Insurance carriers are obliged to manage their producer network with onboarding, verification, and ongoing compliance validation. We can certainly enable this “Producer Lifecycle Management (PLM)” in the back office with Digital Process Automation (DPA) or Commercial Off-The-Shelf (COTS) products. But, we would be squandering an opportunity to leverage the producer channel to build policy holder
At Virtusa, we identify ourselves as engineers. Our entry into the consulting and integrations market was by the split streaming acceleration of our work as engineers for various software vendors. Today, we implement transformations and our promise is to “Accelerate Business Outcomes”. How does an engineering outfit deliver on this promise to accelerate business outcomes?
Robotic Process Automation is center-square in “Buzzword Bingo”. Organizations stampede to robotic platforms to capture their purported benefits of operational efficiency. It’s true that robotic automation provides for impressive gains quickly at a relatively low cost. But we must approach these tools with great sobriety. We need to save ourselves from being a hammer in
Business processes are built on rules – thousands of rules – for underwriting, claims adjudication, qualifying compensatory entitlements, determining your producers and what they can sell, and what to offer your policy holders. These rules are enforced by conventional rules engines and sometimes rules management through digital process automation. Sometimes the rules come from human
The state of the Insurance industry is faced with rapid change, competing priorities, and a brittle and costly legacy. Agent-heavy firms are least likely to explore digital opportunities, as their familiar hunting-grounds degenerate into commoditized markets. Insurers must embark on a transformation journey by leveraging their legacy investments to create an agile enterprise and bring
Over the last 5 years or so, we’ve seen tension with trends in the insurance industry. The two competing priorities are Customer Centricity and Disaggregation among our value chain. We live in a fickle culture and our customers carry a great sense of entitlement to be known, understood, and served the way they want be