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5 Ways Tech Can Grow Your Insurance Business Today

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5 Ways Tech Can Grow Your Insurance Business Today

The world is changing fast and the insurance industry is facing historic challenges along with it.

Increasing natural catastrophes, rapid inflation and competition-creating technological advances demand agility from a sector already staring into the headwinds of geopolitical turmoil and aging IT systems.

It’s never been more critical for the complex insurance ecosystem — from MGAs to Underwriters, Brokers and Carriers — to embrace technology that improves efficiencies and leverages data, allowing leaders to be clear-eyed and focus only on those organizational challenges where they can make the biggest impact.

Deloitte 1
Lean in to the insurance industry’s unique challenges – or lose out
“Rather than stepping back and reducing their exposure, commercial carriers have a significant opportunity to step forward to address the growing protection gaps — or risk losing relevance in a changing world,” McKinsey stated in its Global Insurance Report 2023.
Luckily, there are technology solutions in insurance that free organizational bandwidth and capabilities, allowing for the nimbleness and speed necessary to both navigate and thrive in this new normal.
Here are five ways technology can help you grow your insurance business
1. Faster time to market
“Insurance is inherently a zero-sum game, as the universe of insurable risks rarely grows in sync with the top and bottom line growth goals of insurance companies,” according to Deloitte’s Speed to Market report.
That means you move fast or you come up short.
Archaic technology environments common at legacy companies in the insurance industry — often a “complex patchwork of outdated systems [that are] the enemy of market agility” — have led more and more companies to make “substantial investments in modern policy administration platforms and product configuration tools, where better speed to market is a compelling component of the business case,” Deloitte continues.
Don’t get left behind.
Integrating low-code digital insurance platforms like INSTANDA significantly reduces the amount of time it takes to develop and implement complicated products and bring them to market. The customization of such platforms as well as developing integrations to legacy systems and introducing a common-data model can mean the difference between staying ahead of the game and being left behind.
2. 360-degree view of your customers
Today’s insurance customer has already adjusted to the ongoing technological revolution and expects speed, efficiency and near-immediate results.
Commercial insurance providers have lagged behind other industries in adjusting to this new reality, according to EY in its special report, What Makes Digital an Urgency for the Insurance Industry.
“The revolution in customer expectations is triggering an evolution across businesses, small and large,” EY states. “Nearly every insurance company, regardless of size or structure, must consider when and how to transform to a digital company. … The good news is that companies who’ve introduced digital capabilities have already started seeing the benefits.”
Implementing a cloud-based customer-relationship management (CRM) tool like Salesforce and integrating with your core underwriting and claims applications can help you better analyze and understand your customer — from demographics to risk and expectations. Layer in data analytics and you have a powerful tool to differentiate you from the competition, provide more value to customers and increase profitability.
3. Improved efficiencies
Tapping into outside expertise (i.e., consultants and professional services firms) to help apply these latest technologies can reduce the number of IT system interfaces and manual processes for employees at your company. That means improved efficiencies in underwriting, claims and other core functions which opens your bandwidth to provide more value to customers and develop new products.
The streamlining of processes through integrating applications and data sources is another critical move. For the technical experts out there, this includes improvements like developing a service-based enterprise architecture model, creating RESTful APIs, and integrating backend claims systems with front-office applications.
Implementing Robotic Process Automation (RPA) reduces low-value, repetitive activities so your employees can focus on what really matters: serving customers, generating revenue and growing your business.
4. Cost savings
Artificial intelligence has been used by the insurance industry for years. In fact, back in 2017, a French startup was already reaching a 75% accuracy rate when it came to detecting fraudulent insurance claims, according to a Samsung white paper.
It’s time for your business to work with a pro that has its finger on the pulse of today’s rapidly iterating AI and its potential for the industry – reducing processing costs by implementing AI along with other technologies is just a smart move.
5. Data Analytics
New entrants to the insurance industry are bringing a technology- and data-led approach in an attempt to disrupt the market and push incumbent players out. But established companies have a huge advantage over newcomers: large amounts of data. This opportunity comes with a challenge as that data is likely spread across multiple systems and may appear to be “locked” in legacy systems.
Whether your company is long established or a startup, there is a massive opportunity to gain insights and make faster decisions with cutting-edge data analytics. This starts with integrating data from a variety of IT systems — both legacy and new — so that you have comprehensive data to analyze.
Conclusion
To succeed in the complex world of insurance, you must innovate. ADROSONIC can help. Our decade of working hand-in-hand with partners at every layer of the insurance industry has given us the expertise and insights necessary to help companies grow their businesses, boost revenue and drive profitability, no matter the climate. We know the challenges and opportunities inherent in insurance. We always start by understanding your business so that we can tailor solutions to your specific needs.

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