Why Not Fixing What Isn’t Broken is Key to Success
It’s no secret that insurance software can be intimidating. While it may seem tempting to leave it alone, the truth is that slowing down on tech adoption can lead to you falling behind your competitors, putting your business at risk.
In this post, we’ll explain why accelerating your proven insurance methodologies can help propel your small business forward and gain an edge in today’s ever-changing marketplace.
Keep your same proven business flows, just automate and enrich them
Insurance technology, more commonly referred to as InsurTech, has become increasingly popular over the past number of years due to the positive disruptions it has created in the industry. As more companies turn towards these modern solutions, many small insurance providers are hesitant to adapt.
How can you benefit from these trends? The answer is simple: keep your proven business flows while focusing on automating and enriching them. In other words, don’t fix what isn’t broken. Instead, use InsurTech to efficiently modernize those same workflows.
Adopting modern insurance technologies allows insurers to recognize benefits such as reduced cost, improved productivity, and faster customer acquisition. Modern Insurance Technology can be highly flexible, allowing you to streamline your workflows, optimizing your underwriting and customer experience using quality data.
No double entry
As software continues to integrate and advance, information is more efficiently transmitted, securely stored, and organized. This saves underwriters, adjusters, agents, and policyholders alike a substantial amount of time through the use of single-entry systems.
This not only saves time but also reduces human errors associated with manual data entry and record keeping. Insurance technology makes your underwriting more efficient and offers more insightful data to make more informed decisions.
Paperless – document generation, storage, and management
There’s always going to be “paperwork” in the insurance industry. However, technology is helping reduce the amount of paperwork involved in the process by introducing more efficient methods for information exchange and storage .
Beyond document storage and management, insurance technology also provides extra layers of security to help maintain privacy, protecting confidential policyholder information. Through automation and self-service tools, policyholders can benefit from an optimal holistic experience from the purchase of coverage through the entire lifecycle of the policy.
With insurance technology, small insurance companies can simplify and automate entire workflows, allowing them to eliminate as much paper as needed.
Access from anywhere
Gone are the days of manually filing documents, searching through endless thick archives for policy information, and tedious, time-consuming administrative tasks. With advances in technology and insurance software solutions, insurers now have access via the cloud to any essential information they require from anywhere – across departments or states!
As a smaller insurer, you’re probably looking for ways to increase operational efficiency while reducing costs. Cloud based insurance technology offers an excellent solution that benefits your customers, allowing you to scale quickly without growing your back-office staff or purchasing and maintaining equipment, like servers, to do so.
Additionally, smaller insurance providers are competing for talent against large insurance carriers with very modern and powerful software platforms. Not only do these platforms remove tedious and frustrating tasks, they also allow the employee the flexibility of time and location. They can travel while also keeping an eye on their business. Employees can even live outside the radius of a normal commute, allowing providers to hire based on skill set, not just geography.
Take advantage of new and future third-party integrations
Third-party integrations are becoming increasingly important as new and impactful functionalities arise in the marketplace.
From predictive AI to specialized data sets or legacy platforms, utilizing all your data within one modern application through third-party integrations is an innovative way to simplify your processes while improving the customer experience.
Advanced reporting and analysis tools
Data will always be one of the main driving forces in the insurance industry. As insurance technology continues to progress, advanced analytics can help you optimize performance with predictive analytics, trend analysis, critical KPIs, and work queues.
InsurTech has the ability to generate customized dashboards that put critical information at your fingertips to make real-time decisions that work for your business and your customers.
Modernize billing and payments
Modern Insurance technology can transform your billing and payment process from tedious manual processes wrought with errors to an automated, reliable workflow triggered by flexible rules engines. With effective billing tools, businesses can facilitate more accurate and timely payments.
Your business can leverage digital billing and electronic payments to reduce operating costs, streamline monotonous processes, maximize cash flow, and increase customer satisfaction and retention. Today’s policyholders expect to be able to self-service through an easy-to-use online portal with modern and powerful tools.
Speed up underwriting
In the past, underwriting was a manual process that could take days or even weeks. Now, thanks to InsurTech, most underwriting can be completed in mere minutes.
Modern insurance technology can provide a comprehensive and more straightforward process tailored to your business with fewer human errors in the underwriting process. It also gives you the ability to incorporate third-party-data and processes seamlessly, easing the lift on your policyholders, agents, and underwriters while also allowing you to analyze and gauge risk more easily and accurately. By automating the underwriting process, insurance technology is speeding the process up substantially, making it easier and faster for people to get the coverage they need while also protecting your conversion rate and bottom line.
Final thoughts
What’s that saying? If it ain’t broke, don’t fix it? Here at Trailblazer, we take that thought further and say if it isn’t broken, don’t fix it – accelerate it.
Ready to embrace cutting-edge software solutions that can raise the competitive advantage of your small insurance business without compromising your bottom line?
Schedule a complimentary demo to see how Trailblazer Technology products can work for you!