October Navacord / Executive Updates
Leveraging data and technology
By Susan Scott, CIO, Navacord
In a recent article, my colleague Melanie Muise wrote about how an overarching strategy is crucial to harness the full value of a digital ecosystem “to mine data and insights and quickly influence results in real-time. It’s about enabling clients and employees, no matter where they are, and implementing new technologies to broaden our recruitment pools and talent pipeline.”
Indeed, data – when elevated with an overarching strategy – should deliver insights that drive competitive market, client, and product advantages. These insights can fuel growth by combining mass amounts of internal and third-party on pricing, underwriting, and channel performance, while also providing a deeper understanding of client behavior, which is more important than ever when making decisions.
However, to act on these insights, employees need more time for client interactions so they can build deeper, advice-based relationships supported by a digital offering that meets the demands of new and existing clients in a seamless experience. Emerging technologies can provide the best of everything for clients – personalized service, security, and protection.
This is why digitization and automation are critical to fully leveraging the value a digital ecosystem should offer. At Navacord, we continue to invest in digital tools, process automation, and artificial intelligence to ensure we meet our client ‘where and when’ they choose to do business. Our focus is on automating operations to create capacity and shorten turnaround times, offering tailored products that are easy to access, and maximizing aggregate client data to provide smoother and more accurate outcomes.
Navacord’s digital and data strategy can be summed up in four categories – Efficiency, Personalization, Scalability, and Agility:
Efficiency – Automation, using robotics and artificial intelligence to optimize operational processes, offers the most immediate advantage when it comes to better meeting our client expectations. They benefit from faster underwriting, onboarding, and policy-issuance times while, at the same time, our employees can benefit from spending less time on mundane, repetitive tasks and more time connecting with clients.
Personalization – Instead of a one-size-fits-all approach, we can offer personalized and relevant ‘all-in-one’ products and services that are based on usage, preference, and lifestyle through a client’s preferred channels.
Scalability – Secure cloud computing gives our employees instant access to everything they need to meet client needs. Our clients benefit from easily accessible insurance policies any time via self-serve portals, dashboards, mobile apps, and wearables.
Agility – Navacord has designed a simplified ecosystem that natively communicates across platforms and partners, allowing us to grow with the market. Our modern platform and secure technology foundation delivers data in an instant, allowing our employees to complete a client request efficiently and securely.
We continue to challenge our overarching strategy and iterate as necessary to further enhance data for better decision-making on opportunities and risks, and improve the way employees and clients interact.
My question to you: How is your business leveraging data and technology, and what pain points would they better solve for you?