These days there is a lot of talk going on about 'low-code/no-code solutions.' What exactly are these, and is it worth it to seek out and implement them?
Topics: Digital Transformation
It’s time for a change in the way the insurance industry does business. Historically, the approach has come from a transactional viewpoint – that is, how many (good) policies can I sell?
While that outlook is still valid, these days, COVID has changed consumers’ perspectives and expectations. Online shopping, curbside pickup, fast delivery – the overall 'Amazon experience' has primed us for quick transactions and more or less instant gratification. Their purchasing decision process is changing, with customer experience becoming the ultimate difference-maker.
The Insurance industry needs to take this movement into consideration and alter its approach from transactional to one centered on the customer experience. Trust that the policies will follow; retention rates and referrals will increase.
Topics: Digital Transformation
Published in CHART Exchange | July 2021 issue
Author: Mike Fieseler
Like any other business, insurance entities improve operations, efficiency and profitability by reducing costs, improving quality of their offerings, achieving higher speed to market and finding ever better ways to attract and keep customers.
Those of you who have read my previous articles probably will not be surprised to hear that I advocate workflow automation to realize all these benefits and advantages. Automation methods and tools are available to simplify and speed up every step of the policy lifecycle. Some of the most time-consuming tasks are routinely done by hand, when they can and should be performed by computing power.
Published in Rough Notes | April 2021 issue
By: Lori Widmer
The old days of fleet safety program management are over. Thanks to telematics, an entire industry lifecycle has been established around driver behavior and, more important, improved safety and loss exposure. From dashcams and devices that measure braking, speed, and turning to data analysis, training, and insurance, telematics now encompasses the entire driver experience from a safety perspective.
Interviewed By Adam Burroughs | Smart Business Magazine | INSIGHTS Digital Transformation
While immediacy has long been high among consumer demands, the pandemic has created a heightened expectation of speed to market. This has opened the door to increased automation, with options such as straight- through processing helping to facilitate the immediacy and ease consumers’ want while providing the data and decreased labor outlay companies are seeking.
Smart Business spoke with Mike Fieseler, vice president of business development at EOX Vantage, about how automated tools, such as straight-through processing, are helping companies satisfy consumers’ need for speed of purchasing.
Published in CHART Exchange | April 2021 issue
Author: Mike Fieseler
A common theme we've heard over the past few years is that data has become king in the insurance industry. It hones decisions, drives new business and guides new program development.
Plus, we know that consumers now expect faster turnarounds, coupled with enhanced customer interactions and added value offerings from insurers. Effectively employing data can be the key to success in meeting these new standards.
Increasing driver retention is one of the holy grails of fleet management right now. We hear a lot from our transportation clients about the importance of finding and keeping good truck drivers. One approach we’re pleased to see gaining traction is the simple philosophy of treating drivers fully as people in a demanding occupation, rather than as commodities or monetized assets.
Driving, as a job, requires a lot of time, effort and attention. The idea is to respect the drivers and their time, treat them well and make life easier for them. Here are a couple ways to simplify the driving life that also have the effect of improving your operations and hopefully your profitability.
Published in CCJ Digital | May 4, 2021
Fact #1: Vast amounts of actionable data are available to trucking companies and more is compiled all the time and from all over the place. It comes especially through telematics, but also from ELDs, dashboard cams and TMS components, even outside sources like from the company's own insurers, motor vehicle records, VIN databases or federal safety collections.
Fact #2: Today's transportation industry is placing an ever-stronger emphasis on safety. Companies prioritize and make investments into ways to improve training, avert nuclear verdicts, mitigate risks and manage insurance premiums.
Let's bring these two facts together by suggesting that data can and should be used to address all these safety concerns.
Interviewed by Adam Burroughs | Smart Business Magazine | INSIGHTS Digital Transformation
Legacy systems are relied upon to perform an organization's day-to-day work. But, in many cases, technology has improved drastically since companies first implemented those systems, leading to a point at which the tasks those systems perform could strain those systems beyond what they can handle. This opens the door to failure, user frustration and more.
"When your system no longer supports scalability, you lose the competitive advantage in the market," says Nishan Kumar, project manager at EOX Vantage.
Smart Business spoke with Kumar about how to recognize when it's time to address the problems caused by older legacy systems, and how upgrades can improve workflows.
Automation looks to solve problems that arise through manual reporting, an often tedious process that's prone to errors. It also enables organizations to supply the same information to multiple parties or segment it based on their relationship to the data.
"The big thing for organizations now is trying to get clean and consistent information," says Varun Badarinath, senior product engineer at EOX Vantage. "Manual processes tend to create errors that affect data integrity, a foundational component of decision-making. Automation works to get things standardized so data is timely and consistent."