Insurers are being bombarded left, right and center on the need for digital underwriting. Traditional core insurance systems have turned obsolete. Why then is the insurance industry slow to adopt cutting-edge tech that not only streamlines operations but also strengthens growth? Insurers need to make the most of data, technology and expert insights to transform underwriting processes. Continuing with legacy systems only spells disaster.
Modernizing core insurance solutions is a significant project with sweeping changes across your enterprise. But it is a vital exercise to stay competitive. Before getting down to the actual business of shifting from legacy systems, it is essential to align your IT strategies to overall business goals. This means figuring out what upgrades and advanced tech fit your enterprise and developing a plan to scale your infrastructure accordingly. These plans must be revisited at regular intervals to match changing business requirements. Optimizing costs is another crucial component in your digital transformation journey. Automated insurance agency management software, intelligent case routing and a vigilant system to oversee and check unused or underused licenses are necessary to keep your budget in line.
Automation and AI are no longer mere buzzwords on the peripheries of digitization, but at its forefront. Insurers too have woken up to the power of automation, particularly when it comes to underwriting. Businesses need to accelerate insurance underwriting automation to eliminate unproductive, routine tasks that weigh down on underwriters.
Smart core insurance solutions revitalize underwriting
Latest core insurance solutions can take a load off underwriters, uncovering opportunities for automation from start to finish of the underwriting process. Automation can help your team expedite data collection with modern systems scouring both internal and external sites at lightning speed to gather applicant-specific information and ultimately reducing response time. Automated digital workflows streamline operations and predictive models backed by AI lets you explore exposure probabilities, helping you develop risk foresight.
Updating core insurance systems let businesses harness new automation opportunities, improve decision making with effective use of data and access stronger analytics. However, this is only one part of successful digitization. Digital underwriting also covers customer-facing interactions with personalized communications and continuous improvement based on AI-powered insights. Insurers can make the most of platforms using Natural Language Understanding tools to help consumers with virtual agents. These tools quickly pick up your organization’s language to hold smooth conversations with stakeholders. AI tools can use machine learning and behavioral analyses to identify fraud and improve accuracy.
Going digital is also abandoning outdated mindsets and work cultures as much as it is about adopting new core insurance solutions. An unfavorable environment can quickly derail the whole implementation project. Digitization is not replacing underwriters but empowering them. With hard data on your side, the underwriting process becomes more streamlined and precise.
ServiceNow insurance solutions: Your entire business on one platform
Over the years, ServiceNow has transformed from a simple ticketing platform into an all-encompassing enterprise management powerhouse. From IT service management to customer service management to HR service delivery, the Now platform support businesses across operations with seamless service delivery. The platform is built in such a way that it remains agile and flexible so businesses across industries can quickly get to work soon after ServiceNow implementation.
ServiceNow leads the pack when it comes to automation, with its end-to-end digital workflows taking even the least tech-savvy user through various processes. ServiceNow Financial Services Document Processor can process large volumes of documents used in workflows across the ServiceNow instance, simplifying document verification.
ServiceNow integration with your preferred legacy and modern apps lets you continue working on tools you’re comfortable with while ServiceNow serves as a single source of truth. You can also access key parts of your ServiceNow instance on-the-go with the Now Mobile app. With its low code/no code tools, citizen developers too can customize your app to suit your business. Harnessing data and analytics from across your enterprise to power your underwriting process may sound like a daunting task. But ServiceNow has your back. Performance Analytics breaks down all the data for you in the form of interactive dashboards so you can check if your strategy is working and make business decisions with data to back you up. A US insurer was struggling with identifying the right KPIs with their Performance Analytics module till Aspire Systems stepped in and enhanced their ServiceNow instance. Our work also helped the client reduce software licensing costs by 10%. Read the case study to know more.
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