To improve performance, innovate fast and sell more at optimum costs, insurers need to ensure that all relevant internal and external stakeholders are empowered to collaborate and that they have access to all relevant information. That involves complex and diversified processes and procedures, integration and data consolidation.
Microsoft Office SharePoint is one of the best tools existing out there to support such objectives for insurers, as it provides the framework and technologies to overcome challenges around document control and compliance, operational efficiencies, cost reduction, information management and retrieval, and much more.
With Microsoft claiming that Sharepoint is the fastest growing product in the history of the company we can easily understand why 80% of Fortune 500 companies are using it as their enterprise productivity tool.
Microsoft projected growth rate for Sharepoint is 20% per year for the next 5 years, supported by its always adapting solution roadmap and powerful acquisitions such as Skype or Yammer.
Still, most organization use only Sharepoint’s popular features, such as Team Sites, workspace for collaboration, intranets and news portals and this results also from one AIIM Marketing Intelligence report on the usage of Sharepoint, as seen below:
Capabilities that apply to all insurance companies and can generate significant business value, if used right:
- Improved records management – hard copy documents are still holding insurers back. To have most policy holder information or claim information 100% digitalized is still an unrealistic joke for some insurers. To smoothen the transition, one could use Sharepoint to create file pans and handle all documents – even if they came by email, fax, or are simply scanned (through OCR). You could also include other types of files (eg: video, audio, attachments, fax, ) and design an efficient content structuring & indexing and configure easy to use records repositories with accurate disposal of records (reviewed by managers, when the case).
- Sharepoint’s Enterprise Content Management features can automate, control and optimise processes and policies content. Internal procedures and policies are complex, hard to centralise and to communicate to all relevant stakeholders (customer service representatives, sales agents, back office employees, etc) and change often nowadays. This makes it even more important to have all relevant documents properly produces, controlled, audited and shared. In the tightly regulated insurance sector, laws change, health care rules change, the world is changing so insurers must manage all this information. To overcome content dissemination challenges, you could establish various workflows in Sharepoint and approval processes to ensure that all information is properly and homogeneously communicated to all employees, brokers and customers. Additionally, you could also have a more collaborative approach to information sharing through wikis, discussion forums or newsfeeds
- Workflows for internal process management (eg: onboarding processes for all departments, induction trainings, SDC programs, standardization of recurrent activities, etc)
- Knowledge basis to manage content and leverage all relevant information through features like FAQs, discussions, documentation on processes, links to external information sources, social etc; this is smoothen by Sharepoint’s powerful and customizable Search facility that enables you to easily store, keep track and find fast all relevant digital content; it boosts beyond itself into other organisational file stores or line of business applications, websites or online personal profiles to gather relevant data.
- Sales support by:
- integrating all relevant information with CRM and Sales Force Automation Solutions, other systems and internal/external sources of information
- Distributing all relevant content to sales agents in various formats (pdf, email, secure portal access, mobile devices) and in near real time
- Giving access to sales agents and management teams to sales dashboards (eg: agents can check at any moment how far there are from reaching their monthly sales quota at moment T, management can see which agents or products perform better/in which region/etc)
- Decision making support by using information from the Data warehouse or outher information sources, SWL reporting services – it can support by providing KPIs, dashboards (as the sales dashboards mentioned above)
- Feature rich corporate website – there are many insurers that have chosen to use Sharepoint platform for their website, to mention just a few: Presbyterian Healthcare Service, Liberty, ERS, UnipolSai, UGF, PPS, Euler Hermes, IDBI, AG Insurance, etc
Euro IT Group has a broad experience and competences in the insurance industry; we deliver services and solutions that integrate sales, marketing, customer service and other processes, enabling insurers to optimize their business, streamline processes and deliver best products and services across various channels to reach the digitalized generation while keeping costs under control.
Contact us to speak with one of our insurance or Sharepoint experts!