Friday, 21 February 2020

Impact of Digital Transformationon insurance houses


In what manner does Cogitate Technology Solutions experience the organizational ramifications as insurance providers undertake digital transformation and seek required talent for Insure Tech.

As insurance providers undertake and assume exciting digital transformations that enhance customer experience, drive productivity, and boost efficiencies, their main focus is often on only the technological advancements and changes. An often-overlooked aspect is the effect of such a transformation on the current workforce in the organization.

Most digital insurance journeys will impose the workforce to equip themselves with a skill set that is new, fresh, and valuable. To ensure this, insurance providers should:

1.    Carry out the recruitment of a new generation of workforce and select more youngsters and experienced individuals who thoroughly understand the business and are comfortable working with using modern and advanced technologies.
2.    Ensure that the current workforce includes valuable SME experts who must be retrained to harness emergent technology as and when they arrive in the market.
3.    Work procedures will be altered, requiring reorientation and retraining of existing staff for new, efficient processes.
4.    Most of the insurance providers will also need to address their employee’s sentiments towards losing their job due to obsolete skills and roles. Technology implementation will require revamping processes and training the employees to use new technologies.
5.    The leadership will have a critical part of the Change Agent. They must ensure that the transition from older methods to the new digital insurance ecosystem is smooth and swift.

While insurance companies realize that digital transformations will require a workforce with new proficiencies, what are the new skills their employees will need? How do they attract this talent to their organization? Cogitate Technology Solutions presents some pointers and some challenges to watch out for:

Identify missing competencies: The tectonic shift in the insurance industry may be tech-focused, but the organization as a whole, needs to rethink the competencies required for tomorrow. A simple step is to assess the skill gap in the current technical competency-set and those needed to meet the company’s digital transformation goals. The new workforce will include not just data engineers and data scientists but also experienced designers, technologists, and cloud computing specialists.
Since most insurance houses are on this journey for the very first time, an experienced digital transformation partner who can provide insights based on prior experience and augment in-house capabilities can be invaluable in this regard.

Hiring the right talent: The insurance industry needs to contend across sectors to attract the top talent. According to code.org research, there are half a million open IT jobs, and the insurance industry will have to battle fiercely for their share of the talent. Their competition will be with the tech giants and the best-of-breed organizations from across the board.

The task will be made harder by the fact that STEM (“Science, Technology, Engineering, Math and Computers”) graduates usually do not consider the traditional insurance business as a serious, long-term career option. Insurance will also need to find a generational shift, especially in light of the aging workforce in the insurance industry. Insurance providers need to start thinking of not just selling to millennial, but becoming an attractive employer for them, too. Evolving competitive strategies, along with its dynamic features to attract, nurture, and retain talent with the critical skill sets, will be a requirement to keep pace.

Although hiring will remain critical for insurance providers, again, a collaboration with the right technology partner who has a ready software talent pool to deploy your digital transformation strategy can make all the difference. Insurance software companies in USA focus on these needs and carefully estimate an insurance software solution.

Shifts in management paradigms: The other part of addressing the competency gap does develop the leadership required to help an insurance company. Developing managing capacity in-house is an absolute must for any insurance provider who aims to remain relevant in the new Insure Tech ecosystem. As insurance companies transform and evolve digitally, new competencies like advanced analytics will become indispensable to be able to leverage the technology, and they will need to re-skill themselves to manage a much younger workforce. Managers will need to assimilate skills, insights, and technology from across the organization and must be supported with buy-in from the leadership.

Cogitate Technology Solutions has worked with some of the biggest Insurance Solutions providers in the US on their digital transformation journeys. To understand how we can help you, too, please visit our website: www.cogitate.us.

Saturday, 8 February 2020

How to Choose a Right Claims Management Software

What should an insurer look for when he is determining and selecting a comprehensive Claims Management Software? Cogitate breaks down all of these complex and critical factors for those involved in making Insure Tech decisions.

It is an obstacle that is so difficult and intimidating to handle and find the right claims management software that fits the needs of all users of a complex claims environment. An optimal solution should be employed, and it should improve claim service while simultaneously reducing costs. It should optimize processes and be customizable so that it can be tailored according to your specific needs. It must completely meet your present needs as well as intelligently forecast those that lie in the future.  We often think that selecting the right claims management software that suits your organization’s needs can prove to be quite a daunting task. Various Insurance Software Companies in USA have solutions to this.  So, where exactly do you begin, and what are the essential factors to consider when making the decision?

Cogitate Technology Solution has been the technology partner for many leading insurers in the United States and they provide an excellent Insurance software solution. Based on our collective experience of understanding of what an insurer needs from a claims management software (CMS) and our perception, here is a list of imperative factors to consider when making a choice:

Interpret your requirements: It is crucial to understand the business challenges or desired benefits that you want the CMS to address. Among plenty of options and benefits on offer in the market, your main concern should be which CMS system addresses the issues that are your top priority? Does the solution offer many powerful features but leaves something to be desired in your top priorities? If you have clarity on your key strategies and where your current processes and tools fall short, you will have half your solution solved beforehand. 

Assume who will use it: Identify all the stakeholders of the company who will be affected by the implementation of the new CMS and make sure every last one is consulted and included in making the decision. CMSs interact with business teams, customers, agents, in-house departments like accounting, and multiple third-parties. Understanding their needs and finding the CMS that is useful for each user-group will be vital to the success of your new claims management solution for several years in the future of the company.

Ensure the solution matches your plans: Your firm’s aggressive growth plans should not be hobbled by technology that isn’t flexible and powerful enough to keep pace, nor add underutilized heft. Does the claims management software under evaluation have enterprise capacities a large organization will need? Does it weigh and scale down a small firm with an expensive solution that adds complexities that could be cut? Does its strength lie in digitalization and collaboration solely, or does it also have the business process automation your strategies demand now and in the future? Does the CMS offer the advantages of technological leaps, or is it based on architecture or technology that won’t last the distance?

Organize for innovation: Any CMS you choose will require getting used to inevitably altered processes, altered reporting, and tweaked workflows. Introducing a new way of doing things will go down much smoother with prudent change management. When evaluating the CMS, also look at the support, training, and hand-holding offered by the solution provider to ease the transition. A key indicator will be the length of relationships with clients, not just the number of successful implementations.

Pick the right partner: To use your new CMS for long periods successfully, a lasting relationship with the provider will go a very long way. The right Insurance Software Solution provider is not offering a one-off solution, and they are building a partnership with you. Ensure that they understand your particular domain of insurance, can demonstrate successful implementations as part of their track record, and can grow as your needs evolve over the years.

Cogitate Technology Solutions offers a powerful claims information solution that caters to the needs of carriers, third party administrators as well as independent adjusters. Its sturdy and comprehensive dashboard and reporting give real-time, fine-tuned insight and analysis into your claim performance. The power of our solution is augmented by our Time Limit Demand Awareness and Management tool, which uses AI and machine learning to analyze and prioritize TLDs without human intervention.

To understand how Cogitate.us can assist you and support your needs to find the right claims management software for your requirements, learn more about them at www.cogitate.us.

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