A recent explosion of new tech tools has transformed the insurance industry’s approach to delivering value, and even more developments are on the horizon for 2025. For IA firms, this is an important moment. Here are some key considerations to help you stay ahead of the curve in 2025.
Identify your Greatest Needs
The State of Pricing 2024 report from Hyperexponential revealed that 91% of insurance companies are either already investing in AI or have plans to do so within the next five years. After a somewhat-sluggish digital transformation, the insurance industry is now embracing new technologies at a rapid pace.
This will raise the bar for IA firms. Firms that fail to adopt new technologies may start to seem outdated, whereas firms that implement the technologies necessary to deliver value will stand out. The key is to focus on the technologies that will have a positive impact on the pain points the insurance industry is feeling now. This isn’t about adopting technology for technology’s sake or jumping on the latest generative AI bandwagon – it’s about making real, tangible progress.
To determine which tech tools will help you the most, identify your must-haves and your nice-to-haves, using this Buying Guide template. Beyond system features, consider your big picture needs, such as:
- Claims Speed. Slow claims processes lead to dissatisfied claimants and drive up overall costs. Technology that automates and streamlines parts of the claims process contributes to a faster resolution.
- Communication. Consumers have become used to fast communication channels like texts and messaging apps. Technology that supports speedy communication and automated updates improves the customer experience by meeting modern expectations while supporting transparency and meeting expectations.
- Cost Effectiveness. Rising claims costs have hit the property and casualty insurance industry hard. IA firms that deliver a cost-effective solution will keep expenses down for themselves and for the insurers they serve.
- Operational Efficiency. Operations are complicated for IA firms with many clients, all of whom may use different systems and have different requirements. Technology should help simplify operations and client services, not create new complications.
Compare the Available Options
Knowing what you need is the first step; knowing what’s available is the second. A surge of new tech tools have come onto the market but beware of the hype – they don’t all provide equal value.
Review the options available based on the following criteria:
- Does the tool offer a solution for the pain points you’ve identified? Avoid distractions by focusing on your priorities.
- Will the solution adapt to the specific needs of your IA firm? Implementing a new system is much easier when the solution can adjust to your needs with configurable fields and workflows.
- Will the system integrate easily with your other tools and systems? Since the goal is to make things easier, simple integration is essential.
- Is the solution cost and time effective? It may take years to develop and implement a new system, but IA firms don’t have years. With technology and expectations changing now, it’s important to find solutions that will be ready to roll out quickly.
- Is the solution enjoyable to use? The systems an IA firm uses will have a significant impact on workplace performance and file handler morale. If your team dislikes or has trouble understanding the tools you adopt, file handlers may resist using them or consider leaving the company. On the other hand, a user-friendly, easy-to-learn tool will support engagement and retention.
- Will the solution grow with your firm? A scalable solution will help you solve the problems you face today and tomorrow.
Develop a Strategy
Once you’ve identified the independent adjuster claims software to manage your most pressing challenges, it’s time to fine-tune your implementation strategy.
- What resources will you need?
- Who will be in charge of the transition?
- What is the timeline?
- How will you engage your team and bring everyone on board?
VCA can help you accomplish your IA tech goals in 2025.
Find out how VCA’s claims management software equips IA firms with an easy, fast, and cost-effective platform to level up their technology and achieve superior outcomes. Our ClaimsCore solution comes packed with the automation you need to save time and increase efficiency, whereas the AdjusterMobile app provides a convenient portal for claims professionals on the go and the InsuredConnect app streamlines claimant communication and status updates.
