Automation through partnership
Does your insurance core system allow an end-to-end process supported by multiple external services?
External insurtech providers often offer a great value but some are highly specialized services not adding much value unless the vertical service is not fully integrated to the insurance company’s end-to-end processes.
Automation through insurtech providers is a great way to obtain the latest innovations and technology in the industry. The values provided often has potential for positive impact on your business´s cost and customer experience. Insurtech has sometimes been recognized as a threat to traditional insurance companies but as the tech market has been developing from competitors to new vendors with a very high specialization that can enhance the offer at traditional insurers.
Claims, Sales and Underwriting processes are often in scope for automation with the help from insurtech suppliers. However, handling a specific service delivered in a vertical process and transforming it into an end-to-end process put high demands of existing core systems.
Are you agile enough for the end to end process?
Although automation is very tangible, the how can be quite overwhelming. Automation is often achieved by using external vendors which requires integration. The services offered in external integrations are often packaged in a vertical process. These vertical processes cover one or a few steps of any end-to-end process which challenge the flexibility of the insurance core system. Business developers struggle with legacy systems that require extensive development whenever new processes are to be implemented. Consequently, project plans exceed time and cost, eroding the business case of projects.
Operational excellence in understanding the processes and agility to adopt change are key for transforming into automation. Being restrained by legacy systems with a low level of configurability results in poor flexibility. Forcing business development to focus on the problems rather than on business efficiency and customer experience.
Seamless integrations requires more than APIs
Automating the full end to end process with the help of an external vertical service benefits from three components.
1. Integration as a guiding principle throughout the entire insurance core system enables swift integration of partners into your processes. E.g. having API:s ready within the entire business logic
2. Workflow flexibility integrated in every aspect of your system landscape increases your organizational agility. E.g. altering a process originally constructed with a manual perspective into an automated flow.
3. Business rule engine making it easy to set up rules throughout your entire business logic, enables tailored automation in every step of the process. E.g. A claim with certain limits are automatically approved for payment.
Having business rules and workflow customization as an integrated part of your insurance core system ensures a high level of system flexibility making you able to:
1. Have less dependency on IT-specialists and cut costs in your business development, giving more projects a positive cost/benefit analysis
2. Increase speed, don´t get left behind making sure to be able to use services before they are considered market practice
3. Tailor your processes to match your brand promise and maximise customer satisfaction
Many of the legacy systems in the insurance industry are built with manual processes as one of the guiding principles making it a natural challenge to automate processes.
Insicon i2i is an all-in-one insurance system supporting automation and digital transformation in every aspect of the insurance cycle. With APIs, workflow- and business rule engine implemented for all functionality and business processes that results in a seamless integration adaptable to your business and visions.