Technology and the digital revolution has transformed almost every industry, and the insurance sector is no exception. Where brokers once used clunky and disjointed internal communication systems and stored client information in hard copy file storage, they are now seeking new ways to stay ahead of demand, innovate, and satisfy client requirements.
Tools To Meet Demand
Technology in the insurance industry has led to a far greater demand for flexibility, speed, and the ability to work collaboratively. Insurance companies, in common with the majority of sectors, require digital transformation to compete, and need to embrace new software and new technology to deliver everything expected of them in a competitive market.
The cloud is one of the most transformative technologies for businesses across the board. Cloud computing enables remote working, decentralized data storage, reduced costs and overheads, heightened security, and faster and more effective working processes. Insurers who are comfortable migrating to the cloud can take advantage of a more data-driven, customer-centric way of working with up-to-date systems, AI and machine learning to streamline working processes, and smart data analytics.
Top brokers are increasingly moving towards a software-as-a-service (SaaS) model, outsourcing many of their IT needs and adopting new, cloud-based programs, software, and tools that enable them to work faster, harder, and smarter.
So what are the tools that insurance companies can turn to in order to navigate the increasingly competitive industry marketplace, and address a more demanding, clued-up client base? Which are the most useful tools that can help to speed up the claims process, give users direct access to data and information, and provide a generally higher quality of service?
Embracing digital technology means finding the right tools for the job. So here are some of the best cloud-based tools and digital technology for insurance companies that can transform the way you do business.
Managing intra-organization communications can be one of the toughest aspects of running a successful business, and the aspect that makes the biggest difference when it comes to streamlined, effective working processes. The focus on effective communication has only increased as organizations around the world have begun to explore more flexible ways of working such as remote working and home office.
Poor communication can take an enormous amount of working time to fix, and can be a drain on resources, as well as creating bottlenecks that add drag to the organization.
Ensuring good communication between team members who don’t share the same geographic working environment is a challenge, particularly for large organizations, and one Office 365 excels at.
Migrating all staff to one single channel for communication and collaborative work makes a huge difference for an insurance company. You can access your files anywhere, store valuable client data securely and safely in the cloud, and collaborate in real time effectively and efficiently. It sharpens up communication by centralizing all channels, and lets you scale up and down depending on your fluctuating needs, with predictable month-on-month spend.
Microsoft Teams is the fastest growing app that Microsoft has ever developed, with over 330,000 organizations worldwide using it. It is the ultimate communication channel, allowing colleagues to chat in groups and privately, set up meetings, share documents and files, and stay on top of your work with effective collaboration. Because of its ability to integrate with Microsoft’s whole suite of applications, it gives users the ability to manage every aspect of their workload within the app and within the chats and groups they set up, significantly raising efficiency levels.
Teams essentially acts as a virtual workspace, which can be a huge help when it comes to facilitating remote work environments. It has a number of features designed to assist cross-time zone working, and keeps workflows smooth and effective at all times. As insurance brokers may need to deal with clients around the world, and be able to provide relevant data whenever it is required, this can be a huge asset.
With integrations for apps like Trello, Asana, and the Adobe Creative Cloud, document cloning, and customizable user permissions, Teams provides everything you need to keep your team working smoothly and efficiently.
For insurance companies possibly more than any other organization, fast access to vital client data is of the highest priority. Microsoft OneDrive acts as both a storage facility and a collaboration tool, allowing safe and secure storage that is accessible from anywhere, alongside synchronization for speedy, streamlined collaboration. Best of all, it has seamless integration with the rest of the Office 365 suite, including apps like Word, Excel, PowerPoint and Microsoft Teams.
In the past, insurance companies would have had to deal with a variety of communication points for any single claim. Clients might fax, email, and call, and relevant information would be stored on spreadsheets, in hard copy, and in digital form. Therefore a file management tool like SharePoint is an absolute lifeline for brokers, creating a single point of contact for data access and management, and making it easier for clients and insurers alike to process claims.
SharePoint offers the flexibility to build efficient data structures in cloud storage from incoming faxes, emails, notes, spreadsheets, and more. In addition, implementing a central file storage plan allows for time savings in all departments.
SharePoint is an excellent resource to help implement processes and system changes as change management structures become expected process points. SharePoint offers you the tools to help install process management, workflows and streamline operations.
Data is king for most organizations, and for insurance companies above all. Fast, reliable access to client data is one of the most important things for a broker to get right, and managing and collating the vast amounts of data insurance companies collect can also be a challenge.
Managing data can be tricky at the best of times. Companies often try to solve data collection and collation issues with new software, but this can bring with it more challenges, as using multiple tools creates more moving parts that can go wrong, more complexity, and more potential security risks.
For insurance companies already using Office 365, PowerBI is therefore the most sensible option. It offers a self-service data management tool with AI capability that integrates automatically with the entire Microsoft suite of applications. It also offers solid analytics and easy to understand data visualization.
Cloud computing helps insurers to facilitate and accelerate business transformation, and provide a high quality, effective, and efficient service to clients and users. The Microsoft suite of applications provides integrated software and tools that enable insurers to diversify, facilitate a flexible working environment, and manage the data they need to deliver the services they need to compete. In order to fully leverage the transformative and disruptive power of the cloud, insurers need to develop and implement strategies that make use of Office 365 and all the functions and capabilities of the cloud.
CompuVision can provide the expertise necessary to make migrating your working processes to the cloud simple and manageable. To find out more about how we can help your company leverage the power of cloud computing and Microsoft 365, get in touch today!