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How to Secure Your Insurance Business with Operational Transparency
Trust Builder Platform

How to Secure Your Insurance Business with Operational Transparency

Digitalizing implies handling all operational processes with digital tools, from beginning to end, without pen and paper.

Sura Aydin
March 28, 2022

You might have already provided your own solutions to digitize your business and operations. You might even say, "oh well, we use technology to store our documents and made an in-house app for our needs." But in fact, you do not use all the digital possibilities and more ideal solutions for your industry. 


In the insurance industry, either you work with businesses or end-users as an insurer; you work with people and assets. You promise to compensate the damages if something happens to the assets. You should ask yourself how visible and detailed is the data of the assets you get while insuring, or collecting and storing information from operations?

At this point, a need to clarify what digitizing and digitalizing are appears. According to Colleen Chapco-Wade, "digitization refers to the internal optimization of processes (e.g., work automation, paper minimization) and results in cost reductions. Conversely, digitalization is a strategy or process that goes beyond the implementation of technology to imply a deeper, core change to the entire business model and the evolution of work." [1]

Grow your business by digitalizing


To illustrate the digitizing process, you use paper documents to take notes and fill out the forms, and then you go to your computer and write the notes down manually and maybe even use OCR to fasten the process. This provides you a digital data storage but still, you suffer from misleading information coming from operations. When you save the data from paper, you digitize the recorded data; in other words, you re-write what has been written. Unfortunately, such a work model does not save you from facing fraud or losses due to not having on-time information about the case.

On the other hand, whereas in the example, it does not mean that your operations are digital and you collect data securely. Digitalizing implies handling all operational processes with digital tools, from beginning to end, without pen and paper. You record the data on digital templates without noting it on paper documents. Digitalization does not consist of photocopy machines because you keep the data digital, save it digitally, and store it digitally. 

One can also say that digitalizing your business means a change of perspective, even changing a mindset. This is why it is not easy to integrate a company into this digital new system. Any change in anyone's life is not easy, even though it presents much more profit in the long run. Keeping yourself with the world and exploring alternative ways would make you one step ahead. For instance, your customer satisfaction will drastically improve because people will feel secure when they witness what they agree to. To quote from Ryan W. Buell,

"When customers are cordoned off from a company's operation, they are less likely to fully understand and appreciate the value being created. As a result, they are less satisfied, less willing to pay, less trusting, and less loyal to the company over time. Employees also suffer when they are cut off from the business's front lines, as they lose the motivation and enjoyment that comes from making a difference in people's lives and are denied the opportunities to learn and improve that arise from interaction with customers." [2]
Collect the information immediately


All in all, if you have an insurance business, it doesn’t matter the company size, you want to avoid future risks and fraud whilst also wishing to manage damages. You need to change how you gather information instead of just using some random tools. Inspakt can help you with this shift. Using Inspakt you can send your insurance application form to the health insurance customer. They fill out the required fields, and it is saved in your database. Health insurance forms often consist of sensitive personal information, using digitalized processes you secure their privacy. You can also sign the agreement with digital signatures.

You can also record all of the vehicle’s details while insuring. When your customers come to you with a request, you may immediately inspect the damages based on the initial pictures and compare. This removes any confusion you and your customers may have and presents it all in an easy to digest format. Additionally, your customers can notify you directly from the scene of an accident and file an accident report then and there using Inspakt.

Stay trusted.



Sources:

[1] : https://medium.com/@colleenchapco/digitization-digitalization-and-digital-transformation-whats-the-difference-eff1d002fbdf 
[2]: https://hbr.org/2019/03/operational-transparency




AUTHOR
Sura Aydin

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