CFOtech Australia logo
Technology news for Australian CFOs and financial decision-makers
Story image

Smarter tech investments can streamline collaboration for insurers

By Ryan Morris-Reade
Thu 31 Mar 2022

How smarter technology investments can streamline collaboration for insurers.

Industries such as insurance work across multiple departments simultaneously, and streamlining collaboration is a key concern for organisational leaders. Stelvio Australia says creating a connected hub of suppliers can help keep claims deadlines on track. This increases efficiency, lowers unnecessary costs and provides a better customer experience.   

"While most business leaders know that doing this will help the business perform strongly, understanding how to best connect insurers, suppliers, and customers can be elusive," says Stelvio Australia general manager, Yannick Gigure.

"However, effective technology solutions are available that can bridge the gap. Many organisations struggle to find an all-encompassing solution that will speak the language of internal departments and provide a fully functioning ecosystem with their suppliers, all without breaking the bank. Insurers increasingly need solutions that will help connect suppliers across many industries."  

He says a technology platform that functions as a hub between insurers, suppliers, and customers enables greater collaboration by acting as a central location for shared information. It encourages more streamlined communication between all parties by leveraging key metrics as a benchmark.

Organisations looking to leverage this type of solution in their business can expect several benefits, some of which include:  

Sharing real-time information
A hub lets critical information be shared across all areas of the business. From quoting costs to customer data and company updates, having access to the most recent information and updates will ensure insurers and suppliers can function to their full capacity, increasing efficiency.

Communication between parties  
A key benefit of a collaboration hub is facilitating strong communication between insurers, suppliers, and customers. A collaboration hub can also audit actual information sent and received between parties, including relevant metadata, to help ensure the customer service and compliance metrics are satisfied.   

Performance management   
Creating a digital hub that facilitates communication and information transfer between insurers, suppliers, and customers lets insurers track and monitor key metrics throughout the claim lifecycle. These metrics can then be used to benchmark and manage insurer processes and supplier performance to deliver a better customer outcome.   

"Creating an interconnected digital ecosystem across internal departments and supplier networks through a collaborative ecosystem can remove the barriers to increased efficiency," says Gigure. 

"This ecosystem is central to the success of insurance firms that handle multiple suppliers regularly. By sharing information more freely between all parties, tasks can be completed quicker and to a higher standard."

However, the benefits of a collaborative ecosystem don't stop at a company's internal processes. Insurance organisations are increasingly looking for insurtech tech providers to bridge the gap between their internal processes and their suppliers.    

"Savvy insurtech providers must take an overarching view of the claim lifecycle, taking steps to understand the needs of insurers and suppliers and customers to deliver solutions that encourage a smooth collaborative process for all parties," adds Gigure.

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Digital wallets
NFTs are ready to disrupt the ticketing world
The last few months have seen NFTs wielded by digital creators to take ownership over their craft and content. Now other industries are beginning to understand the real-world value that these nifty decentralised tokens can provide.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Cybersecurity
Vulnerable APIs costing businesses billions every year
Large companies are particularly vulnerable to the security risks associated with exposed or unprotected APIs as they accelerate digital transformation.  
Story image
Data ownership
Brands must reclaim trust by empowering data ownership
According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.
Story image
Digital Transformation
Google Cloud launches new Digital Accelerator bundles for Aussie SMBs
The new bundles are designed to help Australian small and medium-sized businesses embrace digital transformation and take their businesses online.
Story image
Talend
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
The Access Group
Struggling to understand which transformative technologies will help your business? The Access Group provides a look into key opportunities and impacts for finance.
Link image
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
SaaS
Sealord partners with Infor to improve sustainability
Sealord has chosen Infor as a strategic partner to implement an operational cloud-based platform that provides day-one functionality and sustainability gains.
Story image
Sustainability
Honeywell launches new carbon energy management software for buildings
The new Carbon & Energy Management service allows building owners to track and optimise energy performance against carbon reduction goals, down to a device or asset level.
Story image
3D Printing
Fleet Space, Konica Minolta partner for 3D printer offering
Fleet Space has partnered with Konica Minolta to implement 3D printers from 3D Systems to support the commercial small satellite manufacturer’s offerings.
Story image
Dicker Data
EXCLUSIVE: Why women in IT makes good business sense - Dicker Data
The Federal government wants to bolster female participation in the tech industry to at least 40% by 2030. Here's how one homegrown Australian company has already reached that goal.
Story image
Shouta
The rise of digital gifting in the workplace
The name itself does most of the explaining; it’s a gift you receive virtually. But a misconception about digital gifts is that they need to be redeemed virtually as well. 
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Hybrid workforce
How organisations can prepare for a post-pandemic workforce
The so-called 'new normal' office looks different to how it did pre-pandemic, and organisations need to take steps to better manage their post-pandemic workforce. 
Story image
Consumer
Adobe survey reveals link between brand trust and consumer buy-in
Adobe has announced results from a study, which finds a strong correlation between brand trust and consumer behaviour.
Story image
Citrix
The best ways to attract young talent during labour shortages
New research from Citrix reveals hybrid working and ventures into the metaverse are top of mind for Gen Z workers.
Story image
MarTech
Martech experts reveal the “buzz” on personalisation
In the digital age, innovative technology must be leveraged to power an efficient and effective relationship marketing strategy.
Story image
Market growth
Salesforce unveils new offerings for consumer goods companies
Salesforce has announced new products for consumer goods companies to help brands navigate increasing market complexity more easily.
The Access Group
Health and social care organisations are currently under significant financial pressure. Find out how financial transformation can help provide an effective route forward.
Link image
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Story image
MSP
Video: 10 Minute IT Jams - An update from CyberArk
Olly Stimpson joins us today to discuss the importance of MSP programmes and how MSP partners are experiencing success with CyberArk.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from CrowdStrike
Scott Jarkoff joins us today to discuss current trends in the cyber threat landscape, and the reporting work CrowdStrike is doing to prevent further cyber harm.
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
The Access Group
Increasing headcount isn't always the best way to grow. A good financial strategy can help solve many issues, and The Access Group shares the secret to success.
Link image
Story image
NaaS
Survey finds 94% of Australian IT leaders looking at NaaS
Aruba’s latest survey reveals a rising interest in NaaS among Australian technology leaders as they re-evaluate their current infrastructure and network setup.
Story image
Macquarie Data Centres
Macquarie deal to pioneer CO2-cutting data centre tech in Australia
Macquarie Data Centres has signed a multi-year deal with ResetData, an Australian first provider using Submer data centre technology. 
Story image
Healthcare
Workday winning on culture and family focus
This family-first approach sees all employees receive access to family-wide private healthcare cover, as well as income protection and life insurance policies.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Story image
Manufacturing
Sutton Tools deploys Infor M3 CloudSuite for manufacturing
Sutton Tools has also implemented the Infor OS cloud operating platform, including Infor Intelligent Open Network and Mongoose.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why its time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Cloud
Cloudflare outage in 19 data centers worldwide due to own error
Cloudflare says its outage for 19 of its data centers yesterday was because of a change in a long-running project to increase resilience in its busiest locations.
Story image
Cloudera
Overcoming hybrid and multi-cloud challenges to drive innovation
Driven by improvements in technology, financial services companies have advanced both internal and external systems and processes, with the likes of digitisation, personalisation and risk management redefining the industry.
Story image
Microsoft
TO THE NEW unveils A/NZ Managed Services for Microsoft Azure
TO THE NEW has released Managed Services for Microsoft Azure to meet the growing demand in the A/NZ market and globally.
Story image
Hybrid workforce
Why hybrid working is here to stay and how to ace it
Citrix's new report reveals hybrid workers are more productive and engaged at work than their office and completely remote counterparts.