As digital modernization sweeps across the insurance industry, insurers are hindered by the inability of business models to quickly adjust to changing customer requirements and behaviors. Insurance purchasers are now demanding greater personalized engagement and clarity of the information to meet their unique needs and circumstances. This evolving business environment has obligated insurance companies to customize their products and services to “consumers” rather than merely pushing their offerings to the market. Furthermore, fragmented processes and siloed data between insurance ecosystem partners, like reinsurers, underwriters, brokers & agents, insurers, TPAs, providers, and employers, are hindering the ecosystem’s ability to adjust to the changing consumer and market trends. Operational excellence strategies and critical market-facing initiatives, which often require cross-ecosystem integration for implementation, fall short of desired financial and performance goals. The dynamic, consumer-centric insurance industry requires a business platform that delivers digital agility and innovation that can grow and scale to the market.
One company making great strides in delivering the required agility to the InsurTech market is HCIactive, the leading InsurTech platform for consumer-centric digital policy administration. HCIactive is at the forefront of offering a robust cloud-based, integrated Platform as a Service (iPaaS) to help the insurance industry deliver greater consumer engagement and ecosystem execution.
HCIactive’s platform aligns agile ecosystem process integration and high-powered analytics to the dynamic requirements of the marketplace. From customized recommendations of “shopping cart” insurance portfolio and personal financial savings to ongoing relevant portal content based on preferences and lifestyle patterns, HCIactive delivers a highly personalized and scalable digital consumer experience. “Our platform provides personalized consumer experiences across a wider portfolio of insurance products. Consumers efficiently receive the right benefits and engagement they need and insurers achieve greater consumer intimacy and loyalty,” says Henry Cha, CEO of HCIactive. Insurance companies benefit by selling products more directly and efficiently, while consumers are able to customize and personalize their benefits package to protect themselves.”
HCIactive’s ultimate objective is to support the platform required for the full insurance lifecycle process, managing all insurance products and services from ‘Quote’ to ‘Enroll’ to ‘Engage.’ The ‘Quote’ process involves the management of the insurance product portfolio and broker network to correctly quote employer and consumer insurance premiums. The ‘Enroll’ process spans member selection of insurance products and eligibility verification, which typically tends to be an arduous process with the proliferation of insurance products. Lastly, ‘Engage’ is focused on driving wellness and population health management, care coordination, and managing the provider network. HCIactive integrates all IT systems, processes, and information from ‘Quote’ to ‘Enroll’ to ‘Engage’ across the ecosystem stakeholders by utilizing a patented single-workflow engine to enable insurance 20 MOST PROMISING INSURANCE TECHNOLOGY SOLUTION PROVIDERS – 2019 Our platform provides personalized consumer experiences across a wider portfolio of insurance products. Consumers efficiently receive the right benefits and engagement they need and insurers achieve greater consumer intimacy and loyalty companies to create their own strategic improvement roadmap. Moreover, HCIactive has one of the only InsurTech platforms that is blockchain-enabled for wellness and population health management.
HCIactive has advanced analytics and infrastructure to create customer-centric capabilities—an analytics suite that uniquely leverages cross-ecosystem artificial intelligence & machine learning, intelligent process automation, natural language processing, and predictive modeling to create an adaptive consumer experience. Jeffrey Penn, HCIactive’s Vice President of Business Development, says, “Our strategy for agility is to get closer to the customer, have the right data insight into what the customers need, and to have the right platform to be able to engage them in the best way.”
There are three primary implementation approaches for HCIactive’s cloud platform. The solution can be implemented as a standalone platform for complete digital benefits administration. Secondly, the platform can be implemented into the existing application landscape to augment capabilities with additional features required. Lastly, HCIactive can be a platform “wrap” that can be used to integrate other applications and architectures, including vendor applications, to create a single, advanced user experience.
HCIactive has delivered significant benefits for clients. For one of the leaders in the insurance industry, HCIactive’s solution has resulted in the increased use of process automation from 40 to 86% of their processes and an additional 12% of process transactions now being partner self-service. Frank Kang, HCIactive’s Corporate Development & Alliances leader, states, “One of HCIactive’s core principles is to bring real operational and financial value for our clients. We have a metrics dashboard to continuously monitor client performance.”
Going forward, HCIactive plans to expand its footprint into international and public sector InsurTech and continue to develop its adaptive consumer experience capabilities and blockchain integration. In the current dynamic Insurtech business environment, innovation targeting consumer engagement and operational agility will remain at the forefront of HCIactive’s InsurTech roadmap