Within the Insurance industry there are many processes. These processes are usually not straight forward and there are often many chains of data exchange and decision making. This means that choosing the right business partner and creating strong working relationships is vital for both or all parties involved. Data visibility and speed of data exchange are of course essential. But even more so the swift decision making, and hassle-free partnerships are key to the end result.
Having great data visibility and fast data exchange doesn’t mean the end for people, or for their jobs. The insurance industry is not going to become overrun with robots and AI – but there is definitely a place for it. Moving beyond the catchy AI phrases that suppliers use to entice you in, what you really need to know and understand is what that means for your processes, specifically your back-office tasks. In this context, it becomes increasingly apparent that technology and AI should be strategically employed to eliminate or automate repetitive low-value tasks. By doing so, humans can then have the space and information to utilize their skills and make informed decisions. As a human dealing with data on a daily basis within the insurance industry, where data is so readily available and powerful when used effectively, it is vital that you trust in the relationships that you have built.
When different organisations and different parts of the value chain become partners in business, there are always different ways of working to be considered. Many organisations will have their own data standards, many will have industry standards, some will be ad hoc. But what is nearly always true is that no two organisations present their data in the same way – perhaps not even the same way each month depending on which human is completing the task. This said, having a back office solution that can reduce manual data manipulation, assist in cleansing and verifying the data and alleviating friction between partners, would be an asset to any insurance set up. Whether you are a carrier an MGA or a broker, the need to exchange data in some capacity is vital to your ability to prioritise, visualise and make decisions. Download our latest whitepaper, Digital Data Exchange, to find out what percentage of CEOs are increasing their digital investment.
Looking into the future of data and its strong position within the insurance industry, digital and data driven decisions and operations are not simply a trend but a necessity of the industry. Embracing this future and enhancing efficiency of the work force is part of this transition. You just have to look around to see new job titles and positions popping up ‘Head of Innovation’, ‘Data Analyst’, ‘Data Scientist’, ‘Data Protection Manager’. Data and innovation are important and protecting that data is essential for the future of the insurance industry. Starting with transforming your back office processes to a world with reduced manual touch points and seamless data exchange, will inevitably lead you to providing efficient, customer centric and sustainable services.
Don’t let the gap between your partners get too big, or the communication become too static. Invest the time and effort now into streamlining your back office processes, growing your business, identifying the risks and eliminating over 99% of your manual tasks – book a call with distriBind today to find out how. Or download our latest whitepaper for more insight into Digital Data Exchange and the importance of speed and visibility.