Four ways internal and external ecosystems are critical to the success of insurance companies
Many insurance operations rely on both an external and internal ecosystem to maintain order and profitability.
An external ecosystem refers to a business’s robust network of suppliers and vendors that assist throughout the claims and assessment period. These suppliers each play a role along the journey of a consumer claim and need to be considered when organisations are looking to expand operations. Consumers themselves also fall into the category of the external ecosystem, providing a start and end point to the insurance process.
In contrast, an internal ecosystem is found solely within a business. It consists of the web of digital workflow management programs that keep systems and processes running to schedule. These systems vary in nature and can be facilitated by different departments; however, they all work together to find the most efficient and cost-effective solutions to issues faced.
How can the marriage of the two ecosystems bring success?
The strength of a business’s processes lies in the combination of external and internal ecosystems. Strong relationships without key processes can lead to unfulfilled potential, and organised operations without networks will see business opportunities plateau. It is only when both ecosystems are prioritised and nurtured that an organisation can see real results.
Some of the key benefits that can be seen from a combined ecosystem can include:
1. Connected collaboration hub
Working with external suppliers can be tricky if everyone isn’t using the same system; insurers can have trouble getting timely updates, and sharing information between parties can be slow and cumbersome. Utilising collaboration hubs that facilitate the sharing of information between parties regardless of the system they use internally can create an interconnected organisation, where critical information is passed on quickly and seamlessly. The 360-degree knowledge-sharing that comes from combining these two ecosystems gives business owners a streamlined approach to working with suppliers and a holistic view of their operations, making it much easier to decide on company priorities and allocate resources both internally and externally.
2. Delegating work based on ability
Having intuitive systems and processes within a business can ensure that employees’ and suppliers’ time is spent doing what they do best. Digital hubs that work hand in hand with smart tech let insurers delegate work based on team members’ and suppliers’ strengths, letting them work smarter, not harder across their area of expertise. This increases employee and supplier satisfaction by ensuring everyone is doing what they do best, while also ensuring on-time delivery.
3. Keeping KPIs on track
With multiple suppliers and insurance agents often working across the same jobs all at once, delivery deadlines can be the responsibility of many and without the use of an ecosystem that aligns and alerts the responsible parties to the delivery the process and KPIs can be impacted. Having an easy-to-use collaboration hub lets information be recorded in real time and can keep jobs to deadline. This real-time information will help prevent deadlines from being exceeded, and ensure the information on each job is accurate, for ultimate customer satisfaction.
4. Increased automation and speed of service
The increased use of smart technology and automation in the insurance sector has seen a huge increase in overall efficiency and output quality. Digital systems can ensure that quotes and claims are processed quickly, without compromising on quality or accuracy. This leads to an improved customer experience, while also reducing organisational costs and increasing overall efficiency.
Stelvio has worked as a trusted partner providing secure cloud-based insurance software solutions to Australian insurers for the past two decades through EstImage Motor and the wider EstImage suite of products.
To learn more about how Stelvio and EstImage can combine external and internal ecosystems for your organisation and streamline your operations to drive business forward, contact the team today.