The ability for insurance organizations to remain competitive in the face of operational challenges and technological change largely depends on one characteristic: agility. Agility will enable them to continually improve core processes, enhance policyholder services, and mitigate costs.
Insurance organizations can maximize agility by working with consulting and managed services partners who deploy SWAT teams — Services with Attendant Technologies — which are knowledgeable about the insurance industry, strategic in their approaches, and flexible in their methods. The partners who provide SWAT teams are, in fact, the intellectual and operational equivalents of insurance companies, just without the requisite capital reserves or underwriting authority.
Agility in Action
Those SWAT teams will help insurance organizations leverage leading-edge technological developments like RPA and AI. They’ll help insurance organizations develop and nurture new markets and distribution channels. They’ll help with migrations from legacy systems to emerging technologies, data sources, and analytics. They’ll mitigate or nullify change-aversion with their expertise and their hands-on tactical support. They’ll help ensure regulatory compliance anywhere in the world. They’ll help insurance organizations keep pace with the escalating expectations of insureds. And those SWAT teams will help insurance organizations with their cost controls and profit margins.
Most important, SWAT teams will help insurance organizations by providing creative solutions that bring personalized services and optimized technology — as needed — to what otherwise could be complex, time-consuming operational hurdles. By delivering business-improving support and automation, SWAT teams enable re/insurers and MGAs to provide the personal, intermediated service their policyholders require. And they’ll give those policyholders the user experiences they want.
The SWAT teams at Xceedance have already developed innovative offerings. Our MGA Agility Suite enables MGAs and MGUs to maintain the insurer relationships they need with any combination of as-needed technology and operational support. Other capabilities include policy management platform services, actuarial and underwriting expertise, distribution and service management, finance, and data sciences — to support insurance organizations write more profitable business, and improve both top and bottom lines.
In addition, Xceedance Services with Attendant Technologies (the SWAT teams) cost-effectively supply everything from cloud delivery (for nimble deployment) to BI/reporting functionality (for insight-driven decision making).
With such adaptable and responsive levels of expertise available on demand, re/insurers and MGAs can not only think outside the box. They can operate out of the box, too.
Anthony Iatesta is associate vice president and business development executive at Xceedance.