Sponsored: With the significant rise in demand for critical business data by key decision makers in every industry, role of IT managers has become painstakingly difficult and increasingly complex.
Having said that, Insurance IT has a much bigger challenge than their counterparts in many other industries. They are tasked with managing a complex ecosystem of business partnerships and external service providers, and keeping pace with the rapid increase in customer service expectations.
Insurance IT also interacts with a diverse applications and services from other industry segments, including data sensitive verticals like healthcare, government, finance, transportation, and telecommunications.
In addition, many insurance carriers have now shifted their operations online, to reach out to more potential customers and improve service to their existing client base. New applications are enabling policy holders to access personal account and billing information, submit claims, view quotes, and purchase new policies easily over the Internet.
But all of these components, partners, processes, and new IT services are combining together to make managing IT in the insurance industry, an extremely daunting task.
According to a joint report by CII and Ernst & Young, the Indian insurance industry seems to be in a state of flux. After a decade of strong growth, the Indian Insurance Industry is currently facing huge challenge in terms of slow growth, poor distribution structure, rising OPEX and lack of governmental reforms from IRDA – Insurance Regulatory and Development Authority.
Though standing at the threshold of consistent growth, there is a inherent need for Insurance companies to reassess their entire business model from product, pricing, risk management, acquiring rural customers, distribution, claims and fraud management. Modernization of applications and IT systems will enable them to improve operational efficiency and dramatically lower costs. Areas that needs immediate attention of Insurance IT decisions makers include billing systems consolidation, platform updates, and improving end-user interfaces.
Automation of daily tasks can kick start the business transformation for Insurance IT but care must be taken to ensure that automation does not degrade the end-user experience. With government regulatory bodies making continuous change to the laws, Insurance IT needs needs better visibility and analytics, to build the agility and responsiveness into their IT environments, and ultimately adapt to all of the changes that are coming down the pipeline.
HP’s wide range of customised solutions & services are strategically focussed on cutting costs, driving revenue growth, and improving customer satisfaction to retain good relationship for Insurance companies. Its digital workflow document solutions automate and accelerate the flow of claims forms and support documents.
Like any other enterprise business, Insurance also needs a business reboot from time to time to transform their processes & IT environments. HP’s enterprise class products & services like Radience Administration, ProductXPress & Ingenium drives major business innovation and deliver flexibility to the core Insurance processes without compromising on their security & business efficiency.
With regulatory compliance forming one of the key hurdles for Insurance IT, HP Compliant Document Capture Solution helps in responding to regulatory needs in a timely and cost-effective manner. It empowers Insurance IT managers to effectively manage enterprise information, thereby enabling system agility and better compliance.