ANALYSIS - E.O.X. VANTAGE
FIGHT “THE GREAT RESIGNATION” WITH THE GREATER DIGITIZATION! By Mike Fieseler
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nsurTech tools have driven a lot of the efficiencies and time/ cost savings being realized lately in insurance. They enable much of the workflow streamlining and operational improvements happening in the industry. Most insurers have come around to seeing the advantages of technologically transforming their business. However, I get the feeling that many of us are still not aware of the impressive depth and breadth of meaningful change that methods like robotic process automation, artificial intelligence and machine learning can attain. In fact, it can touch and improve every stage of the policy lifecycle and reach each area of your business.
Many (Digital) Hands Make Light Work Making technology work for you is more important than ever these days. Like other employers, insurers on both sides of the pond are struggling with a shrinking labor force. Early retirements, increased movement between companies/ positions to perceived greener (more remote-friendly, presumably) pastures and even people just leaving work entirely – all have become commonplace in the movement variously called The Great Resignation or The Great Reprioritization. Workflow automation is not intended to put people out of jobs. The ideal situation is that it makes manual processes easier, and then the team members who were saddled with laborious tasks can be reassigned to more meaningful endeavors. But it
works just as well if folks are leaving or you are facing a candidate shortage that leaves spots unfilled. SLASH DATA ENTRY & DRIVE EFFICIENCY Start at the very beginning: a prospect or policyholder goes to your website (as is increasingly likely, rather than picking up the phone) for information, a quote or ID card. Do you have: • • •
A chatbot in place to facilitate? Self-serve options for today’s DIY, want-it-right-away consumer? Email routing to simplify and speed responses?
If not, that’s the start of a pain point for an existing customer or a turningaway point for a potential one. See The Great Resignation Pg 32
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bout the author, Mike Fieseler: Mike’s focus is on helping clients achieve operational efficiencies and cost savings. His career has spanned IBM, ARC, DataTrak, and for the past 10 years EOX Vantage. Last year he achieved the CPL - Certified Program Leader designation through Target University of the Target Markets Program Administrators Association (TMPAA).
www.chart-exchange.com
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