challenges in insurance rely on it

Challenges in Insurance rely on IT

July 2015

Copyright © 2015 Scriptura Engage

Observation


The insurance industry has some catching up to

do in order to operate to today’s standards.

This would originate from the financial crisis

(still) and, so have observed researchers, from

the conservative attitude the industry would

have cherished for too long. And, insurers are

often divided into autonomous silos.

In the coming years the insurance industry should

be investing in software and infrastructure to

keep up with the economic digital pace.

Main challenges


• Customer:

Help me faster in high-stress times

Reduce paper work

Speed up administration & communication

• Internal Customer:

Accelerate customer acquisition

Enable high-quality customer service

Improve archive & search

• Management:

Reduce operational costs

the Challenges are related …



Speed up admin & communication

Reduce paper work




Customer Business

Management


... the Solutions are scalable



Speed up admin & communication

Reduce paper work




Contract Composition Contract Delivery Mobile Enablement


Contract Composition

observations


• Mainly a strictly IT-owned operation, whereas

customer relations lie with the business

• Often manual work, thus implies human errors

and time-consuming work

• Different policy departments have specific

requirements, but do share some T&C

• Changes to a contract can take a long time

which interrupts the negotiation phase

Make contract composition efficient


• Standardize where you can: design templates without programming

• Manage a ruling repository of all cross-policy clauses

• Integrate the repository with a user-friendly contract assembler

• Easily create an approval flow and insert modification alerts

Business users enablement

Faster contract finalization

Contract accuracy

Keep control

Interactive Document Assembly


• Compose contracts easily by using flexible text blocks

• Secure critical content with modification alerts in the approval flow

• Authorize internal customization in restricted areas

Differentiating features: Comparing and Versioning

Compare customer profile data with the document you’re working on

Compare two quote versions to show the impact on the customer offer

Compare your quote to the final contract offer

Contract Delivery

observations


• Many contracts are still on paper

• The digital customer’s channel preference is

ignored

• Finding historical customer or other info takes

a lot of time

• Printing, sending and archiving costs are a

considerable burden to the budget

Make contract delivery efficient


• Digitalize where you can

• Sign contracts digitally

• Deliver communications via email, online, archiving and other channels

(on paper is still possible)

• Increase response rates by 65% by selecting the channel(s) of your clients’

preference

Faster delivery

Improved archiving

Better customer interaction

Multichannel Delivery


• Compose contracts easily by using flexible text blocks

• Secure critical content with modification alerts in the approval flow

• Authorize internal customization in restricted areas

Differentiating features: Multibranding & Multilingual

Make your brand or policy silo consistent across all communications

Give your brand or policy silo a high-qualitative output

Make your brand or policy silo unique

Mobile Enablement

observations


• “The insurance industry will be driving on a

bumpy road,” say researchers

• IT in insurance would be too conservative (is

that so?)

• The industry wants to invest in software and

needs valuable technology partners for support

• Mobile enablement is a strategic decision

Will you be the early adaptor?


• People and businesses are becoming digital and Mobile facilitation is one

of the upcoming trends.

• Mobile is a reality and digitalization is a step in the good direction.

• Mobile can mean many things:

online services

dynamic communications

a mobile app

…

Mobile opportunities


Example 1 – claim handling

Due to a storm a tree damaged the customer’s building. The customer takes his mobile device,

opens the app, takes a few pictures, fills out a claim form and sends it to his insurer. This

enables the account owner to understand the problem, do the necessary administration and

send an expert equipped with a mobile device with which he can add his professional

observations and reporting to the claim.

Example 2 – client onboarding

The sales person or agent can go to the customer (no matter where he is), go through the policy

of his choice, make some adjustments, send an offer or – ideally – have contract signed at the

end of the conversation with his customer.

Cost Reduction


• Drastically reduce printing, sending and

archiving costs

• Consider a balanced combination of

standardization and flexibility will prevent

errors soiling millions of contracts

• Save time and money by authorizing the best

function in place to compose contracts,

someone who knows the customer

• Faster customer acquisition means less sales

costs and more revenue in the same time

frame

More info? Contact us:EU phone: +32 3 425 40 00US phone: 011 32 3 425 40 00email: [email protected]


challenges in insurance rely on it

Technology

customer acquisition

customer offer

historical customer

customer relations

highquality customer

final contract

scalable copyright

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