As the insurance industry begins to embrace digital transformation, insurers still face the same challenge of trying to meet changing customer demands. As customers continue to raise their expectations, insurers must keep pace by delivering high quality services that emphasize convenience and safety.
One way insurers can meet these customer demands is by implementing an integration-as-a-service (IaaS) solution for insurance management. From claims processing to dispute resolution, the insurance lifecycle is a tedious operation that involves large volumes of data. Without a well-coordinated integration services solution to manage this data, insurers are more likely to encounter issues such as policy performance failures, high premiums and late claims payments.
To further illustrate, here’s what your insurance company might be missing out on if you were to skip implementing an effective IaaS solution:
Systematic data exchange capabilities
IaaS is a cloud service delivery model that enables real-time data exchange between corporate IT systems, business partners, and third-party applications. An efficient cloud-based insurance management system can aggregate data from agencies, carriers and service providers to consolidate service delivery. Insurers can also benefit from translation services that enable the conversion of data into other formats, streamlining operations and generating critical customer information.
Better communication with stakeholders
Another benefit that insurers can achieve with the right IaaS solution is better connectivity with other stakeholders across distribution channels. An effective insurance management platform integrates data streams that span backend systems, operational applications, files, and other sources to deliver efficient services to customers.
Having a centralized platform to streamline communication with stakeholders is integral to automating the quote-to-issue pipeline. Pipeline optimization, in turn, speeds up critical processes including customer onboarding, underwriting, claims handling, and policy administration.
A unified, accessible and highly available platform
Hosting an insurance management platform in the cloud enables all stakeholders to eliminate data silos and access services anytime, anywhere and from different networks. With a cloud-based insurance management tool, stakeholders no longer have to rely on disparate connectivity services, apps, and hardware to coordinate tasks.
An effective insurance management product must allow insurance stakeholders to access, view and exchange data such as commission statements, case statuses and real-time reports through an easy web portal. use. By having solutions like this, insurance companies can significantly reduce operational expenses, better serve customers, and reallocate time and energy from repetitive manual tasks to higher value-added activities such as customer support. next level and product innovation.
Robust security and compliant systems
A good IaaS management tool must adhere to strict security requirements to ensure the protection of company and customer data. Additionally, an insurance management solution with data encryption capabilities should be able to protect sensitive data across the enterprise while being able to automate tasks and ensure accuracy of entry and data re-entry.
As such, it would be good to choose an insurance management tool that complies with regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and ISO 27000 information security requirements. Otherwise, if an insurer is deemed not compliant, it is likely to face steep penalties that are sure to deplete funding.
A cost-effective cloud framework
One of the benefits of the cloud service model is having the benefit of a pay-as-you-go model. Cloud-based platforms are highly scalable, which means insurers can increase or decrease their use of IT resources based on the weight of customer demand. This allows insurers to optimize spend and realign funding, which companies can be prevented from doing when using legacy on-premises systems.
Additionally, since the platform is hosted in the cloud, workloads can remain largely unaffected by system downtime. The fact that services and applications remain available and accessible online means that an organization is sure to always ensure the continuity of its activities.
Services adapted to the next generation of consumers
Engaging the next generation of digital natives is necessary for insurance companies to survive and exceed customer expectations. To appeal to Millennials and Gen Z consumers, insurers must be able to deliver convenient digital experiences that take into account the unique needs of the next generation as well as their desire for product variety.
With a powerful IaaS management tool, insurers can adapt to the demands of Millennials and Gen Z for faster services, 24/7 availability, and rapid deployment of new and innovative products . Additionally, insurers also need an agile and innovative insurance management solution that can work on modular and omnichannel systems. With this, insurers can follow the next generation mindset of being on the go and in the present.
Insurance management for a changing world
In today’s competitive industry landscape, your insurance company to have to use technologies that hit the right deals in terms of interoperability, security, availability, and ease of use. That said, every insurer should know that translating this level of efficiency from front-end to back-end is equally important. And by having the right IaaS tools to make it work, you can easily retain your customers while attracting the attention of new customers looking for a better insurance experience.