Insurance Automation: 3 Reasons Insurance Organizations Are Holding Back (and why you shouldn’t)
Despite the increase of insurance organizations migrating their business operations to digital platforms and capabilities, many insurers remain slow adopters of today’s insurance technology solutions. Let’s take a look at three key drivers behind the apprehension, and hopefully quell any lingering insurance automation fears.
1. The Rip-and-Replace Factor
Legacy systems often operate in a silo – holding hostage a mix of data and info in various formats.
To take advantage of today’s insurance automation software, all that stored data needs to be:
- Gathered
- Converted from legacy code
- Migrated to (and organized) in a new operating system
Until recently, this translated into a major disruption of business operations and months of training for many insurance providers, as old systems were ripped out and replaced with new ones.
The good news? You don’t have to rebuild everything from the ground up. Modern solutions can function in tandem with legacy systems to provide superior automation and functionality with no change to your existing solution. Done right, automation is a seamless process with a short learning curve.
2. Too Many Stakeholders Along the Journey
From underwriting to accounting, data providers to payment processing solutions, there are many parties involved in the end-to-end process of the insurance lifecycle.
When it comes to implementing insurance automation tools, some insurers believe these complicated workflows are just too advanced to be properly automated – fearing they won’t be able to maintain integrity and control of the process.
Clearly not all technology partners understand the intricacies of automating the many tasks involved in the policy lifecycle. By enlisting the help of an experienced insurance automation partner, insurance providers can continue to manage their quality control by making their processes more streamlined and interconnected with less human error.
3. Not Knowing Where To Start
Most insurers don’t need to be convinced of the various benefits provided by today’s automation. But when it comes down to it, many become stalled in deciding exactly what they need and want automated, what should be done first, or whether it can even be done.
The insurance automation process can seem overwhelming. When considering technology, insurers should first prioritize key business challenges they must solve. Next, they should discuss their goals and objectives with an insurance technology partner that can help them develop a program model based on their specific needs and budget.
Conclusion
These are just a few of the perceived roadblocks of insurance automation that prevent many insurance providers from moving forward with today’s technology. By working with a technology partner that has a deep understanding of the complex challenges of the insurance industry, insurers can confidently begin their automation journey – sooner rather than later.
About Surefyre, Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy to implement process can integrate with almost anything, from ancient computer systems to top-of-the-line programs. Our platform makes your life easier by automating the submission, rating, quoting, and binding process for all P&C insurance products.
Like what you hear? To learn more, contact Shawn Gonzales, Advisor & Account Executive, at sgonzales@surefyre.co or 415-480-9283.
