ECM Solutions for Insurance
3/9/14 - Written by Elizabeth Rhodes, Global Director Insurance Solutions, Integritie
Elizabeth has over 20 years' experience working with Insurance organisations to release substantial annual savings by taking complex business challenges and converting into simple, sustainable business centric solutions.
Over the years, the operating landscape for customer facing Insurance organisations has changed beyond recognition. Many organisations have grown through merger or acquisition and have often inherited legacy data and repositories. Others, have found themselves in "de-couple" mode, often with a remit to sever complex links with existing infrastructure, application and support providers/partners. Along with a pressing need to find a "home” for existing repositories. Many, simply have got to the stage where data is retained for regulatory reasons in multiple silo data repositories. This in itself presents numerous challenges in terms of access to content, speed of response, cost of support and the increased risk of maintaining information in repositories that are out of support, with little or no in-house skill to manage, upgrade or migrate.
Whilst attempting to provide a "business as usual" façade, it becomes increasingly difficult to leverage meaningful value from data and impossible to deliver ongoing business process enhancements, substantial cost savings or a world class service to customers. Imagine an enterprise content management environment where you have a single point of truth; users enjoy single sign on and you no longer have the business risk of juggling old technology and siloed data.
The needs of customers constantly evolves too. Many have multiple PC's, tablets and smart phones. With an ever higher dependency on tablets and smart phones, customers want an instant interaction 24 hours a day and confirmation of transaction via their Insurance provider or broker. A high percentage of customers are no longer loyal to Insurance brands simply because they have an existing relationship with you. In times of high need, where call centre lines are operating to peak levels you run the risk of losing new revenue, or risking unhappy customers sharing their experiences, not just with their friends and family, but with everyone that enters a simple Google search on your brand.
The arrival of Facebook, Twitter and other social media sites provide additional outlets for public acts of complaints, but also opportunities for the savvy Insurance organisations to capture and verify quality information, provide a "self-service" portal as a central part of business as usual; allowing customers to update their address, telephone number, marital status or even send photos of damage and supporting information to support an insurance claim, together with filtering out fraudulent claims.
Imagine the swift, cost effective, case management process enhancements and powerful analytics unleashed by this simple act – facilitating true two way interaction between you and your clients/brokers, feeding the appetite of your customers to share information with you in a secure, predictable and robust environment.
So why, with today's technology and the extreme pressure points on Infrastructure, applications, business process, budgets and delivering best of breed services to customers, do Insurance organisations find it difficult to take the first step?
Our experience has shown, the challenge is often seen as someone else's problem. There could be many internal stakeholders and supporting external technology partners. Without strong counsel from an organisation who has depth and a wealth of global expertise doing all of the above, it is difficult to see the light at the end of the tunnel.
Integritie uses technology to advance your business objectives and provides turnkey solutions with the reassurance of offering both on premise and off premise solutions.
If the contents of this blog is sadly all too familiar, reach out to Integritie and we will help you to establish your ROI and true business benefits.
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