How insurtech helps property insurers build better business foundations
Over the past five years, the Australian home and contents insurance industry has recorded revenue growth. It has also seen a higher number of claim submissions which are connected to severe weather events across the country such as hailstorms, bushfires, and flooding. With the severity of these natural disasters, the home and contents insurance industry is projected to continue recording revenue growth over the next five years.
Other factors such as compliance, customer expectations, cost optimisation, and technical transformation have put pressure on insurers and partner organisations as they try to keep up with market trends and customer demands.
These factors require insurance businesses to evolve fast to stay relevant. Digital transformation is a valuable step in building a strong foundation. When insurers rely on manual and outdated processes, particularly when managing several complex claims simultaneously that involve continuous collaboration between insurers, suppliers, and the customer, each claim becomes a time consuming and ineffective process. This makes digital transformation essential; however, there are many challenges that insurers face when digitally transforming their operations. For instance, knowing the correct steps to take and which technology is suitable to support transformation can be difficult to navigate.
Insurtechs have emerged as the solution to these challenges, becoming an essential partner to the insurance industry. Yet not all insurtech providers are created equal. Property insurers need to first understand the key areas they want to address and improve, then partner with the right insurtech company to achieve this. Insurers who do this benefit from streamlined processes and enhanced agility leading to a better customer experience along with improved capabilities. Finding those efficiencies and delivering a faster, more accurate claims process can help insurers save costs and compete more effectively.
When considering an insurtech provider to build a strong business foundation, Australian insurers should look for these key features:
1. Integrated system
An insurtech solution that integrates with internal and external systems, such as workflow management, will create a faster, more streamlined communication channel. The integration should work regardless of the external industry to counter any problems that could arise, such as difficulty sharing information and missed deadlines.
2. Bespoke and configurable
Insurtech solutions that offer bespoke configurations are more effective. When insurers have their specific needs met, they can strengthen processes and deliver more individualised outcomes for customers.
3.Central system hub
A centralised hub that lets all involved suppliers and stakeholders share any relevant information in one location, securely accessible by all, is the best way to streamline processes and achieve greater efficiency for claims.
Ideally, property insurers should look for insurtech providers that demonstrate flexible and agile development with customisable solutions to suit the business’s unique needs.
Stelvio has been helping Australian insurance companies build better foundations with tailored technology solutions for over 20 years. Stelvio is dedicated to delivering leading technologies like EstImage Property that covers these three key features.
EstImage Property leads by simplifying the communication and administration of property claims between property insurers, suppliers, and customers. This not only benefits customers making property claims, but also maintains the integrity of the insurer’s relationships with suppliers, guaranteeing consistency every time.
For more information on how finding the right insurtech provider can help property insurers build a better business, download the whitepaper.
