How to increase the productivity of the life insurance sector

By: Cesilia Faustina

The life insurance sector is an important and powerful one and will continue to be one. As the times are changing and pressures for greater demands are expanding, the life insurance sector is going through new areas of growth. One of the main ones being the need for increased productivity.

According to research by McKinsey&Company, global life premiums grew five percent in 2017, up from 3.7 percent in 2016. The constant growth of the life insurance sector has led to the constant development of consumer needs as well; this means many life insurance companies need to step up their game and adapt to the changing times. Unfortunately, many are still lacking on this and life insurers now need to get on board.

Thus, we come into the need for productivity. Constant growth and the need to adapt means it is important to expand productivity levels, which is where digital transformation plays a great role. In order to expand productivity, bold moves need to be taken. One cannot simply follow traditional means of life insurance if they expect to come out on top. The use of technology is transforming the way many insurers are conducting their work process, so here are a few tips on how productivity can be expanded through digital transformation.

Focusing on flexibility

It is important to install a system that is flexible and adaptable. This means a life insurance software that is easily customizable. Each insurance company is different and may have different methods of conducting their work process, which means being able to set up any preferred criteria and parameters is ideal.

A flexible system should be able to support this in order to directly get tasks done, without wasting any time. Say one insurer might not have the same categories in their underwriting process as with another, then why waste time with categories you will never use? The fully customizable system means you can eliminate and add any functionalities you desire, thus bring in faster results with less wastage.

Taking advantage of E-insurance and apps

As our society is shifting towards a world of mobile and online applications, it is only smart to utilize the use of mobile apps and online portals. People today need direct and fast results, not to mention that phones are always available to everybody now. So, a fast and simple way to access your insurance information is one of the key factors for customer satisfaction. Faster and easy access means quicker results, fewer complications and broader market contact.

By supporting the unification of a system, mobile apps and online portals, customers can access and track any progress with ease. This will save time, reduce wastage and increase productivity.

The power of integration

Another factor to look at is integration. In creating productivity amongst your workflow, there needs to be a smooth process from one step to the next. In order to do so, one needs to create seamless integration amongst departments. As life insurance is no laughing matter and requires teamwork with various different sectors, it’s important to be able to support that.

Insurers depend on great communication with the HR, financial, legal departments, etc., so being able to integrate amongst these departments will hand down improve productivity. Integration is also an important aspect for the insured as well; as mentioned above, by integrating with mobile phones, clients can directly input their information making processing any tasks that much easier.

By adopting an integrated system, insurers can greatly unify all sectors of the organization, thus increasing productivity.

So digital transformation is bringing a new view into the operations of life insurance and it is important to start adopting new means of optimizing customer satisfaction.

Learn more about ESKADENIA's Life Insurance software.