For decades, insurance and technology ran on different tracks.
While tech was revolutionizing industries like finance and education in as early as the 1990s, insurance was content to keep using the legacy systems that had been in place for years. After all, if it’s not broken, don’t fix it–right?
This reasoning may have worked twenty years ago. But in 2023, insurance can no longer afford to resist the tides of technology–especially when it comes to policy administration. “Companies that are not utilizing the continuous advancements … are quickly going to be left in the dust by the companies that choose to utilize these functions,” says Hunter Kuykendall, Enterprise Sales Manager at InsurIQ.
Find out how insurtech can support the backend and frontend of policy administration, and how organizations that invest in this technology upfront end up saving time and money down the road.
Efficiency, accuracy, and user experience are the backbone of effective policy administration. Employees and customers alike want a swift, intuitive process that produces minimal errors in policy details, premium calculations, and endorsements.
However, systems that rely heavily on manual intervention are like roadblocks to smooth and accurate policy administration. Insurance teams today are bogged down with redundant tasks and slower operations, which translate to higher costs and, ultimately, customer dissatisfaction. Some of those redundancies include:
Data analytics is another casualty of outdated tech. Manual spreadsheets are a breeding ground for human error, and if those spreadsheets break–which happens easily–it could take weeks (read: wasted money) to pinpoint where the break originated. Humans are also limited in their ability to identify complex patterns in data, which can result in inaccurate risk assessments and policy offerings.
Digital technology removes the obstacles that plague manual policy administration systems. Here’s how:
Insurtech is a valuable investment because its competitive edge far outweighs the initial price tag. Organizations that are not willing to pay the upfront cost for digital technology risk spending even more down the road in operations and human resources. Organizations that do adopt digital technology, on the other hand, reap the rewards in lower operational costs and more satisfied customers.
Get in touch with us to find out how InsurIQ can bridge the technology gaps in your business and streamline the insurance policy lifecycle.