Digital back-office: Crystal from Policy Works shows how you can create 3 RFQ's in about 30 seconds using standardized, machinable data.
If you're on LinkedIn or Twitter and in the insurance industry, then you've heard about the digital revolution. Real-time quoting. SEO. Self-serve options for insureds on broker websites. Chatbots.
Two things jump out at me: 1) they are currently for personal-lines insurance, not commercial, and 2) they are mostly front-facing applications.
What do I mean by front-facing? The applications are used by insureds; the customers. Why are front-facing applications so popular? Probably because of the idea of 'engage with your customers where they are and how they want to be dealt with'. It's where the money is - where the purchase takes place.
There's a whole ecosystem of people, tools, activities, and workflows in each and every commercial-lines brokerage that exist behind the scenes and support the work of front-facing people and applications. This is the back-office.
And the back-office is where inefficiencies go to hide. People are less excited to improve back-office workflows or processes. Why? Many reasons. Cost, time, and fear are popular ones. So is status quo. "Somebody already does that (work) today with Word, Excel and our BMS."
Want to start moving to digital, especially in commercial-lines? Think of your back-office and how your commercial lines data is captured, stored, and shared (we talk about the importance of machinable data here).
It's not glamourous, but machinable data is what enables 'digital' in commercial lines. Are you ready?