INN & Novarica: Distribution Modernization for Revenue Growth
Distribution Modernization for Revenue Growth – INN
Karlyn Carnahan, Analyst, Novarica Research
John Sarich, VP of Strategy, VUE Software
With a technology driven ecosystem, comes a completely new set of rules, but what does this mean for your company? Distribution Modernization outlines the changes in information technology that is transforming insurance distribution to a faster, more efficient, and profitable set of processes. Are you ready to embrace the change?
Today, numerous insurance organizations struggle with technology limitations. Inconsistent producer data, complications with hierarchy management and payment accuracy, incentive design restrictions, onboarding delays and disjointed channel communication are some of the symptoms. Inefficient processes characterized by inordinate manual involvement detract from the bottom line. Not only is it difficult to be nimble and competitive, but it is also increasingly challenging to comply rapidly with ever-changing regulations.
Often outdated technology consisting of an assortment of homegrown and legacy applications — along with various disparate databases — is at the root of the issue. Insurers have difficulty modernizing such an infrastructure with the capabilities they have, so the efficiencies inherent in automation cannot be realized. As a result, an organization fails to maximize profits.
In this session, learn that is not so much about the age of your legacy system, but whether said systems are able to keep pace with new revenue goals and their capacity to provide a true competitive value in the insurance industry. During this one-hour webcast these are some of the topics that were discussed:
- How to achieve operational efficiency within your distribution channels
- Using technology to deliver a clear 360º view of your business without complex information technology systems
- Keeping up with societal changes and trends
- The impact of distribution modernization in revenue growth