The introduction of technology in the insurance industry has started a revolutionary period that is changing the face of risk management and financial security. Insurance businesses are using technology to transform their service offerings, increase operational efficiency, and improve customer experience as traditional sectors adjust to the digital age.
Recently, insurance experts from Risk Placement Services, Southern General Insurance Company, Bridge Specialty Group, and Falcon Risk Services had a live discussion on Carrier management magazine's virtual platform to discuss various digital initiatives. In this blog, we will talk about each of these companies and how Cogitate has helped these companies revolutionize the way they conduct their business.
The Secret to Success in the Insurance Sector
1. Human-Centric Approach
The panelists present at the event mentioned people who are actually going to use the technology, aka. humans. It is essential to involve the right individuals with passionate mindsets throughout all stages of the process, from creating business requirements to end-user adoption. Understanding how humans work, their problems, and how technology can provide solutions is crucial for successful digitization.
2. Balancing Expectations
The launch of new digital insurance software requires the management of expectations from all the stakeholders involved. It is crucial to:
● Bring people on board with the right perspective.
● Be open and honest about how long the project will take.
● Define how you will manage success.
3. Team Dynamics
IT professionals and stakeholders must work together as a team and communicate frequently to achieve successful insurance software solutions. Giving responsibility only to IT professionals won't give the desired results.
● Create requirements with feedback with the help of end users and business users, particularly those utilizing the new platform.
● To keep all stakeholders updated on the status of implementation, schedule weekly meetings with working groups, biweekly meetings with managers, and monthly company-wide meetings.
● Involve leadership in contacts with stakeholders to secure acceptance, buy-in, and support.
The Role of Cogitate in Digitizing the Insurance Sector
Southern General Insurance Company
This Georgia-based insurance company started an initiative where a 25-year-old core system for policy, claims, billing, agency, and distribution management is to be replaced by a single digital platform as part of an initiative for a non-standard personal auto carrier.
Cogitate’s DigitalEdge insurance platform helped Southern General Insurance Company by:
● Interconnecting all the modules for data flow.
● Closing the loop between underwriters and claimers.
● Driving down the expense ratio.
Falcon Risk Services
This is a two-and-a-half-year-old startup in the insurance sector. They are launching 20 professional liability LOBs, including management liability, financial, and cyber/tech E&O. Their key goals included:
● Evolving from manual to digital
● Launching a digital claim platform
● Utilizing first- and third-party data sources and predictive modeling.
Cogitate’s DigitalEdge policy and DigitalEdge claims helped Falcon Risk Services accomplish their goals by simplifying and accelerating policy management and claims.
Richard Pluschau, Chief Information Officer at Falcon Risk Services, stated, "I’m excited to use IT to drive both top- and bottom-line performance and profitability, like reducing submission intake from 30 minutes to 30 seconds or reducing underwriting cycle time on complex risks from 6 hours to 30 minutes."
Bridge Speciality Group
This leading global insurance wholesaler has offices in more than 50 different locations. Cogitates DigitalEdge policy integrated with the Bridge Speciality application to:
● To digitize their business model.
● Improve the customer experience.
● Apply data analytics to improve risk management.
Risk Placement Services
This insurance firm has implemented a uniform digital quote, bind, insurance, and services for its personal lines. The DigitalEdge policy’s integration with e2Value and Hazard Hub allowed them to:
● Create a uniform path for 25 different teams.
● Grow businesses and margins effectively.
● Move from manual submissions to digital ones.
● Increase carrier capacity as a preferred partner with digitization.
Conclusion
Technology is changing the insurance industry fundamentally and fostering previously unheard-of levels of efficiency and innovation. Technology is completely changing the insurance value chain, from underwriting to claims processing and customer service, from blockchain and IoT connectivity to advanced data analytics and artificial intelligence. These technology is not only fast but insurance fraud analytics also easily detects any kind of fraud within the industry.
To learn more about this event, you can download our whitepaper.
Source: https://www.cogitate.us/resources/key-tech-insights-from-industry-leaders/
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