After a stable period, the insurance industry segment is undergoing some significant changes. In addition to increasing competition pressure from insurance and brokerage companies, new players are entering the industry – banks, fin-tech companies, utility companies or providers of other services. In parallel, the insurance companies have to face major changes in business networks as well as increasing regulatory pressure. Last but not least today’s technologies make it possible to solve the risk coverage in an entirely new way that can dramatically change the way and range of products and services provided in the segment. We believe that the insurance companies will not only deal with the question of how to face these threats, but also how to use them in favour of developing their business.
Threats and opportunities in the insurance industry
Convergence of financial services
New players are entering the insurance industry – banks, telecommunication operators, fin-tech companies, utility companies, or providers of other services. Their action is primarily motivated by the effort to serve clients across the full range of financial needs and establish a lasting relationship with the client. This way they naturally respond to the changing behaviour of the clients who wish to have their needs sorted out and do not wish to "go through" a complex range of products and services offered by financial institutions. How should insurance companies face such pressure? How should they prevent loosing contacts with the client and becoming just “providers of insurance infrastructure”? How can they work with their own client base and build a lasting relationship with clients? How can they increase the frequency of contact and communication with the client to better recognize his/her changing needs and respond to these?
Generational changes in sales networks
The own sales network and the partner sales networks are nowadays key sales and service channels of insurance companies. The managers of these networks and agents working here meet various situation solutions of which is key for agent’s and their client’s satisfaction: How to prepare a sales network for a new generation of clients, new communication channels and social networks – Facebook, LinkedIn, WhatsApp, Viber, Messenger, ..? How to make all the information about the client – including current behaviour of clients in other distribution channels - available to agents and help them in this way to solve clients’ needs? How to make it attractive for the new generation of agents for whom digital means are a natural part of their lives?
Digitization of services and transition to online environment
We live in a time when everything is on the web. Digitization of services and products of insurance companies – provided across all distribution channels – and the pressure on transition into the online environment do no longer bring forward the basic question “If?” but rather “How?”. Both phenomena stand for the insurance company for mandatory transformation, coping with them can help the insurance company not only to catch up with the competition, but where the strategy is chosen correctly,they can also gain a competitive advantage. For the transformation it is necessary to answer several key questions: Which products and services are to be transformed into the online environment? How to take the specifics of the online environment into account when selling these? How to identify the customer himself/herself in the online environment? How to make the purchase and contracting all the documentation convenient to the customer? How to follow client’s behavior across online and offline channels? How to evaluate and compare the performance of the particular channels?
Consolidation/replacement of core insurance systems
Digitization of services does not change only the front-office area. Providing services and offering products online can be inexorable also for back-end systems of insurance companies and “application landscape” of insurance companies. Any ineffectiveness, problems in automation or redundant manual processing transfers directly into the service quality and speed in the online environment. Thus, how to change/transfer the “application landscape” of insurance companies so that also the back-office is fully ready for the online world? How to consolidate several core insurance systems coexistence of which was not causing any problems in the offline world and in the online world it however causes a significant costs increase for offering the product and customer care? How to choose key processes support from the core insurance systems and offer it to business people? How to maintain and develop only one core insurance system effectively despite several insurance group members?
Change from insurer to “preventer”
New technologies bring a completely different perspective on solving risk situations of clients of insurance companies. New technologies have the power to change not only clients’ habits but even the industry as a whole. In our opinion, the insurance industry also deals with a challenge which it has to face. Incoming technologies (often hiding behind the phenomenon of internet issues) even enable the insurance company and its clients to prevent recurrence of risk situations. Thus, which solution of risks can be changed from insurance to prevention? What do insurance companies have to do? Which security issue will have to be dealt with by insurance companies?
Fields of our activity
Distribution channels of sales support and customer servicing
We have long-standing experience and are leaders in the field of creation and implementation of sales support and customer care solutions for distribution channels in various segments. We know the specifics of the method of direct and indirect sale of products and services as well as their subsequent support. We have been creating a unique Omnichannel solution to bring a significant competitive advantage for our customer. We invest a lot in innovations for our customers in this area, for example in effective integration of internal applications and customer data with external online tools. We are a strong and relevant partner in creation, setting and implementing innovative solutions in distribution channels.
Sales network management and support
We know the performance management processes of sales networks as well as preparation, realization and the evaluation processes of opportunities within the sale of financial products by the sales agents network. We view the management of opportunities from the initial selection of the target group, through addressing, recording the reactions, up to statistical success rate evaluation. For a period of time we have been dealing with commission calculation and distribution in agents multi-level sales. We understand the key commission calculation processes using the percentage or points systems, processes of regular carrier positions evaluation, cancellation fund retention, settlement of various types of commissions and recording of possible agent’s debts. We are a partner for optimization and automation of these processes in distribution channels.
Integration of insurance companies and their partners
Thanks to our activity in several financial segments – insurance companies, brokerage companies, banks – we know their environment, needs and integration possibilities in depth. Starting with the client/agent identity transfer, continuing with the integration when agreeing on products and services (including signing the documents) and ending with transfer of information on up-to-date contract status, interventions and commissions. It goes without saying that we deal with the security in connection with the integration. Often we as an IT partner stand on both sides of the integration.
Automation of internal processes of insurance company
We know the internal back office process of insurance companies in depth and know how to support these by effective automation. We know how to provide effective insurance policy processing from all sales channels or claims reported by clients using BPM solutions, which will transfer the processing management to business departments and give them the full control over all processes in progress.
Complex administration of insurance portfolio
For more than 20 years we have been acting in the area of administration of insurance policies portfolio to insurance companies using core insurance systems. We have been maintaining and developing the core insurance system in 6 CEE countries and know the specifics also of other markets. We help several European insurance groups with the choice, analysis, proposal and implementation of the core insurance system for their insurance companies.
Reporting and support of insurance company management
We have set up several DWH and MIS solutions for insurance companies enabling their management to effectively control the performance of the entire insurance company. We give them the possibility to report and analyse information from all relevant areas of „insurance company life“: clients and products portfolio, premium, payments, business, commissions, claim events and claims, technical reserves, fraud identification, etc. We hand in these solutions to insurance company staff to be able to independently use them for management of their divisions.
Our solutions and services
The Omnichannel solution for sales and customer care support
The aim of our SOFTEC UXP 4 Insurance solution is a complex sales and customer care support in all distribution channels of insurance company (direct as well as indirect), across various devices and with easy integration into all existing IT systems. The benefit of the solution is a complex sales and customer care support in all environments of an insurance company including effective tools to improve the sale-service processes of insurance companies across offline and online channels.
Career, remuneration and activities management in sales network
The task of the commission-career system is a complex support and automation of monthly commission and career processes and procedures within company’s sales networks. The SOFTEC Makler solution includes commission calculation and administration, product and agent management, client and contract administration, etc. Managing the activities using SOFTEC Activity Management, supports operative management of daily activities. Thanks to this, the manager has a perfect track about the way the particular activities are done by the staff and their results. By introducing a system solution, the work becomes more effective and there is pressure on increasing the activity and production. The mapped activities, unified procedures and a consolidated plan form an excellent recipe.
Analysis and modelling of client’s needs
High-quality service to a client starts with a personal meeting of a financial agent with the client and follows by presenting a financial plan form based on an exact and responsible analysis prepared for the client’s needs. It is the quality in performing and processing the financial analysis, plan and also the presentation of outputs which distinguishes the best ones. SOFTEC Finas solution supports the entire analysis processing and modelling of financial needs of insurance company’s clients. This is a touch-controlled modern multi-platform solution. Its key advantage is the support of the whole process of financial serving the client and pre-sale activities. The staff can use the solution directly during the meeting with the client in either online or offline regime.
Handwritten digital signature for documents
The digital handwritten signature saves paper costs, document printouts, their distribution and storage. SOFTEC BioSign is a solution that speeds up the documents cycle and is environment friendly since for a document e.g. an insurance policy to be signed there is no need to print it on paper.
Management and support of internal processes in insurance company
BPM tools give the insurance company full control and overview of the up-to-date state of business processes and processing documents and eliminate the tasks performed manually off the information systems. The insurance company can also markedly shorten the time needed for business transaction processing, lower the process performing costs and decrease the error rate during processes. SOFTEC BPM solution fully supports the business processes automation in the insurance company with the option of direct modelling and management directly in the solution. It is based on a verified tool Activiti BPM extended by a set of further modules and integration layer for an effective integration with insurance company’s system.
Values we stand up for
We have been acting in insurance industry for a long-term and have deep knowledge about insurance company functioning
We are familiar with the internal as well as external environments of insurance companies and their partners. For more than 25 years we have been dealing with solutions for insurance companies and we have more than 100 experts knowing insurance companies. We know the business environment of insurance companies in CEE region. We keep studying and deepening our knowledge. We play fair and take our commitments seriously.
We are a partner of insurance companies in their challenges
Our customers accept us as partners and advisors when consulting important topics. We help insurance companies with market threats and opportunities by constant innovation of our products and solutions. We do not only supply IT solutions for insurance companies, but we also help them consolidate the application portfolio and constantly look for benefits for their clients.
Complex value-added delivery
We have several own solutions, numerous experience from complex and key deliveries of projects to our customers. Throughout the whole delivery we consider the value for the insurance company and their long-term satisfaction with our delivery carries the key meaning for us. For a period of time we have been investing in our employees in order for them to be able to deliver the best possible quality and our customer to be satisfied.
Taking advantage of know-how and activity across segments
We have been active in various service providing segments for a long time, we make an effort to transfer the obtained know how among the segments to customer’s benefit. When integrating the companies we often act on both integrating sides and this way the whole process becomes much more effective. We search for win-win cooperation among our customers, our company and partners when preparing and executing our projects.