The insurance industry is one of the most regulated industries in the world. This means that in order to address client requests, insurance agencies must properly manage a variety of processes and documents. While this represents a challenge, it also introduces an opportunity to leverage technology to enhance their approach. Many insurance agencies still favor the security and familiarity of legacy technology, despite the fact that more modern InsurTech improves performance and gives them a competitive edge. There are plenty of reasons why agencies still rely on the old way of doing things, however agencies stand to lose out on the benefits of embracing change and new technology.
Traditional insurance agencies struggle to move new ideas past the brainstorming stage since they have found profitability in their standard products and services, frequently using the justification that the project won't be as profitable at first. The balance comes in maximizing what their legacy technology is already doing and improving these dated processes and procedures through data automation.
Many legacy systems failed to foresee how their data would be used in more varied ways. Many agencies are not obtaining the value from their data, especially when they factor in the time and effort spent manually collecting crucial data.
Synatic allows insurance companies to modernize legacy systems through its range of data automation features and API management tools. Agencies will be able to confidently start their modernization process and swiftly replace expensive and out-of-date on-premise fragmented systems with more adaptable, user-friendly, and multi-tenanted cloud applications to suit their business demands.
Agent productivity and time might be lost due to legacy systems, especially when a specific system is down. Staff may idle as they wait for the IT support team to address the issue so that they can access the relevant data. This is where your choice of integration partner will make all the difference. Insurance companies need to know if a specific issue will result in delays and how this will affect the project in the long run. In addition, while many agencies are conscious of the fact that their current business models are preventing them from undergoing a full digital transformation, investing in InsurTech is expensive. Data migration, cleansing, and integration with existing insurance systems, all require ongoing investment.
This is an integral aspect of Synatic's delivery approach. The team includes its customers at every logical turn of the integration process, including the phases of creation, testing, and implementation while making the necessary adjustments as the agency’s needs evolve and providing updates on any project advancements.
Moving quickly does not require agencies to totally abandon the usage of legacy, in-house systems, and services. In order to modernize outdated systems, agencies can choose to merge cutting-edge cloud-based technologies with their old applications. This lowers the possibility of business disruption while also minimizing transformational expenditures. For agencies looking to modernize and automate processes, taking advantage of a tried and tested Data Integration Hub (DIH) that manages the company's data requirements provides a safer, quicker, and more efficient way to modernize their legacy tech.
Training and onboarding for everyone in the organization for new technology come with challenges of their own. Some team members could be set in their ways and unwilling to try new approaches. Others might find it challenging to grasp new technology.
Depending on the factors at play, Modern InsurTech system may need days, weeks, or even months of training to master. Naturally, the more out-of-date an agency's legacy systems are, the more alien new technology will seem to the employees. A tried-and-true strategy for overcoming this resistance and boosting the adoption of the new technology is to designate a change champion.
A change champion will be essential to achieving efficiency improvements and agency expansion when it's time to think about switching to complete solutions like Synatic. Synatic customers and partners go through a thorough onboarding process before they begin working on any projects. The implementation team help customers and partners comprehend the Synatic platform and how it may help their organization.
The insurance industry has a reputation for being conservative and resistant to change. However, there are now bigger and stronger forces at work that are upending the industry from all sides, making such resistance untenable. With modernization, insurance agencies can increase their scalability, flexibility, and the ease of automating their solutions. Investing in Synatic’s Data Integration Hub to modernize legacy systems will allow insurance companies to better automate processes and enable the right data to be accessible to the right person, at the right time. To learn more about how Synatic can help you move beyond the old ways of doing business, contact Synatic today.
