5 Ways to Evolve Insurance Policy Management
The insurance industry has been historically averse to change. In fact, not much has changed in the property and casualty insurance business since 1752 when Benjamin Franklin helped create the first fire insurance provider in the United States called the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire.
However, over the past couple of years, the insurance industry has been going through a radical transformation that has been spurred by a series of digital innovations. Some key technologies that are revolutionizing this sector are as follows:
- Advanced analytics
- Captive insurance management software
- Cloud technologies
- Digital process automation
- Distributed ledger
- Internet of Things (IoT)
- Online sales technologies
- Machine Learning (ML)
- Virtual Reality (VR)
The digitization of the industry will be a boon for customers in the years to come as they will be able to benefit from better service, more choice, and lower prices.
However, the primary forces driving the current digital insurance policy management evolution are technologies like digital process automation and captive insurance management software. This is because this technology has the potential to significantly increase revenue, reduce claims payouts, and cut administration costs.
So how do captive insurers achieve this? Let’s dive right in and take a look at five ways to drive digital insurance policy management by taking advantage of flexible software.
1. Seamless tracking claims administration
Tracking claims administration is at the core of managing any type of insurance program (as this is where the revenue is generated). When you incorporate a captive insurance management software, you can significantly enhance the processing and review of claims.
As all the data collected from multiple touch points will be easily accessible in the cloud, agents can benefit from higher accuracy while saving time. Furthermore, you can also automate some of the administrative processes to lower the costs associated with claims administration.
2. Set up an infrastructure with ease
What’s great about captive insurance management software is the fact that it’s sole purpose is to make your life easy. So you don’t have to worry about getting a degree in computer science before setting up infrastructure.
In fact, anyone can easily achieve this within minutes. Furthermore, it will support your business to achieve its objectives through total customization.
3. Streamlined risk management processes
The risk management information system plays a vital role within the insurance industry as it integrates risk management in both the parent company and the captive insurance company. This means that insurance professionals in-house or on the field can have seamless access to high-quality data.
What’s more, they will also be able to benefit from streamlined risk management process, ease of reporting, and flexibility. This approach is proven to save time and produces much better results for all aspects of risk management (including cutting hazards and streamlining renewals) as you can eliminate anecdotal justifications for action.
4. Low-code application development platforms create customized enhanced flexibility
Not all captive insurance agencies are the same, as a result, it can sometimes be difficult to adapt an out of the box solution for your business. But if you take advantage of a low-code application development platform like Pulpstream, customizing your captive insurance management software will be as simple as dragging and dropping what you need.
This means that you don’t have to hire software engineers or spend six to twelve months waiting for your application to be developed. The low-code approach to development will help you achieve this within minutes, hours, or days, not months.
You also won’t have to incur the significant costs associated with software development. When the app is ready, you can enable your staff to engage in digital process automation by setting up business processes, procedures and reporting facilities, collect data from multiple touch points, and backup and host it in a cloud for seamless access from anywhere, at any time (cost-effectively).
5. Customer relationship management
When your low-code captive insurance management software is hosted on the cloud, you will have seamless access to all the customer data to enable efficient customer relationship management (CRM).
As a result, you will be empowered to deliver exceptional service cost-effectively while remaining compliant. What’s more, staff will be able to benefit from a unified interface where they will have a complete integrated view of customer interactions with agents, service representatives, and much more to help you achieve customer and company objectives.
Software like Pulpstream’s Comprehensive Captive Insurance Solutions will also significantly improve your one-call resolution rates as well as the success rates of up-sells and cross-sells. So when you digitize and streamline your risk management functions and workflows, everyone (including the customer) benefits.