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Insurers are finding it increasingly difficult to maintain earnings and capital strength in the face of forces reshaping the industry:
- Escalating competition from traditional and non-traditional providers is driving margins lower and decreasing customer loyalty.
- Commoditization has increased price sensitivity.
- Industry convergence and consolidation have left insurers with disparate legacy systems, even as operating efficiency and data integration grow in importance.
- Compliance and regulatory pressures aimed at the insurance sector have intensified.
- Economic forces are putting pressure on margins and profits as insurers deal with shifting interest rates, increasing litigation, and the costs of recent natural disasters.
To generate profitable growth, you need to reduce costs and increase efficiencies while delivering more products and better customer service. Strategies include:
- Differentiate with diverse, innovative, competitively priced products and services.
- Improve distribution and increase speed to market with updated, more flexible systems that support real-time services and multiple channels.
- Enhance business planning through improved collection, warehousing, and analysis of business intelligence data.
- Increase operational efficiencies, streamlining business processes and reducing manual intervention with straight-through processing.
- Leverage legacy systems, or create integrated systems, weighing the efficiencies of reusable technology against the potential of service-oriented architecture.
- Meet compliance pressures with open systems that offer transparent reporting, better data analysis, and easier access.
- Increase customer loyalty with high-quality, personal service while also attracting agents and brokers. Integrate technology to enhance customer relationship management, segmentation, and call center efficiency.
- Facilitate growth and transformation objectives by incorporating BPO as a part of overall sourcing strategies.
Connect to success with technology from Fiserv
Carry out your strategy and meet your challenges with Fiserv solutions, based on industry data standards and featuring service-oriented architecture. Our experts offer you the insight, products, and services to cut costs, increase efficiencies, and grow your business.
- Benefit from the latest solutions. Gain Internet flexibility to streamline financial and regulatory processes. Fully comply with the U.S. Patriot Act using our end-to-end solution. Or choose single Web-based or ASP products: automated audit tracking, annual compliance questionnaires, advertising review modules, appointment and CE tracking, and securities registration and license management.
- Offer online, real-time capabilities for policyholder billing, payment, and electronic viewing.
- Fully integrate administration of life, health, and annuity policies and claims. Fiserv solutions support customer service, management reporting, new product introduction, and e-business administration.
- Automate every P&C phase from underwriting to fee collection to claims management, with our integrated, component-based P&C core processing system.
- Capture market opportunities with fully integrated point-of-sale system that use flexible, open architecture to provide smooth access to key business processes, independent of platform, location, and time. Clients can sell, transact, and place business more quickly and with greater accuracy.
- Use operations data to create business intelligence reports.
- Reach across systems to integrate policy, claim, agency management, and customer service information, enhancing data analysis, cross-selling, and customer retention.
- Offer online education, training, licensing and promotion support.
- Prepare and submit licensing and registration filings electronically by capturing data at the origination point.
- Manage business processes using full-featured solutions that offer both technological and insurance process expertise.
- Compare P&C insurance ratings and submit quotes with Fiserv Internet solutions for insurance companies, independent insurance agents, and brokers.
Here are just a few examples of how Fiserv has partnered with clients to help them succeed:
- A Missouri insurer providing auto, homeowners, life, and health insurance through 61 sales and service offices and a network of independent agents, improved agency and home office efficiency, optimized policy processing efficiency and increased ease of doing business with the company, with its move to our Web-based policy administration system. With more than 700 agents and 80 headquarters service personnel using the system for direct entry of application information they’ve seen a reduction in errors and have experienced a four- to six-day reduction in time needed to complete the policy application process.
- A $900 million Missouri insurer operating in a 13-state area in the central portion of the U.S., providing auto, homeowners, business, farm, boat owners, personal liability and life insurance for enabled consistency, accuracy and accountability in handling claims by using our claims lifecycle management solution which supports all P&C lines of business. The solution integrates a business rules engine that allows insurance carriers to define business processes and identify unique business rules that can be used in workload management. Seamless integration with electronic content management systems provides insurers with real-time access to all electronic media associated with a claim, resulting in a paper-free claims environment.
- A Texas-based affiliated group of regional multi-line carriers providing commercial and personal property/casualty insurance used our Web-based insurance billing system to process direct and account bills for its personal and commercial lines policies. Business process efficiency and flexibility increased through the use of the solution’s breadth of billing, collection and commission functionality.
- A Georgia-based provider of business process outsourcing, lender-placed mortgage hazard insurance, and related services to the mortgage and home building industries automated its multichannel distribution network by using our P&C suite of solutions. The comprehensive processing suite is based on open service oriented architecture principles and is Web-based and platform independent, ensuring true scalability for the company as it continues its rapid growth. The configurable solution has also allowed the insurer to increase speed to market for new products, as well as improve communications with its sales force.
- A New York insurer providing specialized property/casualty insurance to farms, related businesses, and individuals through more than 800 agents and employees increased sales force effectiveness with its move to our sales illustration system. With the successful desktop deployment, the insurer improved productivity by providing its field force with needs-based selling through needs analysis presentations which produce accurate, regulation-compliant sales illustrations.
Explore our solutions and see how you can benefit with Fiserv. [Learn More]
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