The Modern Insurance Challenge
The insurance landscape has become increasingly difficult to navigate. What started out as a well-intentioned promise to improve customer experience and backend operations using digital solutions has led to a reality of rigid tools that work in isolation across departments, often creating more challenges for executives to solve.
These challenges are further compounded by the Build or Buy Conundrum, an issue amongst companies that are trying to innovate through digitization and digital transformation.
The challenge with relying on IT to build your own digital capabilities
According to a report from the Project Management Institute, 14% of IT projects fail outright, 31% don’t meet their goals, 43% exceed budgets and 49% are late. If your custom developed solution does go live, after years of over deadline development, you can end up being locked in by key man dependencies on a system that is resource-intensive to maintain and slow to adapt to the ever-changing expectations of your customers.
The very system that was initially intended to improve operations and customer experience can add to your legacy problem, and become a hindrance to growth and innovation. Also, the excess time and/or finance cost involved in building a system now dictates that your best IT resources are bound by an expectation to ensure the system does not fail, which it inevitably will. Global research trends validate this failing point as one of the biggest challenges facing the Insurance Industry today.
The challenge with buying off the shelf solutions
Off the shelf solutions are good at quickly addressing a lack of digital capability, but only in isolated areas of your operation. They do not address the needs across the entire digital landscape of your business. This leads to more disconnect between different channels and increased management, as manual processes are often put in place to move valuable data from one system to another across departments or channels. This is evidenced by the excessive use of Excel to fill data and processing gaps.
Another risk you run is having all your valuable data in a purchased solution, with rigid data structures that you might want to move away from when you realise the shortfalls of its capability, or find a better solution.
Lastly and certainly most importantly, off the shelf solutions are typically not easily customisable and are often unable to meet the unique needs of your business environment, creating more problems than they solve across your operational and customer-facing digital touchpoints.
The solution: Don’t build or buy – do both.
You need to have your platform built on agile infrastructure, so that you can rapidly update redundant processes and build new functionality to keep up with a fast-changing business environment. As a by-product, your digital infrastructure will be more cost and resource-efficient to maintain and build upon.
You want your digital platform to be omnichannel capable, extending seamlessly to all digital touchpoints, each digital channel speaking to the greater system, allowing for automation of data and processes while creating powerful dashboards for effective decision making.
The overarching benefit of having an adaptable digital platform is to improve customer experience and reduce operational stress, allowing the people in your organisation to focus on what they do best. Ultimately creating a better environment for your customers and employees – a key focus for any business.
“How do I do this?” you ask?
Our Digital Insurance Platform is capable of aligning with any of your existing systems, to extend and integrate functionality where you need it most. This is an excellent short to medium term solution to quickly adapt your architecture to meet the unique needs of your business environment. Adaptability is critical when you are dependant on digital products that you may have purchased or built, either way, investing a lot of time and money in, where there is no quick-release option.
Once you unlock your infrastructure with an adaptable Digital Platform, you can begin to continuously innovate and enhance your digital touchpoints, relying less and less on your heavy legacy systems, eventually replacing any built or purchased systems with a completely unique, agile and future proof digital arsenal.
Is this really possible?
When we first engage with customers who are facing these well-known challenges, they often don’t believe that this kind of capability exists. Understandably so, considering how much of the market has been impacted by legacy and the Digital Dilemma. It’s often in our nature to overlook a very real solution when all we see around us are the same challenges being faced by everyone.
What makes our Digital Insurance Platform different from the rest
Our Digital Platform is powered by an enterprise-grade low code technology capability, allowing us to extend your systems seamlessly and launch in weeks, not years.
Our prebuilt functionally is aimed at streamlining Insured Experiences via Customer Onboarding, Insured Portals, Self-Service Claims and Customer Mobile App modules.
Additionally, you can harmonise your Digital Operations and avoid the Digital Dilemma via our Digital Policy, Digital Claims Handling, Claims Collaboration and Dynamic Dashboard modules.
All these pre-built modules have been designed in line with the burning needs of the global insurance industry and are ready to be customised to your unique customer value proposition and seamlessly integrated into your existing systems. Our digital infrastructure is AI-enabled and can be configured to your business processes and service requirements.
Our challenge to you
Much like the famous moment between Morpheus and Neo in the Matrix, you have to see the art of the possible for yourself. After this there is no turning back. You take the blue pill, the story ends, you wake up tomorrow and believe whatever you want to believe. You take the red pill, you stay in wonderland and we’ll show you how deep the rabbit hole goes.
Our offer to you is a custom demo of one of our modules, customised to immediately fulfil a critical missing capability in your system and business environment.
Are you interested? It’s time to choose!
Fill out the form below and let’s discuss a custom demo for your business.