Life insurers are striving to meet skyrocketing customer expectations in order to cultivate business growth. However, even in the midst of significant digitalization efforts, many carriers still suffer from too many manual processes.
Philadelphia, USA – August 16, 2022 – In a recent research study conducted by Forrester Consulting on behalf of Equisoft, findings reveal that life insurance companies are struggling to support manual processes in their policy administration infrastructure. Despite significant digital transformation, 64% of respondents say that manual data collection is still decreasing the speed of processes and reducing profit.*
Companies are heavily reliant upon people to support manual processes, which results in wasted time and effort correcting paperwork. Respondents cited the biggest CX challenge of their firms’ platforms being maintenance and staffing cost (75%).
In the next 6-12 months, insurers are shifting their focus towards modernizing back-end processes that support optimal digital front-end experiences. This includes capabilities such as a 360-degree view of the customer, access to new CX data sources, and automated underwriting functionality.
“True digital transformation of an insurer's CX cannot be accomplished just by implementing an eApp solution or self-service portal. Those things are important, but it's critical that old core systems that don't support APIs and struggle to deliver data in real-time are replaced with more modern platforms,” said Equisoft’s Senior Director, Insurance Industry Principal, Brian Carey. “To catch up to elevated CX expectations, we have to get paper and multi-day batch processes out of the system. In addition to technical limitations, there are also legal hurdles to overcome to authenticate users against the operations they are allowed to perform autonomously."
This was made evident by respondents, as 52% of them agree that their company's legacy technology is restrictive and hinders employees from working efficiently and 71% of respondents reported that their company's insurance platform would not easily integrate with other IT systems. By making an investment to update these fundamental capabilities, life insurance companies can provide better services to their clients, advisors, and employees.
Click here for the full Forrester report on “Life Insurance Digitalized”.
* Respondents consisted of 207 U.S. and Canadian life insurance carriers
About Equisoft
Founded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valued partner by over 250 of the world’s leading financial institutions in 16 countries, Equisoft offers a complete ecosystem of solutions, from innovative front-end applications to extensive back-office services and unique data migration expertise. The firm’s flagship products include a SaaS policy administration solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s largest and most experienced partner for the OIPA platform. With its business-driven approach, deep industry knowledge, innovative technology, and expert teams based in Canada, USA, UK, Chile, Colombia, South Africa, India and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption.
Source:
Jean Sabbagh, Chief Revenue Officer, Equisoft, 1 888.989.3141, ext. 122, jean.sabbagh@equisoft.com
