Insurance policies factory: How to achieve operational efficiency in the insurance area
Thousands of customers, thousands of cars, thousands of policies and the same repetitive processes: offering, insurance, administration. And this is only a small part of the daily work performed by the Insurance Department in a leasing company. Complicated processes of insurance portfolio management in leasing companies require continuous and full involvement of employees, and there are times when you simply end up shorthanded.
Each organization’s priority is to efficiently deliver products and services to its recipients. It is no different in the case of the Insurance Department in a leasing company. The customer and the insurance protection of the leased object come first. The quality of the process of concluding the insurance and its further handling should not be forgotten – more and more lessees are paying attention to this aspect.
The offer that the customer receives should be delivered in a timely manner, should be attractive in terms of its scope and price, and the method of its acceptance and the conclusion of the policy should not be complicated. A quick and comprehensive process of getting an insurance or its renewal is a guarantee of success and implementation of the plans as well as customer satisfaction.
One of the ways to achieve the expected effectiveness of operations in the insurance area is the implementation of an appropriate IT system. At the same time, companies make it clear that the key to success lies within a system that will handle the full life cycle of an insurance product.
What set of features and functionalities does the Insurance Department expect from the software it works on? During numerous business meetings, the companies mentioned primarily: policy sales support in the webservice model, product flexibility and the use of x-selling mechanisms, the ability to integrate an IT solution into the current system infrastructure, ease of the system’s business management and reporting capabilities – both internal and external.
In a series of short articles entitled “Insurance policies factory”, we are going to present the possibilities of systems supporting insurance portfolio management in such organizations as the aforementioned leasing company. We are also going to share our observations on the directions of application development and their impact on business and operational efficiency.