Insurers need to modernize their tech to stay competitive. But your stomach might churn when you think about the first time you “modernized” or brought new software into your company. Memories of unexpected complexities, undelivered promises, and endless confusion until the team got into a rhythm with the new system might have you shudder at the thought of updating.
We get it.
Unfortunately, this has resulted in an increasingly urgent problem: most insurers are using legacy tech that is far behind today’s standards. This means huge hits to operating efficiency, missed sales, and increased risk of being overtaken by more tech-enabled competitors.
Fortunately, it’s 2020. Configurable SaaS technology has made new software adoption in every single industry faster and smoother, mitigating the risk of wasted time and resources deploying solutions that you could end up hating.
Configuration vs Coding
First, complex business processes no longer require complex enterprise software. Much of what defined the sluggishness of setting up new software even five years ago was adapting the software to each unique business’s needs. That meant going into the backend and having a developer edit code for any small change in configuration.
Software today, however, allows for easy point-and-click configuration. That means non-technical administrators at a company can create and manage dynamic web forms and workflow automation. For example, custom applications for niche lines of business can be easily created, as simple as drag and click. It’s like Squarespace for insurance underwriting.
This also means that the cost to iterate over time is a fraction of what it was even just a few years ago. When your software can adapt in near-real time to automate your evolving business, the software becomes an asset rather than a liability.
Modern User Experience
One of the most difficult parts of adopting new tech is getting the team on board. Fortunately, user experience (UX) as an industry and practice has evolved dramatically in recent years. Modern enterprise solutions like Surefyre are insanely easy to use compared to their legacy counterparts.
What’s more, there’s a big incentive for agents and underwriters to learn modern systems that automate nearly all tedious and time consuming aspects of the submit-quote-bind-issue process. The resulting experience is spending less time getting more work done.
Data storage and security is an absolute must-have. Good cloud infrastructure is the absolute right way to address these needs. All the headaches of hardware purchasing, setup, and maintenance? Gone. All the concern about data encryption and database security? Gone. Data is protected by modern, best-in-class security in data facilities that are designed specifically for top notch reliability and protection. This instead of all your data sitting in bloated on-premise hardware, protected by black box security from who knows how many years ago.
Similarly, defining user groups and restricting data permissions can and should be fast and easy. Tedious tasks like setting up new users and managing passwords can rest primarily on the software, not an administrator. That means not having to ring up IT every other minute for help that should be automatic.
Better Business as Usual
Good insurance software should sync with your business process as it is now and as it might be tomorrow. Whether it’s niche applications, unique underwriting, or critical third party tools, modern enterprise tech like Surefyre will amplify the output and differentiators that set today’s insurers apart.
To learn how Surefyre is making the benefits of modern tech available to insurers of all sizes, click here.