Insurance organizations have big goals right now. They need to meet rising consumer demands and undergo a digital transformation, all while prioritizing cybersecurity and keeping costs under control. It’s a lot, but with the right strategy, it’s possible. Here’s why that strategy should include ecosystems.
ONE COMPANY CAN NO LONGER DO EVERYTHING
As technology has become more sophisticated and service expectations have increased, it is increasingly impractical for businesses to handle everything in-house. This is especially true for adjusting firms, smaller carriers, and new insurtechs that lack the extensive resources of larger, more established companies.
Ecosystems are providing the solution. When searching for the best claims management software for your organization, look for platforms that include a claims ecosystem – with pre-integrated partners that provide billing services, payment solutions, data analytics, and more.
By tapping into any existing ecosystem of companies providing complementary services, companies of any size can deliver a superior experience, and they can do it without the investments in time and money that would otherwise be necessary.
The takeaway? You don’t have to build it all in-house and even if you can, you shouldn’t. Innovation is moving too fast. If you build it in-house, your technology may already be outdated by the time you finish development.
WE’VE REACHED A CROSSROADS
McKinsey & Company says that the ecosystem strategy can improve productivity and open new revenue streams.
Insurers can either embrace this trend or be trampled by it. Accenture says that ecosystems are a major part of the disruption being seen in the insurance industry now, and carriers that are slow to respond could see a market share erosion of $198 billion over five years.
WHAT’S HOLDING YOU BACK?
Claims ecosystems have tremendous potential, so what’s holding some organizations back?
According to Insurance Thought Leader, one issue is that many carriers are using closed systems that can’t communicate with new applications from other service providers. As a result, even when carriers acknowledge the importance of adopting innovative technology, they may miss out on opportunities to do so.
If that sounds familiar, there’s good news. You can embrace insurance ecosystems without reinventing the wheel. Look for a claims management platform that has already done the work of integration. This enables you to achieve speed to market by leveraging solutions that already exist.
THE VCA SOFTWARE SOLUTION
When you choose VCA for your claims software needs, you gain access to a ready-made claims ecosystem. Our claims management software comes with critical integrations ready to go. Right now, we offer integrations with Bill.com, CoreLogic, Dream Payments, Encircle, Hover, QuickBooks, Sage, and XactAnalysis.
Because we understand the immense value of insurance ecosystems, we’ll keep working to deliver the integrations you need to succeed.
Are you ready to reap the rewards of our robust claims ecosystem? Request a demo.
