Industry Specific Managed Service Needs for the Insurance Industry

These days, every industry and every sector needs to be up to speed with IT. Technological innovations across the board mean that new ways of working are a constant feature of the workplace, and in order to stay competitive it is vital that companies stay up-to-date and adapt.

When it comes to IT, there are a number of issues that are particular to the insurance industry. There are many drivers of change in this sector, but the democratization of data and the rise of AI and machine learning have had huge impacts on how insurance businesses operate. Additionally, while being adaptable is a key component of insurance firms, it is not always possible to keep on top of the speed of change when it comes to IT. 

The industry has been held back in the past by manual processes, complex workflows that resist easy digitization, and proprietary software for tracking and completing claims. These days, as customers expect a more streamlined service, fully functioning IT systems and processes are vital. Equally, in an industry where data and compliance are incredibly important, storage and security are key elements as well.

Investment in good technology and good IT systems is vital for a functioning insurance business. With managed IT services, an insurance office can have everything they need to succeed at their fingertips, with access to a fully staffed IT department for a fraction of the in-house cost. We wanted to take a look at some of the specific business needs for the insurance sector and how a managed IT service can help provide the best solutions.

What is a managed IT service?

Managed IT services are the management of continually evolving IT technology, administering industry-specific critical systems, and leveraging best practices and shared resources to positively impact user experience with IT. 

Managed services essentially run your IT infrastructure remotely, providing the right systems to improve productivity, protecting your business with a cybersecurity strategy, and looking for ways to accelerate your business processes and help things run more smoothly. 

Managed IT services are able to be proactive about dealing with potential issues before they arrive, and tend to be more cost-effective than in-house IT staff, providing the equivalent of a full IT department for a fraction of the price.

How can a managed IT service help your business?

Compliance

Risk is a huge part of the work insurance companies do. Staying on top of all risk factors, as well as being fully compliant with all legal requirements and regulations, is vital for a successful insurance business. 

Organizations in the insurance industry have very particular needs when it comes to their IT environment. Staying on top of this can be a challenge for an organization without sufficient in-house resources or expertise. 

A managed IT service can take care of all of this, ensuring that your entire IT environment is fully compliant, as well as tracking and monitoring risk and staying on top of the fast-moving world of tech. 

Data storage

Insurance companies have to keep a huge amount of personal information on hand at all times. Just storing this can be a tricky task, let alone storing it safely and securely with the appropriate backups in case of disaster. 

Agents and customer service staff require constant access to case files and client information, so downtime can be hugely damaging. With so much personal data being stored, insurance companies are ripe for cyberattacks.

A managed IT service can provide comprehensive data storage solutions which are safe, secure, and accessible from wherever your employees are. A managed IT service will also maximize your uptime, keeping your work processes flowing seamlessly.

Security

Data is everything for insurance companies, and protecting your data from malware, phishing attacks, and ransomware is vital. With cyber criminals and bad actors more sophisticated than ever before, responding to threats and protecting your business is both hugely important and difficult.

Managed IT services providers like VC3 leverage the latest technology to protect against the most sophisticated cyber threats. Rather than just responding to attacks, we take proactive preventative measures and use AI and machine learning to stop hacks before they have happened. We also look to provide staff training to raise awareness about potential vulnerabilities and ensure all employees know how best to prevent cyberattacks.

Customer care

Insurance customers are increasingly knowledgeable and picky when it comes to searching for claims and policies and expect a smooth, up-to-date, and bespoke experience when dealing with their providers. Insurance companies are, therefore, under pressure to update their existing IT systems to provide the best customer care possible.

A report from the Harvard Review demonstrated that businesses that embrace digital transformation are likely to see up to a 65% reduction in costs and up to a 90% reduction in turnaround time. This can be hugely attractive when dealing with urgent insurance processes. 

A managed IT service can provide the latest innovations in business technology, assessing your business needs and providing the perfect solutions.

New software and improved processes

There are a wealth of fascinating and useful innovations in the field of insurance IT, and partnering with a managed IT services provider like VC3 gives you access to the latest and most transformative software around.

There are loads of insurtech software solutions that plug into existing infrastructure and applications to update systems and processes, while things like self-service portals offer a greater sense of agency for customers and take some of the administrative burdens off your team. Advances in automation have made claims processing faster, more efficient, and easier than ever before, while innovative communication tools allow better customer service across the board.

Whatever your business needs, a managed IT services provider will always be on the lookout for new software and technology to accelerate your business.

At VC3, we are driven by our relentless pursuit of the success of others. If you feel that a managed IT service might be the right choice for your company, or you’d like to know more about how we can manage, protect, and accelerate your business, get in touch.