Why insurers need to align business and technology strategies
As extreme weather events and rising living costs continue to wreak havoc on Australian families and businesses, general insurers are under pressure to find new ways to effectively manage risk and streamline work processes. Evolving customer needs and regulatory changes are forcing insurance companies to look for better ways of operating, in order to remain viable in a digitally led economy.
Insurers must align business and technology strategies through a trusted partner that can keep pace with fast changing business needs and technology. Historically, insurers are reserved with adopting new technology; primarily due to costs but many also have concerns that new systems will be too hard to integrate and manage. Insurers who are hesitant, delay or fail to adopt digital technology risk falling behind.
Our EstImage product suite, powered by Stelvio, has been designed and enhanced to support Australian insurance organisations. EstImage is an insurance management software solution that creates a connected ecosystem and lets insurance businesses more seamlessly manage accidents, claims, and repairs while driving smarter business decisions to deliver a more streamlined process.
Here are three crucial reasons why insurers must align their business and technology strategies for continued growth and how EstImage can help:
1. More personalised customer experiences
Personalisation matters more than ever, with the surge of digital adoption transforming customer needs and expectations. As more businesses move online, customers expect streamlined services, customised products and personalised experiences. A highly personalised and proactive experience for customers encourages brand loyalty.
EstImage Property can be tailored to the property insurers’ specific business needs and offers complete personalisation. The solution is also completely configurable, letting insurers and suppliers configure areas by region, either based on postcodes or specifically drawn map locations.
2. Streamlined support experience
In a market that values hyper-personalisation, the importance of a streamlined support experience has proven to be a key driver of success. Insurers that continue to utilise legacy systems face multiple challenges, including being unable to deliver solutions at speed and adapt to meet new business or market needs.Having the right technology can reshape operations and improve revenue, compliance and claims efficiency.
Using a cloud-based software (SaaS), such as EstImage Connect, to facilitate information sharing across suppliers, regardless of their own preferred workflow tool, creates an interconnected organisation. This means the claims process is kept on track (enhancing customer experience) due to the required information being shared seamlessly, quickly and securely to all authorised users. In addition, insurers are able to see a 360 degree view of their operations and claims process.
3. Protection of at-risk information
Cybercrime has received a lot of attention in recent months. As technology advances, unfortunately so too does cyberattacks and data breaches. Insurance companies are at a greater risk of cyberattacks because they deal with personal, financial and property records of millions of customers. As a natural target, insurers often deal with data theft and ransomware, phishing, and denial of service attacks.
When partnering with an Insurtech or SaaS provider, it is imperative that their software is Australian General Insurance Code of Practice (GICOP) and SOC 2 Type II compliant. EstImage products are GICOP compliant and Stelvio has achieved SOC 2 Type II compliance following an independent audit from KPMG. Our SOC 2 compliance report details the 158 controls that we have in place to ensure that we meet the trust service principles with respect to the storage, security, availability, processing, integrity, confidentiality, and privacy of our customer data.
Secure, cloud-based software platforms are driving the future of insurance, by aligning business and technology requirements while mitigating risk. For more information about how innovative insurtech solutions can streamline work processes and drive growth, download our latest whitepaper.
For the past two decades, Stelvio has been providing innovative, intuitive, and user-friendly cloud-based technology and insurtech solutions to Australian insurers. Stelvio’s EstImage product suite provides cloud-based secure software solutions designed to improve the efficiency and accuracy of claims processing without compromising on security and compliance.
To find out how Stelvio and the EstImage product suite can improve your insurance processes and customer engagements, contact the team today.