys found that a high number of insurers are interested in leveraging technology in the areas of customer experience, legacy administration and claims systems, data aggregation and mining, and underwriting systems. They understand that automation and data-driven solutions result in satisfied clients, faster service and fewer inaccuracies. When each of these needs are addressed through a single solution, employees and customers can access the information they need via one portal. Silos are erased and need-to-know information travels swiftly to those who need it.