Insurance companies of all sizes and types are looking ahead to the new year, organizing and setting goals for the months ahead, and allocating their budgets.
At the beginning of 2021, 71% of insurance executives were planning to increase their spend on digital transformation technologies, according to Avasant Research.
For those insurers still in pursuit of digital maturity, any such strategic planning sessions may have included exploring the possibility of engaging a strategic partner in the digital transformation journey.
Instabase is the partner of choice for the insurance industry. The Instabase Automation Platform can be tailored to meet the unique needs of many manual-process-heavy sectors. Instabase is helping insurance companies decrease their long-term costs, increase their efficiency, and improve their team morale.
Here’s why and how insurers that have yet to ‘meet’ Instabase should make the technology part of their strategic transformation in 2022 and beyond.
Instabase Confers Competitive Advantage
Low interest rates may be a boon to many other industries, but to insurance companies, they’re profit cutters.
“Low interest rates impact the income that an insurance company gets, and that means to maintain their profit margin, they need to decrease costs,” said Bastiaan de Goei, insurance industry leader for Instabase.
Instabase helps insurers cut costs by greatly reducing the need for manual processes and even eliminating many previously human-done tasks. Sleeker, faster operations will sharpen an insurer’s competitive edge.
Instabase Facilitates Continuous Workflow Improvement
With its unique modular design, Instabase allows customers to enjoy best-in-class innovation on a continuously improving basis. Instabase’s ‘building blocks’ are always updated with the latest technology, enabling customers to swap out older solutions for the newest — without starting from scratch with a platform that needs whole-cloth rebuilding each time.
Instabase’s low-code building blocks let an insurer’s entire workforce use the technology so the whole team can innovate together.
What’s more, with the amount of data being generated every day growing at an exponential rate, Instabase provides a stable platform that gives insurers the ability to innovate as fast as the market does.
Instabase Provides Reliability at Scale
Insurers can’t afford to innovate their processes at the expense of reliability. Many insurance companies have hundreds of thousands of individual customers, and they need a solution that will intelligently automate at scale, growing right along with them as they expand.
“Current investment and technology trends make it necessary for insurance companies to make choices that enable them to upgrade and transform,” de Goei said. “It’s not a one-off transformation anymore. They must be ‘on’ all the time.”
Transform Your Insurance Organization with Instabase
The Instabase Automation Platform for Unstructured Data is designed to work seamlessly with your internal existing business systems and streamline workflows, optimize processes, and guarantee up-to-the-minute access to the best digital technologies today.