Is Your Insurance Business Futureproof? Discover the 7 Game-Changing Benefits of Connectivity
If there’s one lesson that we as an industry need to take from our technological mistakes of the past, it’s this: connectivity is everything. Whether it’s maintaining access to our own data or simply doing away with the dreaded double-keying that burdened so many of us through ‘the noughties’, interoperability is paramount to running a successful insurance business. However, there are many other benefits of building a connected ecosystem within your insurance business…
Are you ready for your future?
One of the biggest corners we backed ourselves into with our insurance software was our inability to react to what may come. Monolithic solutions with trapped data stifled our growth and left us unable to capitalise on market opportunities, while also keeping us trapped within the confines of our legacy insurance platform, unable to get out. By connecting to the outside world, we can knock down those walls and allow our policy administration system to be the centre of our universe rather than the entire thing!
One system to rule them all
As part of that, we remove the need for double keying and enable all the platforms we currently utilise to communicate with one another. This creates a better user experience, allows us to do more, faster, and enables us to bring on board new services and software solutions that will expedite both our growth and our pathway towards operational efficiency.
New tech, new services, new possibilities
Whether it’s true innovation or simply improving existing operations, the ability to onboard new third-party services, data, and technology can dramatically transform a broker, MGA, or insurer. Whether it’s third-party claims management, inbound leads, or integration with your accountancy software, these integrations can reduce your manual administration, create endless possibilities for innovation, and help you to improve your operational costs.
A single source of truth and data to trust
It also improves the consistency of our data. By aligning all our data across multiple sources, we dramatically reduce errors and omissions, enabling us to have confidence in our analytics and reporting. This also allows you to return your staff to high-value tasks, moving them away from mundane administration.
Migration is always an option
It’s also never really been in our legacy provider’s interest to make getting data in and out of the system easy. With easy data access comes easy migration and the ability to pick up your business and move it to another vendor when the need arises. With simple API connectivity, you can even integrate your old and new platforms for instantaneous synchronisation of your data across platforms, putting the old tech into runoff and immediately starting to use your new platform without any loss of data.
Enhanced User Experience
With all the above comes a much more cohesive internal user experience, as staff can do more, faster, and with far fewer points of friction. They can work from one interface that delivers a single source of truth. Equally, this experience can extend to external customers as, through connected services, businesses can offer a far greater range of complementary tools, services, and support, without creating unnecessary burdens. They can even consider delivering elements of customer self-service to allow them to access the services they need 24/7, 365 days a year, while enabling support staff to focus on areas where they can truly add value to the customer.
Compliance & Regulation
One of my biggest concerns has always been that insurance businesses can find themselves “over a barrel” when regulation changes or new compliance measures are put in place that their existing platform does not cater for. Without connectivity, they are beholden to their existing provider’s cooperation and prices. However, with open API architecture in place, they can integrate new services at a pace that could tackle the issue both quickly and cost-effectively. This lack of control over your own destiny should scare even the most market-hardened among us.
Connectivity, interoperability, open API architecture, ecosystems, and integrations—whatever you want to call it, the ability “to get things into and out of your insurance software” is vital to insurance businesses. These benefits deliver key strategic value that ensures your insurance technology not only meets current operational needs but also positions the business for future success. If you haven’t already, then now is undoubtedly the time to assess whether your systems are equipped for the future.
If you’d like to find out more or discuss your connectivity needs, please get in touch with our team.
