You’ve seen the Elf memes on Facebook, the silver bells in every retail store and probably already received one-too-many promotional pie emails: the holiday season has dawned, fourth quarter is here and Black Friday? Oh, it’s near.
But for insurance, this Q4 might not be “the most wonderful time of the year.”
With the economic hardships of 2020’s pandemic, many businesses probably aren’t expecting to “be in the black” profit margins come November. Even supported by the CARES Act and other emergency relief packages, consumers aren’t expected to return to their normal shopping habits overnight.
As CBInsights reports, “for insurers, this means the worst is yet to come. Many businesses still have insurance policies despite temporary closures — but as some close permanently, insurers will lose customers and revenue streams will likely contract. They will also suffer from loss of investment income as interest rates remain at historic lows, and losses related to policyholder fraud could increase in the coming quarters.”
How Can Insurers Profit Without Packages of Files, Boxes of Paper or Hard-Copy Baggage?
Process efficiency is often overlooked when overcoming business challenges. But, if you’re trying to cut costs while providing five-star customer service, we recommend checking your operations list twice. As many insurance agencies and businesses have noticed over the last several months, leveraging technology and remote operations not only saves money in paper, ink and storage, but allows you to bring insurance services right to the customer – gifting them with saved time and utmost convenience.
Because insurance is such a critical need for everyone, many agencies understandably stood-up a make-shift remote process to sustain services in a socially distant manner throughout the pandemic. But after realizing the benefits of digitalized processes and the need to align expenses with the public’s overall plunging revenue, insurers need to use this time to finally build confidence in their process and rely on Insurtech’s solid ground. Investing in scalable, long-term technology will keep insurance affordable as both a practice and a service to customers.
Digital Transformation Doesn’t Come from a Cord – No, Maybe Automation Means A Little Bit More
Digitized claims management, virtual underwriting and data collection requires much more than just being plugged in to an internet source. For a robust, sustainable and compliant insurance process, insurers need to unwrap every step in the insurance cycle and reimagine it as its most optimized, streamlined self.
While thinking how to “insure” your organization’s future, regardless of the uncertainties the world may face, we encourage you to think about safeguarding your processes with automated checkpoints, digitized capabilities and virtual environments that are accessible to both your staff and customers.
- Robotic Process Automation (RPA): Delegate the grunt work of claims, underwriting and even sales with RPA. Indexing, sorting, and routing documents can easily be automated with a little help from these behind-the-scenes bots.
- Virtual Claims Management: By this, we don’t mean emails. Through one, comprehensive platform, customers submit pictures of their cars, homes or other relevant items directly online or to an app. Once uploaded into their virtual claim, insurance adjustors, agents or whoever the next relevant party may be is notified and can carry on.
- Cloud Hosting: Cloud-hosted business strategies are supported by business agility, mobility, compliance and utmost secure file sharing. When in a completely Cloud-based application or a hybrid approach of on-premise and Cloud-hosted operations, the virtual environment supports the future of increasingly remote operations and is always scalable to fluctuating business needs.
Supporting Productivity Gains Three Times the Size
It could be, perhaps, that your legacy systems are too slow.
It could be that your work just doesn’t flow.
But the most likely reason of all
May have been that the overall vision is just too small.
As we wind down what has been the most tumultuous year for people and businesses alike, remember that profitability, quarterly or fiscally, is not just a number – it’s also optimization of time and resources, and the continuous march forward toward goals, despite all circumstances.
Approaching your standing with a 360-degree view of context (the year 2020), bandwidth (your current systems and processes) and opportunities (exploring goals to be better equipped, prepared and accessible) will yield you long-term rewards.
For more information on the capabilities currently available to support your Insurtech goals, please visit https://imagesoftinc.com/insurance/, and please don’t hesitate to reach out to the real people supporting our webchat.