Is there anyone out there whos not interested in saving a few bucks? The bottom line for business today means cutting expenses is just as big a priority as increasing sales. So, is spending money on new technology the key? Not necessarily. Some new technology can give you a quick ROI, but the real key for insurance carriers is to have the right business model design to use that technology.
On behalf of IASA, Cathy Ellwood, director of corporate strategy for Nationwide Insurance, will be part of TechDEC from Sept. 12-14 in Orlando. Her session will be on Streamlining the Process: Eliminating Costs from the Insurance Equation. She said, Technology is nothing more than an enabler of a business process. If your process isnt efficiently designed and you dont have the data available when you need it, what youve done is used technology to drive up costs.
The Internet offers excellent opportunities for insurers to save money, but it also offers continuing opportunities for your company to operate inefficiently. Ellwood cites the task of entering policy information gathered from the Internet. Customer service reps have to verify this policy information with the customer, thus duplicating the work originally done by the customer and quite often irritating them with what is perceived as an unnecessary interruption.
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