Did you know TEDxTalks has a stream of episodes focused on insurance?
In today’s world of upward mobility and indebted millennials who can’t always afford (and consequently forgo) traditional insurance, accessibility, niche coverage and streamlined service are the top traits for competitive insurance agencies. Thanks to apps and automation, insurers are now becoming equipped and empowered with instantaneous capture from smart phones, digitalized document storage and case management in a single, compliant and centralized data hub, and seamless integrations with admin systems like Guidewire and DuckCreek.
Adopting these emerging trends in InsurTech lends a hand in branching out more of-the-moment types of coverage, how quickly it’s effective and how it’s dropped in the hands of insureds (paper cards are a memento of the past, after all). Agencies love the ease. Customers love the accessibility. Perfect, right?
Not yet. We still need to have the conversation about how this digital transformation is translating between the governing Departments of Insurance and their agencies and agents.
The DOI’S ROI of Digital Transformation
As insurers and agencies become more fluent in digitalized processes, it only makes sense that the Departments of Insurance (DOI) start speaking their language. And while the ease of streamlined communication does support more vigilant regulatory practices, the DOI’s ROI casts a much wider net than just that.
Equipped with a compliant, secure and responsive solution, DOIs have the license needed to operate in a citizen-centric manner: the prevision needed to spot and prevent bottlenecks, the bandwidth to address complaints in a timely fashion and, most importantly, the assurance that restitution for victims and vulnerable citizens is being promptly obtained.
With OnBase supporting this digitalized environment, DOIs house phone call details, emails, records and all other case information in a centralized repository that is accessible with just a few clicks. Integrative with all pre-existing business applications makes this a double-win for investigative cases, which can be securely shared with prosecutors and auditors for a transparent investigation. OnBase also serves as a portal where agents can create an account and update their credentials, cultivating a self-service environment that quickly and easily confirms good standing for a carrier, agency or agent. And for the state departments that umbrella regulations with financial institutions, remember to look into OnBase’s Bank Audit function, providing the auditors with a 360-degree look into banking processes and the visibility to flag fraudulent practices.
Need a More Thorough Inspection?
We get that – it’s in your nature, after all.
Check out our DOI webpage, complete with our signature dry humor and a side-bar podcast detailing “The CIO’s Worst Nightmare. And Something About Dilbert.” And if you just can’t get enough of our punchiness, schedule some time to chat with us. The humor is free of charge.