Navigating Ongoing Change With Insurance Agility
August 15, 2022
Even though we’re now more than two years removed from the start of the COVID-19 pandemic, and are currently facing a variety of new global challenges including inflation and changing weather conditions to name a few, most insurance companies continue to face many challenges related to their operations and processes.
Clearly, insurers had a lot to manage … and had to react to it all at the same time. Supply chain disruptions. Remote workers. Challenging regulations. Customers’ changing patterns of behavior and expectations.
With so much change – literally overnight – insurance carriers could hardly be blamed if they hit pause on their digital transformation efforts during this time, especially those focused on internal operations and systems.
Yet, the entire market is changing so insurers should adjust their strategies to keep pace. Growth will be led by larger companies willing to embrace innovative new solutions or aggressive start-ups looking to steal market share from existing players.
Now is the time for insurance companies to adopt new digital solutions that can improve the agility and efficiency of their operations. If they succeed, not only will they save time, but also increase productivity and gain a valuable advantage over competitors who may be a step behind.
One of the best areas to start? Agile operations.
What is Agile Operations?
Agile operations is how we describe the use of agile methodologies within a company’s operating processes and workflows. The idea promotes speed and frequency to overcome challenges – for example, rating and pricing model updates that take too long or difficulty in changing pricing strategies to confidently win new business.
Insurance agility can become a real advantage. Insurers can implement the infrastructure needed to navigate ongoing transformation. With more flexible and resilient operations and processes, they can quickly adopt new initiatives and stay on the leading edge of transformation and change.
How Can Insurers Create Agile Operations?
It’s a valid question because such an effort would seem to require years of effort, millions of dollars, and so much frustration – if the insurer is even successful in getting the project off the ground.
Yet if insurance carriers stop the sole dependency on legacy technology and start acting more like modern technology companies, change may be easier than they think.
For example, some leading insurance tech solutions can now provide all the functionality any insurer would require. This includes rating and pricing engines, product personalization capabilities, fully operationalized telematics technology, robust governance, and proactive monitoring.
Even better, these solutions use cutting-edge technology – machine learning and AI, powerful automation, advanced data analytics, and more – all to create innovative, personalized, and engaging experiences.
Insurance Agility with Earnix
When it comes to increasing the agility of operations, Earnix delivers Intelligent Insurance Operations through our real-time AI-driven rating engine, dynamic pricing solution, insurance product personalization, and fully operationalized telematics solutions.
Our solutions integrate with existing systems and add the layer of intelligence needed to create fully connected organizations. We enhance all aspects of operations through powerful automation, advanced analytics, robust governance, and proactive monitoring. By combining these best-in-class technologies with dynamic decisioning capabilities, we empower carriers to scale experiences, reduce their time to market, and continuously innovate their offerings.
All of this helps them capitalize on the opportunity to segment audiences, personalize product offers and prices, and accelerate their speed to market. By welcoming insurance agility, insurance carriers can stay a step ahead of the industry's accelerating rate of change and rapidly evolving competitive landscape.
The Many Benefits of Agile Operations
Improving agility is not just an internal accomplishment. While it is true that this helps enhance internal workflows and processes – saving time, increasing productivity, and generating new efficiencies – true agility also becomes an advantage that delivers benefits for the entire organization:
Overcome legacy system challenges: Work more quickly and efficiently with the systems you have now, free up staff time and transform systems on a realistic timeframe.
Reduce business complexity: Standardize processes on a global level, break down business silos, streamline complex operations and work more effectively with third parties.
Improve the customer experience: Create faster, personalized, and more positive customer engagements.
Improve compliance: Be on time to comply with new and changing regulations.
Real-World Success: LINK4 Improves Agility and its Competitive Edge
This was exactly the situation that Earnix customer LINK4 recently faced, by relying on an on-premise mainframe-based system for rating and pricing, an approach that created internal inefficiencies and hampered the insurer’s ability to respond to real-time opportunities in the market.
LINK4 partnered with Earnix because of its solution’s powerful capabilities, its complete flexibility, and its proven ability to quickly and easily fit in the company’s existing architecture.
With Earnix’s proven, dynamic Price-It solution, LINK4’s pricing team can now implement model updates themselves. This has been a critical advantage over the weeks or months it once took and has helped LINK4 improve its ability to reach prospects with faster offers.
Using advanced technologies such as machine learning and advanced analytics, LINK4 is able to develop many targeted insurance offerings, much quicker than it could in the past.
It’s Time for Intelligent Insurance Operations
When it comes to increasing insurance agility, Earnix delivers intelligent insurance operations through our real-time AI-driven rating engine, dynamic pricing software solution, product personalization, and fully operationalized telematics solutions.
To learn more about Earnix, including how we can help you improve the agility of your insurance operations, scale dynamic customer experiences, and continuously innovate your offering, visit www.earnix.com today.