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These 5 Big Ideas for Insurance in 2023 are designed for Caribbean insurers, brokers, agencies and embedded partners highlight how recent new insurtech technologies and platforms have slash costs and times to enable you achieve big ideas faster and for less. This is critical to meet the dual challenges of growing customer and competitive demands and rising costs and compliance, enabling insurance managers to deliver growth and improve the bottomline by accelerating their digital transformation and can all be delivered right her in the Caribbean by SCG using the latest award-winning tech. View Full Report
Idea 1
Launch a product online in 60 days
Digitalising faster and accelerating the rollout of your products to customers online is a key innovation requirement to both meet growing customer and competitor demands, and mitigate the dual challenges of rising costs and compliance requirements. Therefore, launching and optimising products online fast and cost effectively is a key capability companies need and with the latest technologies it is possible to launch any General, Life, Heath, Mortgage or Pension product online in 60 days.
Innovative new solutions built for insurance mean that products can built and hosted in a cloud solution that is flexible, scalable and cost effective and covers everything you need including digitalising ratings, proposal forms, illustrations, underwriting rules, e-signature, frontend customer experience and backend sales management.
Another benefit of launching in 60 days is that you can release your product to internal testing, market research and/or live external customers enabling you to test your new product in real-time and to rapidly optimise and improve the product and customer experience based on live-data for a fraction of the cost of 2 or 3 years ago.
Idea 2
Digitialise Distribution & Risk Transfer
Enabling your distribution channels with digital solutions offers some of the strongest ROI use cases in insurance. At the heart of this opportunity is reducing costs and improving efficiencies and analytics across your existing channels including agency, broker, online marketplace aggregators and direct to consumer sales.
Digitalising distribution and risk transfer enables brokers, agencies and partners to access data, documents, ratings and underwriting in real-time in the cloud, reducing your manual processes and costs while keeping the agency/ broker’s human advisory process at the forefront of the service model.
To achieve this you’ll need to ensure your ratings and underwriting rules (including coverages, limits and discounts) are accessible in the cloud for higher real-time automated ratings and risk transfer. Adding digital policy illustration, proposal forms and cover notes enables automation for most customers, reducing the volume of customers manually underwritten in your channel partners by up to 90%.
Idea 3
Digitialise Claims from FNOL to Settlement.
This big idea covers the digital transformation of your customer claims process, for either general, commercial or life products, a process that was accelerated by the pandemic and now a viable solution for brokers, insurers and loss adjusters.
The cost benefits for virtual and contactless solutions for customers and claims teams to establish, build and and settle a claim are significant and it has never been easier or more cost effective to digitalise the FNOL, capture multiple data points and documents from accident reports, loss adjuster reports, photos, loss submissions and quote/ invoice capture.
This means digitalising your claims process and achieving significant cost savings and improved customer experiences at the same time are possible and can be achieved in as little as 60 to 90 days for less investment and effort than you might think.
Idea 4
Digitialise Underwriting & Risk Registration.
Registering, validating and valuing a risk is where digital can again offer significant cost and service benefits Whether completed by the customer with a self-service model, or by an agent in the field, collecting data, images, valuations and documentation is a key area where digital can cost-effectively be transformative for a business.
For commercial purposes this might mean self-service or field agent documenting, photographing and cataloging multiple risks from staff to goods, equipment, premises and fleets. For life purposes this could including collecting ID copies and details on multiple employees and for P&C this could include remote valuations and risk registrations of property or auto assets.
Creating a digital process to collect data, documents, images and signatures and making these accessible to the office team for underwriting purposes is now a process that could take only a few weeks, not months or years and cost less than one underwriter while saving thousands of hours per year and speeding the sales, renewals and claims processes.
Idea 5
Automate Renewals & Sales
Automatically getting the right quote, to the right customer, to the right distribution partner, at the right time, with all the right underwriting rules and policies applied and with the right documentation has been a massively complex and expensive undertaking until recently.
Digitalsing and automating your renewals and sales cycles has never been easier or more affordable with platforms enabling customer look-up, import, quote, document and send increasingly as an out-of-the-box solution.
This works equally for sales and for renewals which can be 90% of your business and include your direct-to-consumer, broker, agency and embedded partner channels. Our big idea is to take the plunge and invest a small amount of time and cost in 2023 to get this done and benefit from huge savings in manual processing and issuing of renewal quotes, notices and documentation in as little as 90 days.
Have An Idea?
If you have an idea, we’d be happy to talk and help you and turn that idea into a live solution in 60 days or less. Contact us here to find out more.
