How Cogitate Has Helped Insurance Companies Undergo Technological TransformationPosted by Cogitate us on March 31st, 2024 Insurance businesses are using technology to transform their service offerings, increase operational efficiency, and improve customer experience as traditional sectors adjust to the digital age. Recently, insurance experts from Risk Placement Services, Southern General Insurance Company, Bridge Specialty Group, and Falcon Risk Services had a live discussion on Carrier management magazine's virtual platform to discuss various digital initiatives. In this blog, we will talk about each of these companies and how Cogitate has helped these companies revolutionize the way they conduct their business. The Secret to Success in the Insurance Sector1. Human-Centric ApproachThe panelists present at the event mentioned people who are actually going to use the technology, aka. humans. It is essential to involve the right individuals with passionate mindsets throughout all stages of the process, from creating business requirements to end-user adoption. Understanding how humans work, their problems, and how technology can provide solutions is crucial for successful digitization. 2. Balancing ExpectationsThe launch of new digital insurance software requires the management of expectations from all the stakeholders involved. It is crucial to:
3. Team DynamicsIT professionals and stakeholders must work together as a team and communicate frequently to achieve successful insurance software solutions. Giving responsibility only to IT professionals won't give the desired results.
The Role of Cogitate in Digitizing the Insurance SectorSouthern General Insurance CompanyThis Georgia-based insurance company started an initiative where a 25-year-old core system for policy, claims, billing, agency, and distribution management is to be replaced by a single digital platform as part of an initiative for a non-standard personal auto carrier. Cogitate’s DigitalEdge insurance platform helped Southern General Insurance Company by:
Falcon Risk ServicesThis is a two-and-a-half-year-old startup in the insurance sector. They are launching 20 professional liability LOBs, including management liability, financial, and cyber/tech E&O. Their key goals included:
Cogitate’sDigitalEdge policy and DigitalEdge claims helped Falcon Risk Services accomplish their goals by simplifying and accelerating policy management and claims. Richard Pluschau, Chief Information Officer at Falcon Risk Services, stated, "I’m excited to use IT to drive both top- and bottom-line performance and profitability, like reducing submission intake from 30 minutes to 30 seconds or reducing underwriting cycle time on complex risks from 6 hours to 30 minutes." Bridge Speciality GroupThis leading global insurance wholesaler has offices in more than 50 different locations. Cogitates DigitalEdge policy integrated with the Bridge Speciality application to:
Risk Placement ServicesThis insurance firm has implemented a uniform digital quote, bind, insurance, and services for its personal lines. The DigitalEdge policy’s integration with e2Value and Hazard Hub allowed them to:
ConclusionTechnology is changing the insurance industry fundamentally and fostering previously unheard-of levels of efficiency and innovation. Technology is completely changing the insurance value chain, from underwriting to claims processing and customer service, from blockchain and IoT connectivity to advanced data analytics and artificial intelligence. These technology is not only fast but insurance fraud analytics also easily detects any kind of fraud within the industry. To learn more about this event, you can download our whitepaper. Source: https://www.cogitate.us/resources/key-tech-insights-from-industry-leaders/ Like it? Share it!More by this author |