Picking the right insurance digitalisation partner is key to achieving several business goals like portfolio growth, improving the consumer experience, acquisition and retention, and mitigating risks.
Digitalisation is a golden opportunity for insurance companies, brokers or agencies. Your insurance digitalisation partner can be the difference between losing your market share, staying or going out of business. You will agree with us that nobody wants that, right?
Before we go further, we want to ensure you do not confuse digitalisation and digitisation. Both words are used to refer to or describe the same concept, but they have different meanings or outcomes.
According to Gartner’s glossary, “digitalisation is using digital technologies to change a business model and provide new revenue and value-producing opportunities; it is moving to a digital business.”
Digitisation usually refers to encoding data and documents from manual into a digital format.
Insurers should consider some key traits when choosing an insurance digitalisation partner for their agency, brokerage business or insurance company. Join us to take a look at what they are below.
Traits to Consider When Choosing Your Insurance Digitalisation Partner
Contextual Understanding: Only partner with a contextual understanding of what you are trying to achieve with digitalisation and will be able to deliver results that match your goals.
Whether your organisation is carrying out a partial or complete digitalisation initiative, your partner must understand past, present and future trends in insurance and relevant insurance technology.
There must be a match between understanding insurance processes, laws or regulations and appropriate new technologies that fits your business goals.
Technical Expertise & Agility: It will reduce broken experiments between insurer and partner and the ability to move forward in a record time.
Cultural Fit: Most digitalisation initiatives, especially new technologies, are often carried out between early-stage companies. You must seek to understand how they work, and their governance and experience must align with your organisation’s culture and your business goals.
Understanding their culture and working to fit with yours will reduce hiccups during the digitalisation project.
Continued Partnership: Your technology partner must be able to continue to meet growing industry trends around research, cloud, artificial intelligence, machine learning and trends in enterprise insurance technology to enable you to serve consumers better and meet other business goals.
There’s a fast rise of new business models and opportunities for insurers to access customer data for business decisions. Digitalisation presents the best chance to deepen penetration, grow the portfolio, and increase profitability and customer experience.
Hence, some of the critical benefits of choosing the right digitalisation partner include:
- Saves Cost and Mitigates Risks
- Speed and Flexibility of Digitalisation Process
- Guaranteed Expertise
- Increases Customer Centricity
Octamile’s Insurance Management System
Leverage our All-in-One insurance management system for full-scale or partial digitisation initiatives for scalable and customisation for insurance claims automation, insurance distribution and data for valuation, underwriting and claims.