Insurance

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Insurance 101

Why is the Insurance industry going digital?

Insurance is one of the oldest financial businesses in the world. The industry tends to stay traditional and is slow to change, however, new trends have been impacting the insurance marketplace, creating fierce competition. These game changers include:

  • New and surprising players are entering the market
  • Mergers and acquisitions are on the rise and pose consolidation challenges
  • Independent agent model is losing ground to a direct (digital) model
  • New technology is changing customer experiences

In this new landscape, it is critical to win new customers and keep existing customers happy. Often this means providing faster, multi-channel service that is available 24/7. And to do this, insurers must use the latest innovations to ensure operations are as streamlined, agile, and efficient as possible.

Top Insurance Business Challenges

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Robert, Insurance Broker
Delivering a Personalized Policyholder Experience

Meet Robert

He is a broker struggling with customer loyalty in a competitive market known for churn. With the rise of digital technology, his customers now expect end-to-end personalized experiences focused on their convenience.

Robert wants to personalize customer engagement
To better understand his customers and anticipate their service and policy needs, he must be more agile, efficient, and responsive. He needs instant access to policy data and insights to achieve his goals.

Digital transformation is the key
Modernizing his business with 360-degree views of policy holders and claims automates and streamlines operations and provides the visibility he needs to provide a personalized journey designed to exceed customer expectations, improve experiences across all touchpoints, and attract and retain customers.

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Lilly, Supervisor
Empowering Agents and Employees

Meet Lilly

She is a sales supervisor who wants to drive her team to greatness. But the company’s old systems and manual processes are costly and slowing down her agents down.

Lilly wants to empower her agents and make it easier to do business
She needs to ditch her legacy systems and implement a centralized solution for connecting, communicating, and collaborating with her agents. This is the most cost-effective way to arm them to work smarter, faster, and improve business performance.

Modernization drives success
Not having to spend as much time on paperwork or hunting for information makes Lilly’s agents more informed and responsive and leads to more frequent engagements. Lilly’s job is easier as well, freeing her to focus on coaching and helping her agents close more deals.

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Nita, Claims Manager
Reimagining Claims Processing

Meet Nita

She’s a claims manager who is under a lot of pressure to increase productivity and cut costs without compromising customer service. Already a challenging prospect, not having the right tools makes her job even harder.

Nita wants to generate more revenue for the company
To process more claims, faster and more accurately, she needs streamlined procedures and a centralized system. This will give her the boost she needs to lower operational costs, be more efficient, and service customers better.

Game-changing technology
Through digital transformation Nita can simplify and speed the claims lifecycle, improve scheduling, and efficiently track and manage adjuster activity in the field. Not only can she breathe a little easier, she is now freer to work on higher-value, revenue-generating tasks.

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Randy, Insurance Adjuster
Modernizing Field Adjuster Workday

Meet Randy

He’s an adjuster who finds it rewarding to help customers in need. Randy wants to help aid as many customers as he can but the company’s manual systems and processes make it hard to manage his workload and appointments and hinder his ability to provide exceptional customer service.

Randy wants to be more responsive
By centralizing systems and automating processes Randy now has optimized improved scheduling, mobile data access to claims and policyholders, and visibility in the entire claims process. This is exactly what he needs to be more timely, responsive, and informed.

Ripe for digital transformation
Digitizing claims processing and field service provides a huge opportunity for Randy to see more customers in a day, offer a more personalized experience, and build long-lasting relationships. He’s happier in his job as well, which reflects on the company and his customers.

Grow with Hitachi Solutions

See how Hitachi Solutions will help you empower your agents and brokers to optimize the insurance sales cycle and manage customer relationships better.

industry-focused products and solutions

Foster profitable relationships

As you look to move away from disparate legacy systems and manual processes, Hitachi Solutions offers the industry expertise and solutions needed to forge the path forward to a modern business model and optimized operations.

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Engage for Insurance

Provide insurance companies with a practical solution to effectively manage and foster profitable relationships across agencies, customers, brokers, and other partners.

  • Distribution Relationship Management (DRM)
  • Risk Management
  • Direct Channel Management (DCM)
  • Producer Productivity Suite
  • Policy Integration Toolbox
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Dynamics 365 Tools

You’ve invested a lot in your custom Microsoft Dynamics 365 implementation. Protect that investment against the negative effects of inefficient integrations, constant platform release cycles, and changing business needs.

  • Shortcut costly add-ons and complex integrations
  • Automate software releases and upgrades
  • Simplify rule and code changes
  • Plug-ins, libraries, and other tools
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Empower: Analytics as a Service

Take full control of your data through Analytics as a Service (AaaS) with Empower. Featuring an enterprise-class data platform on Azure Data Services, this platform includes the best tooling available for enhancing the base Azure platform.

  • Greater visibility
  • Eliminates the mundane
  • Continued support
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85%

of insurance CEOs are concerned about the speed of technological changes facing the industry

70%

of insurance business systems today are legacy applications that stand in the way of serving customers better

40%

of consumers continue insurer relationships based on the quality of the experience

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