The Role of Integrated Technology Systems in the Insurance Industry
There is an ever-increasing demand for innovative business models in today’s competitive insurance marketplace. More insurers are beginning to see the value in leveraging their distribution partners and expanding their offerings. With each additional product offering, operations become more complex.
Operational technology becomes challenging with growing data warehousing needs and more complex compensation modeling, in addition to the constant needs for business intelligence and analysis of sales behaviors based on territories, etc. To consolidate all operational management into a single technology platform calls for a unique and robust solution.
Today, the most advanced solution architecture is designed to support the integration of multiple systems into one platform. This amalgamation of technologies delivers compelling benefits to the complex business environments of the insurance industry.
For example, the recent implementation of integrated technologies at Insphere Insurance Solutionssm, one of the largest independent career agent insurance distribution groups in America, emphasizes the positive role integrated solutions can play in the insurance industry. The company rolled out Insphere Insitesm, a proprietary technology platform that combines best-in-class industry technology tools into a single system providing a significant competitive advantage for field managers and agents.
VUE Compensation Management is used as the company’s core technology and VUE IncentivePointis utilized to seamlessly integrate compensation management with Microsoft Dynamics CRM. The other technology tools that are used to create the comprehensive platform are Agent Portal, iPipeline and Norvax.
Phillip J. Hildebrand, President and Chief Executive Officer of Insphere Insurance Solutions, summed up the technology by saying,
“Simply put, by integrating these tools into our proprietary technology platform, our agents will operate in a seamless multi-carrier environment that will feel like they are working with a single carrier for everything from quoting, electronic applications, application tracking, managing compensation and managing their client base. We believe the Insphere Insite technology platform, in addition to in-house training and support, provides a unique offering for an independent career agent that delivers a tremendous advantage in the marketplace.”
It will be interesting to see how quickly insurers will come to adopt integrated technologies. The operational benefits of such a platform suggest that more insurers will begin to realize that integrated technology platforms pose a compelling benefit to their bottom line.