As a provider in the Virtual Collaboration space for insurance, the #1 objection that we get from prospective clients is “We’re interested in virtual collaboration, and we’ll get around to implementing it eventually - but we’re not ready yet.”
To our ears, this translates to: “We’ll get around to saving money and increasing efficiency eventually - but we’re not ready for that yet.” Sounds like a less convincing argument, doesn’t it?
In a recent post, PropertyCasualty360 discussed “Digitization Dread”, and how it (unnecessarily) stifles innovation at the cost of the business. In the article, PC360 presented 4 primary concerns which can push carriers to drag their feet on digitization efforts: compliance, internal resistance, scalability, and system integrations.
1. Compliance Concerns
Some carriers worry that digitization of the claims process may raise compliance issues, especially in situations where paper forms and in-person identification remain common - a concern that stems from a fear that digital solutions are unable to provide the same level of security and confidence that comes with physical paperwork or face-to-face interactions.
But this resistance (while well-meaning) is quickly losing validity, as digital security has continued to evolve beyond even the standards expected of physical materials and forms.
For Livegenic, we know that it’s absolutely critical that our systems are secure and compliant with our clients’ needs, while also being easily accessible for the thousands of people who access our virtual claims adjuster portal every day. This combination is only possible through the use of modern security services like blockchain based digital chain-of-custody and end-to-end encryption.
2. Employee and Executive Resistance
The daily grind of running a business and juggling priorities can make the prospect of an overhaul intimidating, but not all new services have to be disruptive to business: In fact, digitization can be surprisingly simple - the Livegenic platform was designed to make the implementation process as simple as possible, and can not only be done swiftly (think days, not months), but also with a minimal amount of training required.
Implementing Livegenic is not an all-encompassing task: by design, it can be deployed at whatever pace fits our clients’ needs - from purely “off the shelf” implementations which can be ready for use in mere hours, to highly-customized implementations which integrate with other core systems. By having a platform that can be fully-functional right out of the gate, we enable our clients to start seeing benefits immediately, without having to make major transitions to new processes.
3. Scalability Concerns
Trusting that a new technology is able to scale and fit the needs of your organization is always a top priority - especially for those technologies that can substantially change workflows or business practices. Nobody wants to find out that their newest purchase is suddenly unable to meet their volume needs in the middle of CAT season, or that they have to pay for expensive additional licenses before being able to onboard more team members.
Scalability is at the heart of the Livegenic platform, both technologically and economically - it’s why our cloud platform is housed in datacenters that can be dynamically adjusted to fit the real-time needs of our customers, whether they’re in Omaha or Cape Town. Livegenic contracts are written to prioritize scalability at every level, which is absolutely critical when supporting clients who can have massive fluctuations due to seasonal trends, CAT events, or internal restructuring.
4. Worries about integration with existing systems
When it comes to deploying enterprise-scale technology platforms, it’s not surprising that many companies worry about new solutions being unable to integrate with existing legacy systems without larger, cost-prohibitive upgrades. This concern is not unfounded - in the past, legacy system integration was a substantial part of the cost and complexity of implementing a new technology.
But times are changing rapidly, and the rise of B2B SaaS platforms has come with new and better ways to integrate the increasingly-complex webs of services that modern business require. Livegenic not only supports these integration capabilities for working seamlessly with core systems, but also provides a “single point of entry” that enables organizations to access entire networks of new services through a single integration with our platform.
Poor digital communication costs far more (in high costs, NIGOs, and settlements) than implementing virtual solutions, so see a Livegenic Demo today - take the first step past “Digitization Dread”, and on to a more efficient and effective claims process.