When any company deploys new technology, the goal usually involves one of the following:
- Increasing revenue
- Reducing costs
- Improving relationships and retaining customers
In the insurance world, this typically means bringing products to market faster, making it easier for customers to buy policies, and streamlining policy lifecycle activities through automation.
Revenue Growth Driven by Digital Distribution
Solartis VP of Sales and Marketing Carol Mowry McKenzie discusses ways for insurers to use cloud technology to support growth and avoid lost profit opportunities.
The process of buying insurance policies is inevitably shifting to digital channels. Consumers increasingly expect to complete transactions on their terms: anytime, anywhere, from any device. Whether it’s “on the web” or “in the cloud”—the point is new digital channels have given insurance customers unprecedented choice and control in the buying process.
Digital distribution includes everything from simple email-driven interactions between clients and customers to sophisticated mobile applications that enable consumers to quote and purchase policies. A survey by Accenture found that 75% of U.S auto insurance shoppers start the buying process online.
In today’s competitive digital marketplace, insurers need more than just their internal IT team to develop new insurance products and bring them to market. The most successful and cost-effective implementations often utilize third-party components like Solartis policy lifecycle micro web services to reduce scope and cost, and to minimize project risks. Development teams consume the Solartis APIs into their .net or Java environment to perform the needed policy life cycle activities.
In addition, Solartis encourages its users to take advantage of third-party data sources like ISO ERC for the rating content and Oden for the state cancellation rules. Utilizing these data sources through Solartis helps improve accuracy, reduces key strokes and greatly reduces development and maintenance costs.
Cost Reduction Through Automation
With Solartis Insure, companies leverage existing third party content (ISO rates, rules and forms, Oden, Pitney Bowes, Zillow, etc.) with proven sales and policy lifecycle web services. Our flexible deployment options make it simple and cost-effective to either enhance your existing technology environment or start that new one.
Best of all, with Solartis you pay based on your usage of the technology versus the traditional pricing model, of a large upfront license fee followed by annual maintenance fees. Solartis pricing is a pay-as-you-go model based on a revenue-related metric such as direct written premium. This changes your digital strategy implementation from a capital expense into an operating expense, while giving you maximum control over your branding, look and feel, functionality, and all other aspects of your digital transformation.
Let’s use ISO Electronic Rating Content as our example. Importing ISO content dramatically reduces the cost of implementing and managing your insurance systems. Today, many carriers and vendors still manually enter ISO circular updates into their systems, while others have partially automated this process using ISO ERC. Only Solartis Insure natively consumes the ISO content into its platform (using ISO ERC) within 24 hours of the ISO version release.
In addition to savings from increased efficiency, Solartis Insure uses a pay-as-you-go, usage-based pricing model. Compared to conventional software solutions with large upfront license fees and annual maintenance fees, the Solartis approach eliminates capital expenses and minimizes operating costs.
Better Relationships with Brokers and Insureds
Bringing products to market quickly and cost effectively are critical goals. But equally important is the ability to configure a system that your customers will enjoy using to purchase their insurance products, make payments, obtain policy documents and manage their covered assets and policy coverages. With Solartis your team can create the ideal User Interface and business processes to meet your requirements for branding and functionality.
Take the Next Step to Meet Your Digital Strategy Goals
As a modern cloud-based policy sales and administration system, Solartis Insure can help any insurance company meet its core digital strategy goals: supporting growth, avoiding lost profit opportunities and improving relationships with brokers and insureds.
With flexible deployment options, we can help make your insurance sales and policy lifecycle more efficient regardless of your existing technology environment. Contact us today to learn more about your options:
- Solartis Insure Rating Engine – Build or utilize your existing policy admin platform with the Solartis Insure Rating engine integrated with ISO ERC and your carrier specific deviations.
- Solartis Insure Platform as a Service – Empower your technology team to create digital content, user interfaces, and business processes while leveraging Solartis Insure’s sales and policy life cycle micro web services.
- Solartis Insure Software as a Service – Implement a total sales and / or policy life cycle system with the user interface and business processes already in place for your consumers, agents and / or underwriters.