Automation of reinsurance process is a work-in-progress
The inroads of technology have not left any industry untouched. Take Reinsurance, for example. Advancements in risk and data modeling have delivered significant benefits to the industry over the last few decades.
However, different players in the space have different rates of adoption of technology. While some of the players in Reinsurance rely on cutting edge technology and tools to build and test models, there are many more who do it the old-fashioned way; no, not on an abacus and fingers, but Microsoft Excel. In many ways, in today’s world, that is perhaps equivalent to an abacus and counting on fingers. And it is not that these are struggling companies who do not have the investment dollars or the knowledge about these tools.
We must also remember that there are many related players operating in the space, such as insurers and brokers, who have their own journey and processes to manage.
As a relatively recent entrant into the industry, having started a little over 8 years back, oWorkers has notched up an enviable record of success offering data-based services to a wide variety of industries from across the world, partly thanks to its usage of the most modern technologies from the start. It is already recognized as one of the top three players in its defined space of work.
What does this lead to?
While they may not be struggling in terms of profitability, they are certainly sacrificing user experience and creating manual work that could just as easily be automated. More importantly, they are probably making it difficult for themselves to meet the increasingly demanding expectations of regulators, and are losing out on the insights that data modeling and analysis can provide that can help them in taking better decisions for the future of the business.
With its delivery centers located in some of the most accessible regions of the world, oWorkers is geared to support customers in their outsourcing initiatives that lead to process improvement as well as an uptick in customer experience. All its centers are geared to operate on a 24×7 schedule to match customer rhythms. And that is not all. It offers transaction processing capability in 22 languages, thanks to its support for a multicultural and multinational workforce and work environment that has resulted in a multilingual workforce.
The need to stay ahead
Like in any other industry, there is a constant need for leaders in the reinsurance industry to stay a step ahead of the curve by reimagining and rethinking how business is done. They need to look out for opportunities to update business processes as well as modernize them, taking help from tools and technologies that keep developing in parallel. And they have a wide variety of processes such as pricing, premium collections, claim payouts, MIS, etc. More than anything else, eliciting feedback from the vast volumes of data that large companies collect, is fast becoming a key competitive advantage, and not just for reinsurance. It is like a closed loop. It feeds data back that can be used for the improvement of business which then generates more insights, and so on.
oWorkers can be excused for its feeling of comfort in this area with a leadership team that has over 20 years of hands-on experience in the industry. This enables them to understand and even predict the changes that are coming and ensure that the company is well-prepared to meet them and even benefit from them.
Taking the leap
Taking the leap to a technologically advanced working environment is easier said than done. It is a change. And change brings with it some risks. In a situation where one believes the business is doing reasonably well, the incentive to change could be limited. Besides, investment in enhancing processing capability will normally get lower priority than investments that lead to revenue enhancement.
oWorkers is in a position to offer the benefits of its investments in technology to clients. It operates out of super secure facilities & protocols for the security of client data. It is ISO (27001:2013 & 9001:2015) certified as well as GDPR compliant.
BPO suppliers aid the transition process
This is where leading Business process Outsourcing (BPO) companies come to the aid of organizations. Not only do they develop expertise in certain areas of business through repeated work for multiple clients, BPOs also often possess the supporting processing volume that justifies investment in processing technologies. Moreover, as it is a revenue generating investment for the BPO partner, it is an easier-to-justify investment. Of course, many companies also go it alone, especially the larger ones, who have the scale and access to investment dollars to make the move. The result that these companies often see is a streamlined process flow with lower manual dependence, the weeding out of inefficiencies, as well as better management of capital employed.
oWorkers has forged lasting partnerships with leading technology providers. These partnerships enable oWorkers to access the latest technologies and use them for delivery in client engagements.
Reinsurers exploring partnerships with BPO suppliers
Reinsurers are exploring partnerships with BPO providers who have developed skills and expertise in this area and also either already have access to cutting-edge technologies, or are planning to invest in them. These companies are seeing the release of significant advantages in the form of pricing, access to insights, dependable automated processing, better control over the flow of money and even better advisory services for related partners like brokers.
With access to an abundant, capable talent pool, oWorkers is well placed to support clients. Its efficient processes eventually manifest themselves in the superior pricing it is able to offer to clients. For example, as a preferred employer, oWorkers attracts a steady stream of interested jobseekers. This triggers savings in advertising to attract talent which, in turn, leads to better pricing.
Technology will drive growth
The reinsurance industry has been a known slow adopter of technology. And there may well be good reasons for that which are beyond the scope of this article. However, the pace of change does seem to be accelerating with companies either exploring the adoption of platforms or of a partnership with a BPO provider with expertise in the field. The future, whether we like it or not, is always uncertain. The right way forward for any business is to evaluate opportunities that lie ahead, including that of superior processing and technology implementation options, and take a view on the future value such an investment will create. Another tenet of business that is known to all is that this investment is not the end. Technology, and indeed business and industries themselves, will keep changing. Most educated opinions say the change will be faster and faster. It is a core responsibility of the leaders to help their company navigate its way through uncharted waters of the future.
Automation of reinsurance process is a work-in-progress
oWorkers’ support goes beyond technology and reaches every facet of work. Its hiring prowess makes available resources to clients at short notice, which they would otherwise have to retain and pay for throughout the year. Its reliance on employed staff, instead of contractual staff and freelancers, has enabled oWorkers to develop a strong supervisory layer that lends an edge to its delivery.
Many of their clients are technology companies, including unicorn marketplaces. Whatever be your nature of work, oWorkers will be able to add value.