Have you seen the new movie Stan & Ollie? Trailers and previews hint at betrayal and disharmony behind the beloved façade of the iconic comedy duo. It’s the same story with other big-name celebrity duos hit hard by public breakups: Lewis and Martin, Sonny and Cher, Simon and Garfunkel, McCartney and Lennon, Mario Impemba and Rod Allen (that’s for our Detroit Tigers fans) and even Cheech and Chong – amazing chemistry when performing together but personal animosity behind the curtain.
These duos went through major public break-ups that, in most cases, resulted in big-time, successful solo careers.
Is it time for a big-name break-up with your legacy system?
Perhaps it was an innovative system when installed (how many years ago?) but now it needs too many patches, doesn’t integrate with the forms and applications of modern documents and delivery modes, and requires too many workarounds (even some manual processes) to deliver on its decades-old promises. Sound familiar? A break-up is in your future.
Legacy Systems Have Outlived Their Usefulness
Insurance carriers are hampered by outdated legacy enterprise content management systems. Approximately 70 percent of insurers’ corporate business systems are legacy applications, most in place for decades, with many in use since Sonny and Cher were on the charts (that’s 60 years ago!) These legacy systems have significant security issues, lock up data in inaccessible siloes, prevent collaboration, limit innovation and growth and don’t offer digital user or employee experiences. Moreover, they don’t allow for the efficiencies found in robotic process automation and similar automated methods that save time and money.
Legacy systems bottle up communication with end users, from agents and brokers, and to the insured. They don’t provide a full view of the customer that a customer service rep would need. When information is difficult to find, share, use and secure, time and resources are wasted, and potential opportunities are missed.
With InsureTech innovators leading the industry with agility, efficiency and effectiveness by embracing digital transformation, established companies need to follow their example and invest in the digital transformation that will separate the winners from the losers. According to Gartner, insurers who increase their investments in digital modernization strategies are 63 percent more profitable on average than their industry peers who keep their IT budgets constant or reduce them. Read more in Disrupt or Be Disrupted.
Replacing a Legacy System: Customer Success Story
A large property/casualty insurer, hampered by information stored in several legacy systems and an imaging system that couldn’t unite them, optimized its claims and underwriting processes, increasing efficiency and reducing costs by more than $1.5 million per year. Migrating from its legacy document imaging system, the insurer now enables more than 1,500 employees, authorized agents and agency support staff in nearly 200 locations to quickly access information stored in multiple formats — whether received through email, electronic feed or directly scanned into the document management solution.
Workflows keep processes moving by automatically forwarding documents and information, notifying stakeholders of material they need to see or actions they need to take. In one improvement, new policies and policy change submissions that used to take two days are handled in 20 minutes and made available across the enterprise. Benefits were realized in multiple areas:
- Automated electronic claims filing increased speed and accuracy
- No-cost electronic file sharing eliminated $465,000 in storage, mailing, shipping and courier costs
- Electronic archival of claims photos empowered staff with instant access to any file type;
- Integration with Outlook minimized the need for employees to access multiple systems, reducing time spent on each call
Breaking Up Isn’t So Hard to Do
While insurers have been managing information digitally for decades as early adopters of enterprise content management solutions, they have been slow to advance their core processing solutions. These outdated, functionally limited and siloed systems and applications make information impossible to share and act on.
Insurers need solutions that accelerate their digital strategies by managing documents, cases and processes that legacy core systems just can’t handle. By implementing a single platform to capture, clarify, share and secure information, insurers can deliver better and more timely services while saving resources. In this way, insurers can streamline processes, lower costs, increase security and deliver the customer experience required by today’s consumers.
With ImageSoft’s ECM solutions for insurance, we’ll automate your workflows, improve your speed and efficiency, reduce costs and address compliance requirements. We’ll make the break-up with your legacy system a walk in the park.
Ready to break up with your legacy system? Check out ImageSoft’s solutions for insurance.
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