Are speed to market, accuracy and reliability mutually exclusive concepts? This is one of many critical issues facing insurers and distributors who are looking to be more proactive and flexible when launching and modifying digital initiatives. These concepts and more are being addressed at the upcoming 2022 Insurance AI and Tech USA Conference in Chicago on April 26-27. DRC, a leader in assisting insurers and distributors with digital platform strategy, is pleased to attend this important event.
This year, the conference is featuring contemporary topics including the importance of speed-to-market, and how software and digital infrastructure upgrades and the digitalization of business operations can significantly increase reliability and accuracy throughout the organization. While speed is sometimes associated with carelessness and security risks, speed-to-market in the Insurtech industry is critical to help overcome reliability and accuracy issues that are often hallmarks of manual, people-centered processes. The faster you can deploy digital tools that help you avoid mistakes, the better.
However, some MGAs and carriers still are not convinced that automation can be the “cure-all” for delivering a best-in-class experience to B2B clients. Threat Stack recently surveyed DevOps and security pros and found that 62% of security professionals stated that their Operations teams push back when asked to deploy technology—out of the fear that it will slow processes down.
The reality is that operations can benefit significantly from digitizing most traditionally manual tasks. For instance, underwriting teams are often assigned tasks that are not relevant to their job description including building manual reports, rekeying data, and manually tracking down info from third party systems. In pricing projects, for example, 80% of insurance executives that DRC surveyed believe there is an increased risk for human error associated with using manual processes. In fact, spending hours on these manual tasks does not increase accuracy at all, but instead wastes time and drives higher costs which should be utilized to underwrite complex risks that require expert human attention.
When MGAs and insurers are contemplating an upgrade to a full-suite insurance software platform, reliability and accuracy become synonymous with efficiency. An error-free experience simply gets policies issued faster. The issue for executives who have made the decision to digitize these processes becomes whether to build individual silos of functionality or create a seamless, end-to-end software solution. There is no doubt that the latter increases speed-to-market if launched with the right experienced partner. A cloud-based, full-suite solution with componentized offerings like the DRC Insurance Platform provides a rich, enterprise-level API library which makes third-party integrations seamless. These technologically innovative features are backed by more than 50 years of industry and software experience at DRC, so executives can be assured that a comprehensive speed-to-market platform does not sacrifice reliability and accuracy.
Rob Whitton, VP of Business Development, states, “Working with DRC means working with an experienced and knowledgeable team. Our unique combination of technology excellence and insurance industry expertise means that our teams adapt to client uniqueness quickly.”
Speed to market that runs on a proven foundation exists. The cloud-provisioned DRC Insurance Platform ensures that the days of cumbersome manual processes and excess overhead are obsolete. DRC shows that speed-to-market does not mean you have to sacrifice reliability and accuracy.
To learn more about the DRC Insurance Platform and its robust, comprehensive capabilities, contact Ed Giangrasse at firstname.lastname@example.org to schedule a meeting in Chicago, Illinois.