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.
Now, let’s dive into five possible sources of delay for this technology decision.
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