Generally, companies in the insurance industry have a ‘LOB’ rather than a customer-centric approach. There is often a disconnect between the product design and the desire customer experience.
Generally, companies in the insurance industry have a ‘LOB’ rather than a customer-centric approach. There is often a disconnect between the product design and the desire customer experience. Additionally, in the industry information systems are often outdated , making information availability a challenge. The industry has not kept up with the ever increased customer requirement of a faster cycle time for policy issuance and claims. The vendor payment process is both inefficient and slow, directly affecting vendors and indirectly affecting customers. Insurance is one of the most regulated industries, requiring constant changes and modifications to both processes and systems. Theses changes are required to be implemented in a timely manner, creating additional challenges to other competing priorities.
It is important that the product design process incorporates customer requirements from the beginning, and that the customer experience is fully considered in all design steps. It is critical for an insurance company’s success to implement integrated systems that encompass underwriting, policy issuance, collections, claims and customer service. In order to achieve this level of performance, it is necessary to map current processes (POD) to understand root causes and ultimately propose solutions and new processes (POA) that will streamline activities while reducing cycle time. To quickly absorb regulatory changes, insurance companies need to have a robust Program Management Office coordinating the multiple changes and complexities inherent in cross-functional regulatory requirements.
At Stratis we have extensive experience in the insurance sector, having worked on engagements with ‘top notch’ global players for almost two decades across and multiple geographies. Our insurance Subject Matter Experts will propose solutions, taking into consideration technical, legal and technological components, and always keeping a customer centric approach and the customer experience as a priority.
Example of our improvement offerings for
- Operations Center Consolidation
- Process Redesign and Optimization
- Collections Portfolio Management
HR Strategic Services
- Adjusters / Data Entry Clerks / Collection rep
- IT Staffing
- Project Managers Outsourcing
- Data Center Consolidation
- Electronic Content Management (ECM
- Remote Issuance / Web Applications Creation
Benefits of StratisInsurance Services
When a insurance company improves the customer experience through better service and reduced cycle times, their customers become more loyal. This loyalty. allows for not just better retention, but also increased revenues through cross-selling and up-selling. Better compliance to local and global regulations through a robust Program Management Office will greatly reduce the risk of fines and penalties, and enhance the company’s long-term sustainability. Another key benefit is significant cost reduction through better and more efficient processes and technologies.
Insurance companies need to continually review and update their operations to provide excellent, cutting edge customer service, and to diminish operational and risk expenses. Our consultants have extensive experience in the insurance sector, having worked on the end-to-end insurance cycle with ‘top notch’ global players.
Our improvement offerings for insurance operations include: