Insights
We’re sharing our thoughts on the state of insurtech and how industry trends are impacting businesses. If you’d like to keep up with the discussion, you can sign up to receive our newsletter at the bottom of this page.
Application Integration and Data: How They Work Together
While interconnecting independent systems may not seem like a high priority, proper application integration can transform how your organization accesses data. This is especially true in industries like insurance, where continuous, accurate data is central to daily operations.
Managing Relationships with Third-Party Vendors
Today, more than ever, companies of all sizes are turning to third-party vendors to outsource certain business functions. Third-party vendors can supply a variety of services, such as marketing or security. Over one-third of small businesses in the US use a third-party vendor for at least one area of their operations, with IT and tech support being among the most commonly outsourced functions.
Mapping the Future: Insurtech in 2023
Like any other industry, insurance is bound by the constant changes in the greater world. New trends, laws, and technologies all drive advancement and adaptation, with providers and customers looking to make the best of the current situation. While some companies stick to their “tried-and-true” legacy systems, insurtech is a constantly evolving space.
5 Steps to an Effective Change Management Process
Enacting organizational change is never simple, especially in industries like insurance, which often rely on a variety of “tried-and-true” tools and methods. In spite of this, change is necessary for any company that wants to stay relevant and competitive. Rather than resisting change or forging ahead without the correct tools, having a clear, multi-step plan is essential to the effective implementation of the change management process.
Understanding Data Federation
Data plays a foundational role in most modern businesses. This is especially true in data-heavy industries such as insurance, where having comprehensive, accurate data is the single most important aspect of efficiently examining and processing claims. But because of the nature of modern workflows, important data often comes from a variety of separate sources. That’s why data federation is essential to ensuring that your company can access and use the data needed for everyday operations.
Pros and Cons of Out-of-the-Box Software
Companies can select a wide variety of programs and systems from countless developers. Likewise, businesses have a choice between going with out-of-the-box software or unique, custom-developed business applications.
What Are Data Silos and How to Avoid Them
Data is central to any business process, especially in information-heavy industries like insurance. Getting the right data can be a challenge, even when an organization has already done the work of collecting it. When companies consistently struggle to access data internally, they may be facing data silos. Data silos are one of the greatest sources of inefficiency, and avoiding them is key to making fast, informed decisions.
Does my Company Need a Custom Business App?
Businesses today are using custom business apps more than ever. Specialized software has transformed the way organizations operate in an increasingly complex business world, and having the right tools can have significant benefits over traditional programs. Many businesses, especially in the world of insurance, may not even be aware of the different kinds of business applications available and their potential impact on efficiency.
