An efficient use of social collaboration technology will allow insurers to increase their productivity. Without social collaboration, the process of providing customers with accurate quotes becomes plagued by inefficiencies, delays, a lack of transparency, information fragmentation and the lack of a systematic work flow. This, in turn, leads to inaccurate risk evaluation, mispricing and a slow response to customers.
A collaborative system, on the other hand, makes the evaluation process more productive as it ensures an easier and more efficient sharing of documents among agents and providers. In addition, collaboration tools can also put customers in touch with experts equipped to sell more complex products, deepen customer penetration and improve customer lifetime value and retention.
P&C insurers can sharpen their focus on collaboration by:
- Cataloging tools in use across the organization.
- Determining a set of quantifiable business metrics to measure the success of the collaboration service architecture.
- Identifying and prioritizing business processes where increased productivity through collaborations is most likely to add value.
- Deploying collaboration to the highest-priority processes to create demand for additional deployments.
- Reviewing and implementing incentives for behaviors, evaluations and personal metrics to encourage collaboration.
Collaboration is a here-and-now technology with tremendous promise for increasing productivity. IT and the business should build collaboration into prioritized list of business processes to deliver on this potential.
If you subscribe to Best’s Review, read “Come On In” where I examine this topic in more detail.