Nearly every industry has undergone some form of digital transformation. These solutions address a series of challenges that have plagued these organizations for decades and offer substantial returns on their investment that will continue in perpetuity for many years to come.
Digital transformation. What does that phrase even mean? A quick search on Google will return a never-ending stream of definitions and explanations, each dancing around a concept that has swept over our industries. Some call it the “Fourth Industrial Revolution”; the newest wave of innovation that will enable our society to proliferate beyond the barriers of yesterday. Others take a more simplistic approach, calling it an improvement of business process with technology. No matter how you define it, the impacts are inescapable.
For insurers, implementing a new core system enables them to unravel years, sometimes decades, of process and reimagine how they’re operating their business. The best core systems on the market will integrate seamlessly with multiple vendors, and enable customers to focus on what they do best…and outsource the rest.
The next time you evaluate core platforms for your business, ask how your vendor manages integrations, whether they have an open set of APIs, and what existing integration points they have for other customers. It is important to understand the foundational structure of your next vendor since your core system is the bed rock of your entire insurance operations.
When you break down the insurance process, there are three core pillars of operation: Policy Administration, Billings / Accounting, and Claims Management. For programs with a core solution, each of these pillars of operation should be bound together in a single solution. Enabled by your core solution vendor, your internal teams can communicate and collaborate across the business, leading to the successful execution of an insurance program. And although this is a huge leap towards digitally transforming the business, it opens the floodgates to future technological opportunities.
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