As the insurance industry advances in the digital age, countless new opportunities are emerging for more effective sales, customer service, and overall management of the insurance policy lifecycle. This article explores one critical element that should be part of every company’s digital strategy: a cloud-based technology platform integrated with third-party data sources.
Solartis CTO Siby Nidhiry explains how insurance carriers can approach the integration of existing systems and cloud-based architecture as part of a successful digital strategy.
Support Evolving Business Processes With Cloud-Based System Architecture
Business processes and technology are constantly evolving—and your digital strategy needs to keep up with the pace of chance. As you consider the best path forward, there are three things you can do to ensure that your infrastructure will support your organization over the long term.
- Leverage your existing assets: Avoid cost-adding redundancies by purchasing only the components and services that you need—and selecting a vendor that offers its technology on an a-la-carte basis so you can integrate new assets as needed.
- Support all of your distribution channels: Ensure that you can accommodate all stakeholders and support programs for all of your distribution channels—including underwriters, brokers, and your insured.
- Minimize cost and risk with cloud-based infrastructure: Dramatically reduce the cost of your digital operations by eliminating on premise hardware, software, and support requirements—and enjoy peace of mind with built-in disaster recovery capabilities.
How You Can Take Advantage of Third-Party Data Sources
Today it is important for insurance companies to be able to leverage third-party data such as ISO Electronic Rating Content and forms from Verisk, geocoding data from Google Maps, and property information from Zillow. These sources provide a wealth of data that’s available anytime, anywhere—and can be used to insure accuracy, reduce keystrokes and improve underwriting decisions.
Using third-party content and services in your technology platform means that you don’t need to invest in building and maintaining these components or content. And there’s no risk, because you’re integrating with proven services and content instead of building them from scratch.
In addition, new content providers are emerging all the time which allows you to broaden your offering as they become available.
From major insurance carriers to individual risk managers at companies of all kinds, the ability to leverage these types of third-party data is becoming increasingly valuable in a competitive, technology-driven marketplace.
Simplify Insurance Administration With Solartis Insure
Solartis Insure is a proven cloud-based sales and policy lifecycle platform that supports all insurance product lines. In addition to supporting internal users, this flexible system can be extended to external users such as agents, brokers, and policyholders—driving efficient collaboration from the initial quote and proposal, through policy issuance and management of its life cycle activities.
The system you purchase now could be in place for the next five to ten years—so it’s essential that the technology be able to support you throughout that entire period. You want each of the components of your system to have “plug and play” functionality so it stays current with your evolving needs. New technologies and data sources are coming out every day, and you want to be able to tap these latest tools at any time.
These capabilities are essential to your ability to provide unprecedented automation capabilities and superior customer service to your brokers and consumers for all your existing and future insurance product lines. Contact Solartis to learn more about Solartis Insure and how we can help you get up and running quickly so you can gain a competitive edge in this exciting digital transformation of insurance processing.