Like many sectors, the insurance industry is changing, driven by innovative new insurance technology software and emerging data trends. However, the sector has been, and still is, reliant on manual data solutions that have been long disregarded and replaced by software in other sectors.
The stark reality is that if traditional methods are not re-worked and bought in line with new practices, there is a risk that insurers will fall behind technology expectations for not only their customers, but staff and investors too.
There are two processes in particular, which still dominate insurance firms that unnecessarily cost the organisations both time and money:
Excel spreadsheets have limitations that can seriously impact how data is collected, managed and interpreted. Here are just some issues they can cause:
- They are typically large and unwieldy
- Data cannot be visualised effectively
- Multiple versions can exist leading to no central view
- Can lead to inaccurate and unclean data
- Key business decisions cannot be made without time consuming analysis
Replacing spreadsheets with software not only avoids these pitfalls but leads to faster and more accurate and interactive reporting.
2. Inputting data manually between multiple systems
Similarly to spreadsheets, if organisations are moving data manually between systems (re-keying) this can create an over-reliance on individual members of staff which opens up room for errors and inefficiency.
Coordinating your data centrally or integrating disparate systems, means that everyone uses the same data, eliminating the risk of duplication and inaccuracies getting information to where it is needed, quickly.
How can commercial insurance data systems and processes be bought up to scratch?
Taking large amounts of data and transferring it to a new system can be daunting and does raise concerns for organisations such as ‘our data will be lost’, ‘systems will crash’, ‘customers will get a bad experience’.
Managed correctly as a project these concerns can be avoided and result in new automated processes between systems that create one central bank of data, saving you time and manual effort which in turn reduces costs and help promote accuracy throughout your organisation.
If a ‘rip and replace’ of your current systems seems like an intimidating option which you might not be ready for, there are alternatives:
- Re-innovation of legacy systems – this can be a cost effective alternative, as existing systems, that would be too costly to replace, are enhanced and their efficiency is increased. See how we can help with support and maintenance of your existing systems.
- Integration – A more gradual approach to system updates. This is another effective way to adopt new cloud, data and mobile applications and combine them with existing systems. Find out more about software integration.
We would always recommend doing a system audit to determine your requirements before choosing any solution. This will help you identify any security gaps, data silos and user experience issues. It is only after you have this information, you can make an informed business decision on whether to replace, enhance or integrate your insurance software solutions.
Finding a specialist partner that understands the challenges insurers face, is critical to ensure solutions meet your requirements. Whether that be re-innovating legacy systems to run smoothly and keep your system relevant or, a complete restructuring of your systems to create a bespoke solution tailored to you.