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Breaking Down Siloes in Insurance

An insurance professional sits down with her customers, represents how breaking down silos via the cloud can provide better experiences

In my last blog, I outlined one of the critical areas banks are looking to drive transformation for document processing, specifically within custom Loan Document Management platforms. Through the course of leveraging Quisitive’s Application Modernization practice and adopting as-a-service technologies, our customers have found themselves in an accelerated transformative journey that is leading the charge to become a data-driven organization.

This next iteration will extend similar principles but apply them to the Insurance industry, where I have witnessed the urgent need to revisit the connective tissue that lies in-between ultra siloed lines of business. 

At Quisitive, we take the approach of delivering experiences rather than providing point solutions. There is an art to driving impactful change, so we have derived a framework to maximize results. By considering the bigger picture, you combine the powers of IT and the business to inaugurate transformation and illuminate the benefits stemming from an investment.

To start, I want to outline Quisitive’s framework on the three areas of focus in 2021 and 2022 for driving change in Financial Services. Our three priority scenarios for success represent the pillars of our experience to both IT and the business.

1. Modernize Applications

Quisitive simplifies this complex task using our On-Ramp to Application Modernization (ORTAM) engine that first rationalizes and establishes readiness, followed by detailed architecture design for as-a-service technologies. Quisitive has in-depth expertise for both Azure Native and Open Source solutions.

2. Activate actionable insights with data and advanced analytics

Harness application transaction data to develop models and analytics, which in turn help inform data-driven business decisions and actions

3. Connect the organization and improve employee productivity

Strengthen the connective tissue or processes that hold the fabric of an organization in place by increasing the share of information and preparedness of employees.

These three priority scenarios rely on our Cloud Center of Excellence (CCOE) engagement model, which focuses on people, processes, and technology. The CCOE establishes dual ownership between the customer and Quisitive and allows for more inclusive organizational change, which guides the identification of use cases and success plans both top-down and bottom-up within.

Today, many of our customers don’t know where to begin and are often only thinking in the context of cost/ROI and time to implementation. 

While those are key considerations, the experience of the CCOE Framework maximizes investment, visibility, and effectiveness across a company, delivering material change.

Through our experience, very few Insurance companies have taken strides to align to a similar framework and begin the transformation journey. COVID-19 was an unexpected kicker for accelerating lingering technology priorities. However, as the bigger picture was considered and discussed in proactive planning sessions, the need to drive digital change was accepted organization-wide. This realization lies on the shoulders of increasing customer demands and competition. Legacy systems are getting older, data pile up, and the investment for alternatives is becoming too great.

To that point, here are a handful of challenges our customers are sharing:

  • An increasing gap of legacy system knowledge or employee capacity
  • Increasing attrition of domain knowledge employees creating churn
  • Unsustainable expenses due to legacy system maintenance and overhead 
  • Disparate data, organization-wide, pilling up with no strategy to leverage
  • Costly process errors via manually addressed tasks 
  • Poor distribution of real-time data across the organization
  • Lack of technology share and knowledge from IT to the business

Quisitive’s most successful use cases have leveraged the mentioned model as a means to drive the right solution for our Insurance customers. For example, if you take the claims office, it serves as a revenue center and is often the heartbeat for Insurance organizations. Call centers associated with Claims are, in fact, the very first point of contact for many policyholders to use their service(s). Claims offices sit in the middle office but have many connections to the front and back via people, processes, and technology. 

Quisitive observes and engages the Claims office by looking at the end-to-end process of analyzing logic and workflows to accomplish a set of tasks. Once understood and triaged based on the challenges and pain points collectively agreed to, we match the technology and establish roadmaps to execute the envisioned future state. Opportunities come in many forms from this point and have unfolded based on our established model.

1. Modernize Applications

Within the Claims function, a series of applications greatly benefit from modernization (re-write, re-factor, or re-host). By adopting modular-based architectures built on microservices, organizations gain unprecedented benefits in efficiency, performance, and scalability, which drive down costs and allows for new feature sets and functionally to be delivered at light speed. While the modernization lies within the back office, the new features and ability to maintain uptime in peak periods will impact the middle and front offices to enhance employee and policyholder satisfaction.

2. Activate actionable insights with data and advanced analytics

As organizations modernize applications, the use of data generated from those applications via transactions becomes a priority. With more applications integrated into a modern cloud architecture, data can be harnessed in a data warehouse or data lake, resulting in better visibility and data quality to initiate an end-to-end data strategy. For the Claims department, establishing an official automation program helps reduce overall expenses by reducing errors and allowing employees more value-added activities. These solutions also impact policyholders by enabling real-time or even proactive assistance in times of need. Solutions such as cognitive document management and intelligent automation will define the new standard for business operations and will become an extension of the overall CCOE approach.

3. Connect the organization and improve employee productivity

Once the data is actionable, leveraging robotic process automation, chatbots, and other advanced tools, Quisitive leverages the Microsoft Modern Workplace experience to connect the organization and make information more visible. The movement of information helps front-line agents or call center employees to know their customers and provide less and more impactful touchpoints. At Quisitive, we have enabled technology from the back office to the front office using M365, Teams, PowerApps, Dynamics, and more.

Quisitive’s Approach to Cloud for Financial Services

To sum this model up, Quisitive is the solution to be a force multiplier by following our framework and aligning with people, processes, and technology.  A CCOE approach can be taken organization-wide or can be done on a team by team basis to formulate a consortium based on a digital transformative culture.  It is on this track that Insurance companies will revolutionize incrementally and maintain competitive superiority in their high demanding strenuous markets.

Interested in learning more about how Quisitive can help your organization? Contact us today.