This submit is a part of a collection sponsored by AgentSync.
Nothing good comes simple, proper? Seems, overhauling your outdated know-how in favor of extra trendy, cloud-native techniques is not any exception.
In right now’s digital age, shying away from cloud-native know-how places companies vulnerable to falling behind. Flexibility, scalability, decreased prices, and an enhanced buyer expertise are only some of the advantages cloud-native software program can convey to insurance coverage companies and their customers. However, regardless of how a lot optimistic influence cloud-native insurtech can have on an insurance coverage group’s day by day operations, switching from legacy techniques to trendy options isn’t simple, and anybody attempting to make the transition may discover themselves working into a number of bumps alongside the way in which.
3 boundaries to adopting cloud-native insurtech
As with every main technological overhaul (and particularly in an trade as longstanding as insurance coverage), lots of the challenges of adopting cloud-native insurance coverage know-how stem from the organizational and cultural modifications crucial for such a big transition. Put merely, change is tough, and a number of of the next areas may sluggish you down.
Your present techniques
Changing legacy techniques which were in place for years is far simpler stated than accomplished. Some insurance coverage organizations’ processes are so closely rooted of their present know-how that making the transition would trigger sufficient disruption to close down operations within the brief time period. When the workflow and productiveness influence required to overtake their complete tech stack seems like too excessive of a hurdle, companies will proceed to depend on outdated know-how, spreadsheets, and different guide processes for day by day operations.
Selecting to maneuver solely some techniques to the cloud may look like a extra viable choice. However, doing so can go away companies with much more challenges as they battle to combine the brand new software program into their present platforms, which seemingly weren’t constructed with easy integrations in thoughts.
Your individuals
Switching to cloud-native software program is greater than only a technological change. It’s additionally a fairly important cultural change, and one that may be tough for people working in an trade that, till just lately, has remained comparatively resistant to alter. For a lot of, the present techniques, regardless of how inefficient, are so intricately tied to day by day operations that they’ve formed the corporate’s tradition.
Getting customers to undertake a brand new means of doing issues can require a company-wide shift in pondering. And don’t neglect that, on prime of serving to your workforce perceive the worth of the transition, you’ll want to supply the assist and coaching crucial for customers to reap the total advantages of the brand new cloud-native know-how.
Your price range
Irrespective of how sure you’re that cloud-native software program will positively influence your backside line in the long term, getting previous the upfront prices of buy and implementation is usually a important problem. The actual fact of the matter is, whereas the preliminary value may look like too excessive a barrier to beat, it’s sometimes nothing in comparison with the price of enterprise as normal.
Not solely does going into technical debt finally value you greater than what you’d spend modernizing your tech stack, it additionally wastes worker time, opens you as much as pointless compliance dangers, and stunts your group’s development.
5 greatest practices for adopting cloud-native insurtech
Whereas the boundaries for adopting cloud-native know-how at your insurance coverage group could also be robust, they aren’t impenetrable. Right here are some things enterprise leaders can do to assist set themselves up for achievement.
1. Perceive the issue you’re attempting to unravel
There’s a cloud-native resolution on the market for nearly each facet of an insurance coverage group’s day by day operations, from claims administration, to buyer relationship administration, to e-mail advertising and marketing and so forth. However simply because cloud-native software program exists for every of those areas doesn’t essentially imply a enterprise must undertake all of it.
It’s vital you perceive the issue you are attempting to unravel earlier than diving into a brand new resolution. What might be worse than investing all of your time, cash, and assets into implementing a brand new resolution just for the bottlenecks and inefficiencies to persist after the mud settles?
Are you attempting to chop down on producer onboarding time? To take away guide workflows out of your workforce’s plate? To enhance the general producer expertise? Nailing down the issue (or issues) you’d like to unravel with cloud-native know-how will provide help to lower by means of the noise and focus solely on evaluating know-how that may really provide help to attain your targets.
2. Examine what’s available on the market
Not each cloud-native utility is similar. The suitable resolution for what you are promoting will rely on a number of elements, together with your particular wants, price range, and most well-liked stage of management. After you’ve established your foremost ache factors and set future targets, evaluate that information towards what every resolution can provide.
Bear in mind, product functionalities are only one piece of the puzzle. You also needs to take into account issues like the extent of partnership you’ll obtain with every vendor, their requirements round information safety, and the way they deal with software program updates and bug fixes after implementation.
Sidenote, if you happen to simply so occur to be out there for a cloud-native producer administration software program, we’ve put collectively a useful patrons information to assist along with your evaluations.
3. Get references from present prospects of potential options
It’s one factor to listen to about the advantages of switching to cloud-native insurtech from the tech distributors themselves, however what do insurance coverage companies who’ve already made the change must say? Search for references from present prospects of potential options who have been attempting to unravel comparable ache factors as you at the moment are. Their success, not solely with the product itself but in addition with implementation and buyer assist offers you a good suggestion of what you possibly can really anticipate from any given resolution.
If you happen to’re curious in regards to the success AgentSync prospects have had after implementing our options, we invite you to take a gander by means of our case research in addition to our buyer opinions on G2.
4. Prioritize safety and compliance credentials
Safety and compliance could be both a profit or a disadvantage of cloud-native software program. Whereas some options prioritize safety and compliance, others don’t fairly meet expectations. However within the data-driven world of insurance coverage, safeguarding delicate producer and shopper info is crucial.
A vendor’s response to trade requirements like SOC 2 and NIST can provide you a clearer image of which softwares take information safety critically and which of them may open your group as much as extra danger. Lately, it’s not even value contemplating distributors who exhibit something lower than a dedication to cybersecurity excellence.
5. Make a plan for coaching, assist, and inside adoption
Whereas a giant draw of switching to cloud-native options is taking tedious, guide work off your workforce’s plate, updating your tech stack with out providing the mandatory worker coaching and assist will seemingly have the alternative impact.
Worker coaching is an easy and efficient technique to allow your workforce to see the total benefits of a brand new resolution. With out coaching, chances are you’ll discover individuals hesitant to make use of the brand new software program, preferring as an alternative to simply revert again to the outdated, acquainted means of doing issues. Which might be a severe waste of time for everybody.
If you would like a excessive adoption price, make a plan for making certain everybody has a high-level understanding of the worth the answer offers and entry to coaching supplies and assist to fill in any information gaps that might maintain them again.
Cloud-native software program is paving the way in which for insurance coverage organizations
With a rising variety of insurers planning to undertake cloud-native options over the following 5 years, it’s protected to say cloud-native know-how is quickly to be the brand new gold commonplace for the insurance coverage trade. The earlier a corporation migrates to a cloud-native tech stack, the earlier it reaps the advantages and the higher ready it’ll be for future innovation.
If you happen to’re able to make the swap and future-proof your producer licensing and compliance administration processes, AgentSync might help. Attain out right now to learn the way our cloud-native resolution makes managing the complete producer lifecycle extra environment friendly and cost-effective.