Could Claims Challenge Current InsurTech Priorities?

The insurance industry is witnessing a lot of change, driven by current technological trends, like the Internet of Things, Big Data and Analytics, Blockchain which are dynamically and irrevocably changing the way it functions. Let’s look at the top trends impacting the industry and discuss the various challenges which are driving the current InsurTech priorities and see if we can call out the most important of them all.

Every industry has its leaders and its laggards and the insurance industry is not an exception to this. Deep pockets are helping some insurers to take advantage of digital technologies to change the way they function and to:

  1. Offer new models and personalized products to meet changing customer expectations, which are driven by online retail sales models,
  2. Partner with technology players to ensure that they keep up with the emerging trends in technology and to take advantage of the Internet of things to adopt connected sensors or devices to collect data for loss prevention and employ better pricing methods in property & casualty, life as well as health insurance.
  3. Establish a cyber-security strategy to protect the sensitive personal and business data stored by them and comply with privacy regulations.
  4. Adopt cloud computing, AI and automation to improve speed and flexibility and to settle claims faster to offer better customer satisfaction,
  5. Use advanced analytics to derive strategic insights and proactively plan future business offerings and gain competitive advantage.
  6. Consider the use of blockchain technology to add “smart” contracts and secure, decentralized data collection, processing and dissemination to their processes.

Are these strategic initiatives sufficient to enable companies which adopt them to enjoy industry and market leadership, and ultimately, success? What capabilities are needed for insurers to prepare themselves to meet the demands of the industry, in channel expansion or business model development, as it evolves? How can insurers prepare for the demands of tomorrow even as they meet today’s expectations from them? The aim of this post is to postulate that many insurers are failing to recognize the importance of claims management to their business, even as they are focusing on many of the other strategic imperatives facing them. Let’s explain why we would say so.

It is an open secret that customers are always happy with a good claims settlement experience, but tend to get very upset and start posting strong negative online feedback when their claim is delayed, disputed or rejected. Though claims satisfaction is an extremely critical component of an insurer’s overall customer relationship management challenge, it is only a work in progress for most at the current time. Instead, they need to pay attention to the customers and also focus inward, as they delve deep into the reasons for a customer’s dissatisfaction:

  1. Insurers need to pay close attention to customer feedback and satisfaction levels with their claims filing process and settlement experience, especially when they are rejected.
  2. Insurers have to capture customer feedback and factor it into the way their processes are functioning and question the clarity of their sales pitch itself, and see if the claim was fairly rejected.
  3. They need to pay close attention to their reputation in this key area of customer satisfaction, which could impact their ability to retain a customer.
  4. It must be remembered that dissatisfied customers never come back for additional coverage or another policy.
  5. Even agents who find too many customers raising their voices against an insurer’s claim settlement process tend to move business away from them.
  6. The seamlessness of customer experience needs to extend to claims handling, as claim filling becomes a smooth process.
  7. Insurers can use technology to provide more options for filing a claim, including the uploading photos and videos, with increased speed and accuracy and reduced contact points with humans.
  8. As algorithms detect fraudulent claims more easily, claims handling is improving in efficiency. Data driven claim prevention can help decrease costs and deliver value by predicting actual risk and reducing premiums.

In managing the delicate balancing act between identifying fraudulent claims and paying legitimate ones, insurers could create a negative relationship with a customer by being too strict or overly suspicious. But that doesn’t mean they can be trusting and keep approving every claim in a lenient manner. Any unfairness, whether real or assumed, could determine whether a policy gets renewed again, or our online reputation suffers, or the insurer could face a legal dispute in a court. Even as insurers work hard to identify the technologies needed for them to expand their distribution channels and ensure that they create optimized customer journey; they cannot lose sight of the importance of eliminating fraudulent claims from their list of priorities. Which is why, we feel that claims management could challenge InsurTech priorities for the insurance industry. What do you think? Please write in and share your thoughts.

Prime insurance solutions offers comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrollments, underwriting, claims, and customer services.Our diverse full service portfolio, workflow management software solutions and dedication to acquiring the best employees has transformed us into a trusted partner in the insurance industry. http://www.primetgi.com/insurance-software-solutions/

No ROI Without Relevance in the Insurance Industry

Business strategy today is all about integrating some new insights and forging a comprehensive plan for success. According to a study by McKinsey, companies which use customer analytics extensively are more likely to generate above-average profits. Not stopping there, they also outperform less analytically oriented peers, staying in the lead across the entire customer lifecycle and enjoy much superior customer loyalty. How exactly is analytics helping enterprises?

Much of the credit for this success is being attributed to how responsive businesses today are to customer needs and about their focus on establishing systems and guidelines relevant to the customers. Analytics provide insights into customer preferences to companies, which tailor their content and messages to stay relevant to customers and await a timely opportunity to make offers suited to their customers’ wishes. They use their insights to drive better and more relevant and valuable interactions turning even new customers into loyal ones, so they come back for more, again. They also retain the unshaken loyalty of long-standing customers through these measures.

Important ways in which enterprises stay relevant to customers include the following:

Timeliness: The time to establish relevance is when the customer shows interest in your product, and not at any other time. Your sales plans, targets, and metrics have no relevance to a customer. Pitch your product when a customer wants something like it, and sit back to watch the deal getting struck.

Personalization: Use analytics to understand the mapping of a customer’s decision journey, understand the opportunities and areas of friction with customer interests.

Extrapolation: Extrapolate the insights offered by analytics to cover your demographic of customers at a high level of granularity, using a broad range of attributes like behavior, demographics, location, age or even the customer’s stage in the buying journey. Use them to craft personalized messages which talk to them about what they are looking for only, down to a color or size.

Segmentation: Use data to define customer segments using broad criteria and dive down deeper to make your message personalized and relevant to each group by its characteristics and attributes. These could be thank you notes, feedback requests, new offerings of similar products offering them a special discount or other personalized incentives.

Employee orientation: Businesses need to train and orient their employees to provide personalized experience to the customers, whether in providing a service or responding to an inquiry. They need to be willing to learn and be flexible in carrying their learning from one customer interaction to another, to revise their approach.

Understanding customer intent: Successful enterprises learn to spot positive signals of customer intent or negative signals of their refusal to be engage, using their behavior. This ability to spot a customer’s intentions and read them right qualifies an insurer for success. Insurers today are taking advantage of data from third parties, which provide a deeper insight into customer health needs, lifestyle choices and risk-taking behavior, like recreational activities, travel choices or even weight, to decide how to tailor a policy to suit a customer’s particular needs. Data today can help businesses anticipate intent, by using predictive analysis based on previous or related purchases made by other customers which led them to purchase a specific next product, encouraging upsell initiatives and offers.

Rewarding customers for volunteering data: Customers today tend to reveal data willingly and without any incentivization. Businesses are happy to offer freebies and rewards to customers who are willing to share data which reveals their priorities, habits and tastes.

Upsell or Cross-sell flagged customers: Brands treat high value customers differently. Customers who call in are treated to a wide variety of options and choices as the calling agents offer them relevant products and services, or even an upgrade.

Most businesses are seeing a tremendous value and multiplied return on investment with taking such a relevant approach. They need to recognize that real insights from analytics will not be possible without collecting detailed, relevant and useful information about customers which can be converted into real time business intelligence. It’s also extremely critical to the success of the approach to have all customer-facing agents, representatives, managers and others to subscribe to the same attitude and approach when dealing with the customers.

Prime insurance solutions offers comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrollments, underwriting, claims, and customer services.Our diverse full service portfolio, workflow management software solutions and dedication to acquiring the best employees has transformed us into a trusted partner in the insurance industry. http://www.primetgi.com/insurance-software-solutions/

Usability, Accessibility, and Configurability in a SaaS-Based Portal Package

Insurers who resist change and continue to depend on their aged Policy Administration Systems are missing out on the amazing advantages offered to them by the new age SaaS-based PAS which offer amazing advantages and enhanced usability, accessibility and configurability. This article addresses these aspects and lists the advantages offered by a PAS to enhance the competitive edge of an insurer. All PAS systems do not offer such advantages and some actually fail to replace the legacy system, wasting the time and resources of an insurer and setting them back. Hence, it is important for an insurer to be well-informed and aware of the capabilities of a PAS and the benefits offered by adopting it.

Insurers who stay dedicated to their timeworn Policy Administration Systems fail to realize that their devotion is affecting their competitiveness in the market by slowing their services down and restricting their ability to introduce new products to the market.

One way to reverse this slow and steady deterioration is to adopt a Saas-based portal which will be your new Policy Administration System. Enjoy its support across the value chain, from product development to the payment of benefits and administer the insurance products with unsurpassed agility. This is possible with a well-designed SaaS-based product because of its usability, accessibility and configurability. Let’s explore each of these advantages in detail, so that you will have clarity on creating that business case to suggest its immediate adoption:

Usability:

1. The program offers framework modules, which can be licensed independently or together, offering unlimited flexibility and cost savings to a discerning user.

2. Offers flexibility in customization and deployment, and supports multiple clients, currencies and languages.

3. Its modules are extremely intuitive to use as it requires no coding.

4. Allows you to administer all types of insurance products, like P&C, Auto, Life, Health, Specialty, Warranty, Pension, Annuity, etc. without having to code anything; saving significantly on time and costs.

Accessibility:

1. Available and hosted as a Web application or can be hosted on the cloud.

2. The Agent portal is integrated into the Policy Administration System to support Agents and Direct customers.

3. Allows data upload and import of Excel files

4. Makes integration with third party and payment processes easy and flexible.

5. No Programming is needed for attaching forms and printing data on forms.

6. Generates policy data as tokens and prints the real-time policy data on forms.

7. Easily uploads rule-based forms.

8. Maintains a repository of Base forms, Coverage forms, ACORD forms, exclusion forms for various product lines and maintains them separately in different file subnets for ease of access.

9. Can integrate with multiple policy processing systems primarily through APIs or XMLs.

10. Organizes forms according to the form type.

11. Allows configuration of forms for the printing of policy data as per the existing (customer’s) templates.

12. Generates placeholders or tokens to be placed on the forms for policy data at the time of form generation/printing.

13. Attaches forms based on the user-defined sequence.

Configurability:

1. It is a self-service product, which uses role-based configuration, and standard workflows which can be configured by users to their unique business needs.

2. Issues and stores all policy data and documentation as per the product model and enables changes and modification to be completed in a matter of hours, instead of days.

3. Product versioning allows a single product to be maintained using state-specific, agency-specific and customer-specific screens, with the workflows being defined by user’s role.

4. Business users can easily configure changes, without intervention from DB administrators.

5. Users can build new products from scratch easily, and without much effort or loss of time.

6. Users can define Carriers, Agents, Brokers, Distributors and their business information along with mapping their producers and products.

7. Supports all policy transactions from Quick Quote, Policy Submission and Bind, Account creation, Quotes, Policy Administration, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.

8. Standard Policy Statuses and next Actions allow customers to configure the workflows as per their need and bypass the policy statuses which do not match their business need. Automated out-of-sequence endorsement comes as an additional feature.

9. Its rating module allows the maintenance of multiple rating tables without duplication, delivering faster response and improved performance due to the execution of rule-based rating steps, increasing the hit rate and ensuring better performance.,

10. Integration with inbuilt underwriting module, rating module and forms module delivers fast responses from each supporting module and complete the quote/policy transaction in no time.

11. Its underwriting module integrates with multiple systems, allowing the business rules, regulatory rules, and user-specific rules to be configured in a single location and makes its maintenance easy. It supports searching of existing rules, decision tables, and scorecards and defines assignment rules and sets due dates.

12. Its reporting module allows users to generate the reports manually and also to trigger reports by defining the frequency of reports automatically. It also offers many standard reports and enables users to configure customized reports.

13. Offers role-driven dashboards for Carriers, Agencies, Brokers and other Distributors.

14. Provides flexibility to integrate with any external system as well.

15. Supports both manual and automated policy processing.

Visualizing the benefits in time, money and resources from adopting such a system must be really easy after this detailed explanation. Talk to us to set up a demonstration of these capabilities and benefits to understand how they can help to improve your business processes and flexibility. That would help you to make an informed choice and avoid paying an exorbitant price for an ineffective product meant to replace your legacy system, but offers no return on investment and may even affect your business continuity.

Prime insurance solutions offers comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrollments, underwriting, claims, and customer services. http://www.primetgi.com/insurance-software-solutions/

Usability, Accessibility, and Configurability in a SaaS-Based Portal Package

Insurers who resist change and continue to depend on their aged Policy Administration Systems are missing out on the amazing advantages offered to them by the new age SaaS-based PAS which offer amazing advantages and enhanced usability, accessibility and configurability. This article addresses these aspects and lists the advantages offered by a PAS to enhance the competitive edge of an insurer. All PAS systems do not offer such advantages and some actually fail to replace the legacy system, wasting the time and resources of an insurer and setting them back. Hence, it is important for an insurer to be well-informed and aware of the capabilities of a PAS and the benefits offered by adopting it.

Insurers who stay dedicated to their timeworn Policy Administration Systems fail to realize that their devotion is affecting their competitiveness in the market by slowing their services down and restricting their ability to introduce new products to the market.

One way to reverse this slow and steady deterioration is to adopt a Saas-based portal which will be your new Policy Administration System. Enjoy its support across the value chain, from product development to the payment of benefits and administer the insurance products with unsurpassed agility. This is possible with a well-designed SaaS-based product because of its usability, accessibility and configurability. Let’s explore each of these advantages in detail, so that you will have clarity on creating that business case to suggest its immediate adoption:

Usability:

1. The program offers framework modules, which can be licensed independently or together, offering unlimited flexibility and cost savings to a discerning user.

2. Offers flexibility in customization and deployment, and supports multiple clients, currencies and languages.

3. Its modules are extremely intuitive to use as it requires no coding.

4. Allows you to administer all types of insurance products, like P&C, Auto, Life, Health, Specialty, Warranty, Pension, Annuity, etc. without having to code anything; saving significantly on time and costs.

Accessibility:

1. Available and hosted as a Web application or can be hosted on the cloud.

2. The Agent portal is integrated into the Policy Administration System to support Agents and Direct customers.

3. Allows data upload and import of Excel files

4. Makes integration with third party and payment processes easy and flexible.

5. No Programming is needed for attaching forms and printing data on forms.

6. Generates policy data as tokens and prints the real-time policy data on forms.

7. Easily uploads rule-based forms.

8. Maintains a repository of Base forms, Coverage forms, ACORD forms, exclusion forms for various product lines and maintains them separately in different file subnets for ease of access.

9. Can integrate with multiple policy processing systems primarily through APIs or XMLs.

10. Organizes forms according to the form type.

11. Allows configuration of forms for the printing of policy data as per the existing (customer’s) templates.

12. Generates placeholders or tokens to be placed on the forms for policy data at the time of form generation/printing.

13. Attaches forms based on the user-defined sequence.

Configurability:

1. It is a self-service product, which uses role-based configuration, and standard workflows which can be configured by users to their unique business needs.

2. Issues and stores all policy data and documentation as per the product model and enables changes and modification to be completed in a matter of hours, instead of days.

3. Product versioning allows a single product to be maintained using state-specific, agency-specific and customer-specific screens, with the workflows being defined by user’s role.

4. Business users can easily configure changes, without intervention from DB administrators.

5. Users can build new products from scratch easily, and without much effort or loss of time.

6. Users can define Carriers, Agents, Brokers, Distributors and their business information along with mapping their producers and products.

7. Supports all policy transactions from Quick Quote, Policy Submission and Bind, Account creation, Quotes, Policy Administration, Endorsements, Renewals, Cancellations, Reinstatements and Rewrites.

8. Standard Policy Statuses and next Actions allow customers to configure the workflows as per their need and bypass the policy statuses which do not match their business need. Automated out-of-sequence endorsement comes as an additional feature.

9. Its rating module allows the maintenance of multiple rating tables without duplication, delivering faster response and improved performance due to the execution of rule-based rating steps, increasing the hit rate and ensuring better performance.,

10. Integration with inbuilt underwriting module, rating module and forms module delivers fast responses from each supporting module and complete the quote/policy transaction in no time.

11. Its underwriting module integrates with multiple systems, allowing the business rules, regulatory rules, and user-specific rules to be configured in a single location and makes its maintenance easy. It supports searching of existing rules, decision tables, and scorecards and defines assignment rules and sets due dates.

12. Its reporting module allows users to generate the reports manually and also to trigger reports by defining the frequency of reports automatically. It also offers many standard reports and enables users to configure customized reports.

13. Offers role-driven dashboards for Carriers, Agencies, Brokers and other Distributors.

14. Provides flexibility to integrate with any external system as well.

15. Supports both manual and automated policy processing.

Visualizing the benefits in time, money and resources from adopting such a system must be really easy after this detailed explanation. Talk to us to set up a demonstration of these capabilities and benefits to understand how they can help to improve your business processes and flexibility. That would help you to make an informed choice and avoid paying an exorbitant price for an ineffective product meant to replace your legacy system, but offers no return on investment and may even affect your business continuity.

Prime insurance solutions offers comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrollments, underwriting, claims, and customer services. http://www.primetgi.com/insurance-software-solutions/

Get An Auto Insurance Protection To Protect Yourself From Financial Hardship

It is just like other insurances which is used to protect your financial losses which have occurred to your vehicle. It is, insurance that can pay for accidental/no accidental damage happened to your purchased vehicle.

Well!!!!! Buying insurance is more about buying a promise of someone, who assures you to regain your whole again if something wrong happen to your purchase.

The Automobile is one of the largest investments you make in your life. Just imagine a world without auto insurance. The at-fault driver would have to pay some amount to the accident victim for pain or damage out of their pocket. And the people who are injured at no fault are entitled to have their car repaired, medical bills from resulting injuries and other injury-related expenses paid by the insurance of the person who was at fault. But if the person at fault does not have insurance coverage, then he/she have to pay for those expenses out of their wages.

It Offers Different Levels of Cover For A Driver:

Uninsured Motor Vehicle Coverage – Uninsured motorist insurance can help pay your medical expenses and other related damages if you get in an accident caused by a person who doesn’t have liability insurance.

Collision Coverage – If you have an expensive car or one that is relatively new, this coverage will pay for the repairs to your car if an accident happens.

Liability coverage – It relates to your legal and financial responsibilities. It’s a basic insurance coverage that includes both Bodily Injury and Property Damage to other people if you’re at fault for an accident.

Medical coverage – It refers to the medical treatments, your hospital bills along with those of your passengers will be paid in this coverage, no matter who is at fault for an accident.

Comprehensive Coverage – If something happens to your car other than accident like weather damage, you hit a deer, your car is stolen, and Collision & Liability coverage won’t include these situations. Although Comprehensive insurance can be costly, if you have a lien holder, this coverage is required.

Importance of Choosing a Professional Agents:

A good Auto insurance agent has the ability to help you find the best coverage that will suit your personal requirements and vehicle types. By hiring an agent from Lane’s Insurance, you can save your time and find the most affordable car insurance coverage in a short time.

Benefits of Auto Insurance:

Auto Insurance replaces your car if it’s stolen

Auto Insurance repairs damage from animal collisions

It repairs weather damage

It covers flood damage

It covers fire damage

It Grants Peace of Mind

Lane’s Insurance is the most reputed Insurance Company In Calgary. Our Services are Auto Insurance In Calgary, Home Insurance In Calgary, Life Insurance In Calgary, Business Insurance In Calgary. Call Us Now At 403.264.8171 To Receive Your Quote.

For More Info Visit Us: http://www.lanesinsurance.com

Lane’s Insurance is the reputed insurance company in Calgary.

For More Info. Visit us: http://www.lanesinsurance.com/life-insurance/

How Modern Insurance Policy Systems Are Reinforcing the Insurance Industry

It’s time insurers threw off the shackles of their legacy systems, which add to the oppression of market pressures by hampering the effectiveness of their operations. But to do so, they need to recognize the improved functionality and additional value a successful PAS transformation could bring to their businesses first. Truth is, not all are willing to realize the value from a flexible policy administration system (PAS) with its different modules.

There’s no doubt that the modern PAS is transforming the insurance industry and making it possible for insurers to regain lost ground through impacting its people, process and technology; while offering unmatched levels of availability, reliability and security. Among other things, insurers staying loyal to their legacy system must face some hard truths:

1. Gap between the Haves and Have-Nots: Insurers depend heavily on their legacy systems to support their core applications. They support day-to-day tasks like the issuing and servicing of policies, processing of claims, as well as underwriting and billing processes. This makes insurers reluctant to tamper with their legacy systems. But this highly regulated and document intensive industry is being seriously hampered by the limitations laid down by their legacy systems. Insurers who remain committed to their inefficient but functioning legacy systems are manually processing piles of papers, and re-keying data between systems creating tremendous bottlenecks and time lags in their performance. They also generate inaccuracies which are bound to cause further bottlenecks at a later date. On the other hand, by adopting a modern PAS, insurers gain tremendous agility in processes and can easily modify old products and rollout new ones, with reduced time-to-market. As more insurers turn to them, half the industry is transforming its processes, its way of functioning and leaving the other half woefully behind, on customer service, efficiency and competitiveness.

2. Rules digital transformation out: Legacy systems operate on languages and system architectures which were developed in the ’70s and ’80s. Their age makes them completely unsuited to support digital transformation, in these times when every industry is porting its data to the cloud and employing big data applications to derive strategic and actionable business insights. Insurers who understand this are adopting a modern PAS to quickly initiate the changes needed to embrace the digital age.

3. Incompetence: There’s no doubt that insurers without a modern PAS lose out on service enablement, technological relevance and product speed-to-market when compared to the insurers who adopted one. Some of them may have already adopted other systems which helped them to extend the legacy system, requiring a highly knowledgeable team to undertake the required customization and core system modernization. If the insurer rejects the modernization wishing to mitigate the risk of a failed implementation and data migration, it may result inevitably in incompetence and a regrettable loss of market share.

4. Not Really Risk Mitigation: Being risk averse and avoiding disruption comes naturally to the insurance industry, but cannot be so comprehensive that the insurer avoids the adoption of a new technology fearing the risks. As the world around them is porting its operations to the cloud, they must accept a modicum of disruption in anticipation of achieving their vision for the technology they need and the resulting benefits from the digital transformation.

5. Implementation concerns: The importance of replacing outdated technologies and antiquated development methodologies needs to be recognized by businesses. They must also recognize and modify any other structural constraints in the processes. Fear of implementation failure cannot come in the way of an assured opportunity to gain competitive advantage by transforming one’s legacy system.

While all these concerns are holding some insurers back, others stay market-focused and are driven by business needs to undertake core system modernization. Their businesses flourish, while others flounder, as such upgrades improve their responsiveness. They close the gaps in their product and distribution strategy and provide superior customer service to retain existing customers and reach new markets. Their improved services are reinforcing the insurance industry itself, making it stronger and more attractive to its customers.

Prime enhances global insurers by transforming operational efficiencies, specifically in insurance software. Prime insurance solutions offers comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrollments, underwriting, claims, and customer services. http://www.primetgi.com/insurance-software-solutions/

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