The insurance industry is changing, and many traditional insurance companies are at risk of losing out to competitors if they don’t focus on two main things; disruptive technology and customer’s needs.
In a time where customers’ expectations are higher than ever, companies need to not only satisfy customers but exceed their expectations. The younger generation, in particular, expects simplicity and speed, with real-time access to information. From our experience, we know that insurance companies are still struggling to support and maintain existing legacy systems so adding this level of complexity is incomprehensible, as it often results in the absorption of a large portion of the IT resources and budget allocation.
Although replacing technology can seem like a daunting task, a planned investment in a digital transformation project can help insurers to be more agile in the long run. In addition to these existing problems, insurance companies are expected to excel in new digital technologies, such as AI and big data.
The bottom line is that innovation is necessary if companies want to set themselves up for success in the increasingly competitive industry. The first step to creating an innovative offering is to invest in disruptive technology, such as a software solution that is natively built in the cloud. SaaS software, built natively in the cloud, has lots of benefits, including:
- Quicker Time to deployment: SaaS software solutions can be implemented in a matter of weeks rather than months.
- Less internal responsibility: The Cloud Service Provider (CSP) is often responsible for maintaining the software, upgrading the system, and maintaining customization through upgrades; freeing up your valuable IT resources and budget.
- Scalable and Flexible: Cloud technology can be scaled up or down to meet your business needs. SaaS software also offers more flexibility to integrate with existing software interfaces through APIs.
- Anywhere Access: Using cloud technology makes it easier than ever to access, enabling mobile access and remote working. Profile permissions can also limit access when necessary.
- Resilience: The IT infrastructure and any information inputted into the software is stored in the CSP’s data center. If a disaster strikes your business premises, you can get access to your data and get back up and running quickly from another location.
Fortunately, ClaimVantage offers industry-leading software that can help you do just that. Our software solutions are natively built in the cloud and focus on customer-centricity to help you get ahead and not lag behind your competitors in this quick changing industry.
Configurable and Intuitive Cloud-based Software
The software is hosted on the Salesforce platform, and with 3 software releases annually, we are committed to keeping you on top of market changes and industry developments. Being cloud-based has many others benefits for our customers, including cost-savings, flexibility to integrate with existing systems, and improved productivity.
Our best-in-class solutions are fully integrated. They can be accessed anytime, anywhere helping you minimize fraud, streamline operations, and improve productivity while saving on implementation costs.
Streamlined Adjudication and Payments
Auto-adjudication and payment calculations help increase efficiency and reduce operational effort while improving claim turnaround times. The main benefit being that this reduces potential human errors to increase accuracy.
Automation & Reflexive Questioning
The addition of automation and reflexive questioning ensures that all necessary details are collected, prompting further questions based on the inputted information. This enhances claims servicing while improving worker productivity and prioritization.
To help you justify an investment in a digital transformation project we have developed a guide to help you to create a strong business case to your internal stakeholders. If you have any questions, feel free to contact us.