IP Integration: Digitalisation is no ‘one-stop success’

InsurTech Digital speaks to Sat Sanghera, CEO of IP Integration, who tells us why it is important insurers create a clear path to digitalisation, and why legacy providers should not see insurtech offerings as a one-way ticket to instant success. 

What considerations must insurers make when considering a technological update to their legacy systems?

A common mistake with modernising digital transformation is assuming a solution is a one-stop journey to success. Insurers wanting to modernise their operations must be committed to a path of continuous improvement. This means routinely reflecting on changes and investigating new routes for enhancing operations.

In addition, fundamental to any change is understanding customers. Consumers build expectations from a wide range of sources in their daily life; anticipating these needs is vital to modernising operations to suit them.

Insurers need to consider the make-up of their customer base and adapt their plans accordingly. As Gen Z enters the market, insurance providers should embrace digital technology, while also maintaining quality operations and channels to preserve loyalty from older customers. 

Balancing traditional options, like telephony, alongside digital solutions, while migrating to the Cloud is crucial for safeguarding the customer experience.

It's also worth considering bringing in an external expert to guide the process towards modernisation. An experienced insurtech is ideal for assisting insurers in modernising their infrastructure. 

They can provide best-of-breed solutions and expert advice on seamlessly integrating them into operations, benefiting employees and customers alike. 

In what ways can insurers modernise their legacy platform?

There is no set path to modernisation or one size fits all approach – that’s why there is such an abundance of solutions in the marketplace. 

Rather than be blinded by the technology on offer though, insurers need to think about what their starting position is and more importantly what their customer base requires. Then they can take the next step to modernisation from there. 

Whether it’s meeting the needs of a younger or even vulnerable demographic of customers or reducing traffic into the contact centre, moving to the cloud will likely be the logical starting point as this provides access to a range of next-generation technologies. 

For those who are already there, it will be about taking their operations to the next level – by introducing a new channel of communication, or analytics to assess the success of any solution integrated. 

While it is by no means essential that insurers integrate with an insurtech’s platform, the ease of use of such solutions and the expertise provided by insurtechs, do make this often a preferred route.

In what ways are insurtechs helping transform the face of insurance to a more digital proposition?

Today’s insurance customers have high expectations – demanding access to their providers whenever, and over whichever channel they desire. Insurtechs are helping to guide insurance providers on this journey – no matter what their starting point. 

The logical place to begin is to transition insurers from legacy infrastructure to cloud-based platforms, which will make the move to digital much easier – providing access to a wealth of options to improve how insurers interact with their customers. 

However, for those already using the cloud, working with insurtechs to introduce new digital channels of communication, or self-service functionality, such as chatbots, is a great next step for insurers in providing an easier and more accessible customer experience that meets the needs of a more savvy and digitally focused customer base.

How are insurtechs able to foster digital transformation without disrupting the flow of daily business at legacy insurers?

It’s important to walk before you can run with digital transformation. Adopting a well-planned and staggered approach to any roll-out, whether it’s introducing the cloud, omnichannel solutions, or just a new policy – is the best way to prevent internal teams from feeling overwhelmed or disrupting the customer experience.

To ensure the roll-out is as smooth as possible and to enhance adoption, insurtechs should train team members on the workings of any new solution and robustly test any new offerings before fully integrating them with operations. 

This will allow insurers to iron out any challenges with the solution before opening up its use to customers. A successful integration should mean business as usual for customers – with no dip in the customer experience delivered.

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