The power of three: Integrate, automate, transform

I love that this year’s IASA conference theme was “Power Up!” It captured the spirit of the insurance industry today. After all, for the first time in a long time, the industry is truly evolving. InsurTech companies have collapsed long-standing battlements and turned entrenched business practices on their head. It’s refreshing.

Just look at some of the disruption InsurTechs are causing. In 2011, investment in InsurTech startups was about $140 million. Today that investment tops $2 billion, according to Accenture, with no true signs of stopping soon.

And the movement is growing globally. While U.S. start-ups pioneered the InsurTech movement, the U.S. accounts for only 46 percent of the market today (or at least 46 percent of U.S. InsurTech companies are headquartered here). The U.K. and Germany are helping lead the charge, with the Asia-Pacific region not far behind.

This shouldn’t be news to any of us, especially if you walked the halls at IASA 2018. From the IASA Tech Tank to the new InsurTech Pavilion, it probably feels like InsurTech is a part of every conversation you have.

It’s enough to make you wonder what your organization could contribute to the conversation – if anything at all.

Connecting with InsurTech

The InsurTech conversation inevitably leads to talk of digital transformation. That then begs the question, what is digital transformation and how do we even begin to make that change?

In his blog post, The 3 phases of digital transformation in insurance, Mark Breading, SMA partner, defines digital transformation as occurring when the insurer becomes digital across the enterprise, developing sophisticated capabilities to capture, create, and manage digital assets for every part of the business. This transformation, he writes, allows the insurer to more easily “rethink the business” and deploy new products, new channels, new business models, and new operational processes.

Insurers who manage the transformation well will find themselves in a better position to partner with InsurTech companies or deploy InsurTech ideas and technology of their own. InsurTech companies are looking to partner with incumbent insurers or tech players, says Breading, to better understand the intricacies of the insurance business – the regulations, the forms, the processes, and the workflows, and so forth.

It is also mandatory that new solutions and new data sources integrate with those already in place at an insurance company.

The power of three

Three steps can carry an insurer from status quo to digital transformation.

We think of those as the power of three – automation, integration, and transformation:

  1. The power to automate
  • Digitized policy and claims
  • Cloud-ready and capable
  • Built for speed and flexibility
  • Anywhere, anytime access to information
  1. The power to integrate
  • Extend your core systems’ value
  • Enhance customer communication
  • Realize true digital interoperability
  • Fuel stronger security
  1. The power to transform
  • Solution accelerators to speed integration
  • Reduce organizational risk
  • Lower overall TCO
  • Complete digital platform

To quote the famous Bear Grylls who delivered a compelling keynote, “The difference between ordinary and extraordinary is often that little word, ‘extra.’ In your work, ambitions, and relationships. Give more when many give up. That is what will give you the power to succeed.”

If you’re ready to learn more, check out OnBase.com/Insurance.

Cara McFarlane

Cara McFarlane recently joined Hyland as the global portfolio manager for its insurance vertical. In her role, she is responsible for leading the software company’s strategic marketing strategy to effectively position OnBase as a leading enterprise information platform within the insurance market. Cara oversees all marketing initiatives to plan, execute and manage Hyland’s insurance marketing tactics including lead generation, tradeshow management and development of collateral. With more than 17 years’ experience in the software industry, Cara advises organizations on best practices to digitize processes and become more efficient.

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