What it takes to really be a digital insurer

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Many insurers are developing and executing strategies to become more digital, progressing toward what some are calling the Digital Insurer. But what does this really mean for insurers? How should insurers manage all that digital information? And finally, how can companies leverage digital content to gain an edge over their peers?

Start with a strategy

To become a digital insurer, organizations must have comprehensive strategies and plans to create, route, store, manage, and deliver digital content in all formats. Every type of content will be involved – documents, digital images, voice conversations, e-mails, transaction data, and much more. We all understand that the variety and amount of digital information continues to expand rapidly. Now we need to plan for it.

So how should insurers manage all this digital information? It requires a digital strategy that is a central part of the overall business strategy. And any insurance software solution needs to easily integrate with the core systems insurers use daily, so they can easily share information. Digital content needs to be exchanged, combined, enhanced, and analyzed across the business. And it needs to be instantly accessible – information stuck in silos causes slow service or even issues with compliance.

Having a modern enterprise content management (ECM) solution that gives you a single, secure location for all your information is a must for success.

Leverage your digital content                                                 

Being a digital insurer is not just about the digital information – it is more about what you do with it, and how you use it to transform the business. There are three fundamental ways to capitalize on digital content.

The first way is to make the right content available at exactly the right time for the right purpose. This may be done through workflow or case management that connects unstructured digital information with structured transaction activity. Alternately, it may be done through sophisticated index, search, and archiving capabilities so that the right content is easily located and retrieved when needed. This helps provide quick, accurate service.

The second way to leverage digital content for competitive advantage is to make it available for business intelligence and analytics. Powerful insights from images, documents, and other content remains trapped if managed by legacy systems, but can be harnessed by BI/analytic tools when more accessible through modern content management systems. This helps you manage the organization based on real-time information.

The third way to capitalize on digital content is to make it available to policyholders and agents. Offering new options for e-delivery of statements, documents, letters, and other communications can contribute to an improved customer experience.

Becoming a digital insurer involves many components and requires a sustained effort. While there are many different technologies, processes, and organizational considerations, the heart of a digital enterprise must be a comprehensive enterprise solution for digital content management.

Mark Breading

Mark Breading is a partner at Strategy Meets Action. Mark is a recognized expert in advanced technologies and their implications for the insurance industry. He has exceptional knowledge of the customer experience, analytics, digital content management, and maturing and emerging technologies. You can follow him at @BreadingSMA on Twitter.

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