A first mover advantage awaits P&C insurance carriers, program administrators, MGAs/MGUs, captives, risk pools, third-party administrators (TPA), and self-insured organizations. What are you waiting for? Are you skeptical about cloud computing, worried about the security of the cloud, concerned about the time and cost of implementing modern technology? All this talk about the customer experience is not affecting your business. Business is okay.
Since COVID-19, customers have been demanding a new way of engaging with them. They want a digital experience rather than a face-to-face one. Those who take the first steps in the digital transformation journey will come out ahead. The first-mover advantage offers tangible benefits.
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Automated and streamlined core insurance operations enable insurers to develop products and services quickly to generate new revenue
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For many incumbent insurers, there is no getting away from the need to overhaul their core platforms.
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With so much real-time data being generated in a connected world, digital technology will push insurers toward new types of business that help consumers mitigate risk rather than simply protect against it.
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Harnessing the power of digitalization could more than double profitability over 5 years
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The end-state is one in which analytics shifts from being regarded as a business aid to being seen as a capability that sits at the core of the way business is conducted.
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Data analytics, machine learning (ML), artificial intelligence (AI), and predictive analytics enable insurers to better meet customer demands, gaining a valuable advantage over their competition.
The Critical Pieces for a First Mover Advantage
As mentioned in an earlier blog (Better Together: Cloud-based SaaS Platforms and Core Insurance Software), P&C insurers have gone from being skeptical about cloud computing to embracing ‘cloud first’ infrastructure strategies in less than five years. While many already use cloud computing for storage and compute function, they are now thinking about expanding to other areas such as access to core insurance processes, data analytics, AI (artificial intelligence), machine learning (ML), and predictive analytics.
“True” SaaS (software as a service) platforms are offered on one platform, ending compatibility issues, and allowing for economies of scale, thus reducing hosting and IT support and costs. SaaS also offers insurers a working business model. One that is offered on a subscription basis, instead of buying the software. The SaaS provider handles updating, maintaining, and creating new features. SaaS platforms are highly flexible and expand easily. SaaS platforms are accessible from any location, digital device or smart phone. SaaS platforms can also be configured to meet basic needs or configured to push the system beyond boundaries to address constant change or unforeseen roadblocks easily and quickly. The platform promotes collaboration across teams and departments through file sharing, and is known for enterprise-level security, taking a comprehensive approach to security, as opposed to on-premise or cloud-hosted solutions.
Today’s cloud-based, “true” SaaS platforms are built to help insurers automate and streamline Core Insurance processes quickly, offering a first-mover advantage over other enterprise strategies and deployments that can take years to install and use – if ever. SaaS platforms and Core Insurance Solutions will get insurers up and running on a tight deadline and on budget. It can be done in weeks rather than years. The ROI will be apparent when underwriters and claims professionals can focus on what they do best and not be tied down to antiquated systems. Customers will be delighted with how fast they can sign up for insurance and file a claim. Working with diverse types of data will enable insurers to create innovative new capabilities and new business revenue through data analytics, AI (artificial intelligence), machine learning (ML).
What to Expect:
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Automated and streamlined policy administration from quote to renewal
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The ability to manage the entire claim life cycle efficiently and accurately from first notice of loss to settlement
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Digital engagement leverages data to implement best practices, ensure compliance, and enable collaboration with stakeholders
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Dashboards & analytics will take insurers to the next level of data analytics including AI (artificial intelligence), ML (machine learning), and Predictive Analytics
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Loss control and risk management services are integrated into Core Insurance Services
So, what are you waiting for? To learn more about Origami and first-mover advantages, contact us!