How to Eliminate 3 Common Barriers to Embracing Tech in Insurance

by Troy Stewart, President & Chief Operating Officer, Brush Country Claims

April 28, 20224 Minutes

Technology is rapidly growing and impacting every aspect of our lives. From personal to professional, the digital age is here to stay, and it’s time for the insurance industry to embrace its many benefits. The digital transformation has changed how organizations operate, and it’s important to recognize that with change comes growth and professional advancement.

 

Clients desire personalized customer service as well as the convenience that tech tools offer. With more transparency, quicker results, immediate responses and around-the-clock access, technology has enhanced services, creating the perfect blend of the human touch and technology across a multitude of industries. Insurers now have the option to join the revolution with forward-thinking technology or to remain on the sidelines.

 

As some companies shy away from digital-first strategies, the insurtech world is focusing on innovation efforts. In fact, studies show that big data/machine learning and software as a service (SaaS) are the top two leading trends of greatest concentration within the insurtech space.

 

To better support insurance professionals on the road to embracing technology into the industry, we must first acknowledge three of the common barriers that stand in the way of seamlessly integrating insurers into the digital age.

 

Maintaining digital agility takes skill in the fast-paced world of technology. Client demands and expectations are growing rapidly and have been transformed by the growth of digital technology. Immediate services and solutions are becoming the norm, which may potentially lead to insurers facing the barrier of keeping up with the rapid speed of digital technology. It’s important to make digital implementation a priority and accelerate the process as much as possible while still providing high-quality customer service. While the initial implementation of technology may feel daunting, insurers are able to improve profits and customer service with the faster processing that digitization offers.

 

Protecting privacy and avoiding cyberattacks is key. Security is at the forefront as companies begin to implement new technology. Cyberattacks are on the rise with a 105% increase in ransomware cyberattacks last year. It’s clear why security is a barrier to embracing tech in the insurance industry, yet it is possible to overcome with the appropriate safeguarding. Enacting proper protocols to manage customer security and preparing for potential risk scenarios are crucial to overcoming this barrier.

 

Integrating new technology takes time. Keeping up with the digital age is a challenge and staying ahead of the curve may feel impossible at times. A common barrier for insurers welcoming and implementing technology is the maintenance and costs associated with system upgrades. Insurers typically rely on legacy systems to manage business operations, but these systems are unable to accommodate digital innovations, which creates a challenge to fully embracing technology. Overcoming legacy challenges and adopting new data platforms takes strategy, time, and expertise but it can be done.

 

At Brush Country Claims, we understand the barriers that stand in the way of insurers embracing technology. From maintaining digital agility amidst rapidly evolving technology, ensuring data protection and solving the legacy challenges, these hurdles are common, yet not impossible to overcome. Through our innovative proprietary technology and industry-leading process, we’re able to deliver a full claims solution while maintaining a world class customer experience.

 

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Written By

Troy Stewart

President & Chief Operating Officer