Insurance companies are under pressure. Changes in the regulatory and economic landscape, along with cautious spending by customers are leading insurers to look at better managing their risk and improving operational efficiencies.
In particular, the Medicare Supplement market in the US is being stunted by disparate and ineffective legacy systems, market expenditures and high administration costs. Launching a new Medicare Supplement product has traditionally been a slow and costly process, often consuming huge financial and human resource capital and further eroding the industry’s thin profit margins. All in all, it can take an insurance company many months to introduce a new product and years to recover all the upfront costs.
Harnessing the power of modern technology, optimizing distribution channels and implementing sound client-centric strategies are crucial for keeping up with the competition in an agile marketplace where customers expect engagement on their terms and boardrooms expect real-time access to business performance data.
But how can your insurance company achieve enhanced administrative efficiency and optimal management oversight – increasing your speed to market and lowering your service cost?