Technology is changing consumer dynamics. With the growth of data, an empowered consumer has stepped forward. Insurers have an opportunity to influence retention and expectations through improved customer engagement.
How do insurers respond to rapidly changing consumer needs? It starts with systems and knowledge workers. Systems that rely on multiple, non-integrated, structured and unstructured information. It begins with a solution that leverages legacy systems, while adding missing, more modern capabilities.
The processing of Pharmacy Prior Authorizations often involves a very manually - intensive process, necessitating additional resources in order to deal with ever-increasing work volumes. In the face of increasingly aggressive Service Level Agreement (SLA) requirements and associated penalties, quick processing cycle times are more important than ever, and progressively more difficult to achieve.
Business success is tied directly to the value provided by your knowledge workers. Unfortunately, knowledge workers are often constrained by the processes and systems they must utilize.
We have found that, in large organizations, entire departments often spend less than 20% of their staff time adding true value. The remaining 80% of staff time is spent on low value activities. IPD provides solutions that dramatically increase knowledge worker value-add, allowing your company to save money, improve service levels and focus on analysis and decision making.
Insurance companies are frequently in a quandary. Faced with changing regulations, mergers and acquisitions, and increased competition, prioritizing these challenges alone can be cumbersome. Throw in the decision to invest and implement an Enterprise Content Management system, and it can feel downright impossible and intimidating. It is easy to focus on the investment costs and risks and downplay the benefits and returns. Over the course of the next few months, this blog series will focus on various aspects centered around one critical question for insurance agencies: what is the cost of delaying a technology decision?
When an insurance company looks to make an ECM decision, this usually involves making improvement in critical knowledge worker areas, such as: Claims, New Business/Underwriting and Policy Owner/Member Services. ECM modernizes the user experience and adds missing capabilities including work flows, case management, rules, content management, integration, analytics and mobile collaboration with customers. Tied heavily into this decision is the need to make a technology decision.
What is a technology decision, specifically for insurance?
A technology decision is an investment in hardware and software technology which includes major enterprise technology purchases. These decisions frequently involve input from multiple stakeholders. Technology investments are driven by the need to improve business agility, improve ROI, lower operational costs and streamline processes. However, a new tech driver has taken precedent: the client. The client is demanding that insurers have a complete picture of their needs and it requires departmental technology that aligns across all lines of business and can be accessed from anywhere. Technology decisions are complex and cumbersome because there are multiple stakeholders and because it requires forecasting and prediction: predicting immediate and future needs and impacts of our decisions, such as picking a product, choosing a vendor, funding a project or launching a new program altogether. This can be daunting and overwhelming to the most agile enterprises. As a result, we can become paralyzed in our decision making process.
Insurers continue to transform the enterprise, optimize business agility, increase customer engagement, and remain compliant in an ever-increasing regulatory environment. However, they require new solutions to continue to improve operations. IPD helps organizations organize the right content, people, processes, rules and analytics to achieve improved claims processing, streamlined underwriting and enhanced customer experience.
How It Works:
When new information is submitted, via any channel, IPD's software evaluates the incoming data, determines if there is an existing claim, application, or other unit of work in the system and automatically takes the appropriate action, including setting up a new “automated case folder” and moving it to the right next step.
What it Does:
Knowledge Workers can retrieve complete information in seconds versus minutes. They are able to gain a 360 degree operational view of the case. Insurers can leverage flexible workflows to accommodate variable requirements, collaboration tools to connect with co-workers, and methods to launch new projects and tasks to move the case forward.
What is the Result:
IPD's clients report accelerated, highly accurate claims payments, greatly reduced policy booking times, quick turnaround on resolving inquiries and meeting compliance standards.
View this 45 minute webinar where industry leaders discuss ways in which leading insurers are using digital technology to overcome the challenges and obstacles to remain customer-centric. Experts address:
1) It's cost effective:
The business decision to "move to the cloud" is often financially motivated. For years, companies bought and maintained their hardware and software, the value of which depreciated over time. However, with the cloud, companies only pay for what they use, receiving regular upgrades automatically.
2) It's Easy to Implement:
Previously, companies built their own applications from software on a physical computer in their building. Cloud computing allows firms access to proven, pre-built applications through the Internet, requiring no IT development and far less up front implementation time, cost and risk.
3) It's flexible and scalable:
Working on the cloud allows your company to be nimble, efficient and cost-effective. If your company quickly needs access to more resources, it can scale quickly in the cloud, adding hardware and software as needed. Conversely, if it needs to downscale, or reduce resources, it can do so just as easily.
Since 1991, Image Process Design, Inc. (IPD) has addressed the Insurance industry’s need for business process optimization with pre-packaged application software and related services. The solution is designed to address the major business areas within Health, Life, Disability and Property & Casualty (P&C) Insurance companies. IPD was an early innovator of out-of-the-box, supported solutions for work process automation. The solutions are rapidly deployed through configuration, instead of customization. The benefits are; low risk, immediate payback, low total cost of ownership, with proven performance and scalability. Now available in the Cloud!