Domain Knowledge: A key ingredient to Insurance Agency technology success
Tech projects fail due to many reasons. Most of them are known to us, but we hardly take any strong steps to address them and sort the impediments out.
A few of the reasons are:
- Lack of domain knowledge
- Blurred visibility of the technical challenges
- Excessive costs
- Unable to address the real problems effectively
- Complicated approach to problem solving
And when it comes to addressing the issues of insurance agencies, most fail to help them with a 360 degree approach. The simple reason being, complexities and the depth needed to understand agency challenges.
One needs to know of the processes, have relevant experience in handling the same, and ofcourse must possess the tech knowledge to cater to the cornucopia of issues effectively.
Paving the way to in-depth domain knowledge
Exdion’s journey has been about repeatedly challenging ourselves to rethink “value” for our clients. We take pride in our endeavours and how it has reaped benefits for our clients from the insurance industry.
Catering to niche industry requirements of insurance agencies
Ever since Exdion was founded, we played a crucial role in providing solutions to a plethora of insurance agencies. Having managed the full spectrum of agency operations for multiple large brokers including a Top 4, for over a decade, addressing processes with the best fit technology was an enlightening journey. This turned out to be a very interesting phase in our growth where we closely understood the issues the insurance agencies faced and the processes that they were outsourcing.
Managing the core processes at Insurance Agencies
Insurance agencies are closely involved in the processes of a series of core functions that are very essential. Some of them are as as follows:
- Policy renewals and management
- Claims processing
- Document Management
- Compliance Management
- Customer care services, etc
Insurance agencies prefer outsourcing these core processes to enhance their productivity and focus on business growth.
However, outsourcing such tasks may or may not be the ultimate solution, and for most insurance companies it hasn’t been. The reasons are obvious and are as follow:
- Outsourcing is quite heavy on the pocket
- The firm that provides the service may not have a clear understanding of the goals and strategies of the agency
- Communication is difficult
- Keeping the service provider up to date on policy changes can be difficult
- Managing compliance becomes an arduous task – with the risk of data being housed offshore
- Multiple iterations amongst off-shore and on-site teams can get tiresome
Leveraging cutting-edge technologies to empower insurance agencies
Over the years, Exdion has gained up-close and personal experience with insurance agency process nitty gritties. As technology has evolved, so has the array of offerings that use modern innovation like Automation, AI, ML and RPA to bring proactiveness, speed and value.
ExdionRNU with its revolutionary features, powered by automation and machine learning helps insurance agencies focus on one of their most important tasks of collecting coverage information, tracking all changes and maintaining open communication between the agency and the clients throughout the renewal process.
ExdionPOD, powered by AI assists insurance agencies to mitigate E&O risk, customer dissatisfaction, and inefficiencies in real-time. A few unparalleled benefits of ExdionPOD include:
- 0% people dependency – eliminates 383 decision points
- The platform is fast, accurate, secure and scalable
- Provides accurate data insights and helps drive better CSR productivity
- Improves client retention and more
ExdionCCR, powered by automation skillfully establishes compliance across all contracts. The solution helps in easy contract creation, edition and document approvals. Other few offerings of the solution are:
- Dashboard with automated alerts, notifications & renewal reminders
- Enhanced compliance with internal and external regulations
- Provides centralized library of contractual documents
- Allows quick user access or validation
Furthermore, cloud computing has enabled Exdion to deliver SaaS based Insurance Policy checking, which has proven to be a game-changer in the space.
From accounting, to data collection, claims processing and management, policy renewals to commission accounting, Exdion’s Technology & Domain prowess helps streamline the entire business workflow.
We have helped a host of insurance agencies fine-tune and automate their core processes using AI, RPA & other traditional technologies. Exdion’s solution helps mitigate E&O errors by almost 100% and drop processing costs significantly. Our experience in knowing the insurance processing lifecycle inside-out helps us deliver solutions that free-up CSRs and agency management to focus on business growth. Our solutions assist insurance agencies to provide an augmented experience to their clients and magnify overall business outcomes, and of course in the most cost effective manner.
Find out more about how our domain knowledge and tech skills can help level-up your insurance agency. Know more at https://www.exdion.com/
Talk to the experts at Exdion to know more about how Insurance Agencies can tide through this crisis.