These days businesses in every field are struggling to stay abreast of all the rapid changes to technology, but given its fast-paced, highly-competitive nature, perhaps no industry is feeling the crunch more than insurance. Along with the widespread adoption of IT process automation has also come a number of unique challenges which savvy young forward-thinking IT professionals must find a way to overcome if they are to emerge successful in the long run. Here are 5 such challenges and how they can be met.
1. Bridging the gap between IT and operations.
In order for the benefits of IT process automation to be fully maximized, there cannot be a disconnect between the IT department and those in other areas of the business. Everyone must come together and work toward a shared goal of leveraging automation technology to improve business functions across the board.
2. Automated silos.
Another problem standing in the way of major progress for the insurance industry is that of automation being utilized as individual silos. While it’s true that technology has made it possible to streamline almost every function of business operations, the only way to truly benefit is when this is accomplished as part of an IT process automation strategy that encompasses all functions as part of a whole, rather than each on its own.
3. Integrating third party solutions.
Most insurance companies rely on the IT automation solutions provided by third party vendors, but many of these products still lack in the way of ability to integrate with existing systems. This results in a disjointed effort that can never fully achieve its potential. To overcome this, insurance firms must look for solutions that fully support seamless integration with legacy systems.
4. Data standardization.
With so much information available for the taking, many insurance providers are finding it difficult to narrow down what data they need so they can put it to use. Furthermore, because many insurance companies are still working with multiple systems and programs, having to mine for data in several location is causing time-consuming repetition. The solution is data standardization through fully integrated systems which will allow more seamless and effective use of IT process automation.
Last, but certainly not least, is the issue of scalability, or finding an IT process automation solution that can be adjusted to fit with insurance companies of any size. Adopting too limited a tool can lead to lack of functionality, frustration and eventually burnout. Taking on a system that’s much more complex than is needed can be equally as burdensome. The key is to choose a product that has all the features needed and can be scaled up or down based on changing needs and increasing demands.
Is your insurance company struggling with one or more of these common challenges? The answer to your problems is much easier than you may think. In fact, with the right solution, you can implement an IT process automation strategy that is efficient, effective and completely scalable to fit your growing needs. More importantly, with the right automation tool, you can position your firm at the head of the pack for years to come.