Insurers: Taking on the Cutting Edge and Adding Value

Ed McQuiston
Director of Insurance Solutions
Hyland Software

It is a pleasure to have you with us Ed. Last year’s successes?

In 2007, many carriers embraced newer Windows-based applications for policy administration, claims, etc. and saw significant improvements in integration technology, specifically facilitating the exchange of data in the ACORD standard XML format allowing for both input and output data exchange to improve processing efficiency. Coupling these initiatives with third-party ECM and BPM tools allows insurance companies to improve the interaction between applications and provide an IT service hub to their agencies and field personnel. This not only streamlines processing of the discrete data, but does so in conjunction with the unstructured content normally processed in parallel, including the request and receipt online of traditional underwriting reports.

Your advice on critical next steps?

With many organizations completing legacy application replacements across their claims and underwriting departments, the trend for many will turn to extending those solutions to the field and to their mobile workforces. Increasing online submissions, enabling content capture in the field, and providing access to data and content online all serve to impact service speed and quality initiatives. For many insurers, this will allow them to compete more effectively by improving pricing, expanding capacity without headcount change, and ultimately providing improved customer and agency satisfaction.

Exciting advancements?

Dashboards: this year will be the year to be informed – on monies coming in and going out of your organization at any given moment for instance – and to make decisions based on this real-time data. Another advancement is the adoption of mobile technologies. Coupled with the ACORD standard XML format and the ability to communicate bi-directionally to newer policy management and claims handling systems, this mobile focus will be a recipe for success in this very competitive landscape.

Your one message?

A focus on IT tools enabling cost reduction, improved service, higher throughput and improved reach through their mobile workforce will be paramount to long-term survival.