A proliferation of digital tools and customized software is spurring digital transformation across sectors, including within the insurance industry. While many enterprise-level insurance firms were among the first to launch cloud-based services and mobile options, smaller organizations are catching up as greater numbers of cost-effective insurance software providers emerge. Here are a few simple ways for your organization to take advantage of the many available digital tools and options.
Return on Digital Investments
If you are reading this then you have likely already determined that digital transformation is a necessary step toward keeping your organization relevant and competitive. However, you may not need every single bell and whistle that out-of-the-box software packages offer. To keep costs down and to streamline efficiency, choosing insurance software providers that offer a la carte services is a smart way to go.
Which Digital Services Do Small Insurers Need?
Back-office processes are one of the biggest elements of workflow cost and lost productivity. This is followed by hybrid legacy and modern systems which impede data collection and aren’t capable of providing agents and policy-holders with real-time information. Solutions to these costly and competitive-inhibiting models include customized, cloud-based customer relationship management software and integrated claims management systems. Other services are available, to include billing and receivable tools as well as underwriting administrative solutions, but these can be added on depending on what works best for your company.
Establishing Your Digital Strategy
Determining what works best for your company involves a careful analysis of current workflow models, productivity goals and profit goals. This may require outside consultation. But before calling in the experts, take stock of your current situation. Some questions to consider:
- Is your staff capable of handling back-office processes or would it be better to outsource these tasks?
- Would a slow-ramp up mitigate risk or would swift adoption be preferable?
- What key performance indicators will you use to track goals?
- Which business goals do you aim to achieve through the use of software?
Once these questions are answered and your goals are clarified, you can begin to establish your digital transformation strategy.
Launching Your Digital Strategy
With KPIs in place and with business goals established, you are ready to consult with software providers to determine if they have the capacity to meet your needs. For instance, customized data fields can assist you in relevant data collection while platforms that integrate with your existing TPA or claims management system might be preferable. Your software provider should listen and work with you so that you can invest in the best tools for your strategy.