Liberate Your Company from the Red Queen Effect

It’s a difficult time to be in the insurance industry. Costs are rising and insurers are running fast, just to stay in place - a conundrum known as the Red Queen effect - inspired by Lewis Carroll’s Alice in Wonderland. Perhaps the biggest culprit is the decision to rip and replace core systems. Fortunately, there’s a smarter strategy - one that enables you to implement solutions quickly and affordably – and to finally pull ahead.

The Traditional Rip-and-Replace Method Is Too Slow

Technology moves fast. The traditional rip-and-replace model that many insurance companies use to upgrade their core systems is far too slow to keep up. By the time you upgrade your system, better technology is available, and your competition may already be leveraging it.

It’s not just your competition that you need to worry about, either. Consumer expectations are changing fast. People experience fast, seamless, personalized service every day, whether it’s with their financial institutions, their entertainment providers, or their online retailers, and they expect the same level of service from their insurance companies.

To keep up with expectations, insurance companies need to adopt AI-powered automation, smart underwriting and digital FNOL – and they need to implement these innovations ASAP. Liberate makes this possible by delivering a SaaS platform that can integrate with your existing core system.

Streamline Your Underwriting

Underwriting is at the heart of insurance, so it needs to be efficient. Speed is critical, and to avoid fraud and control your loss ratio, accurate risk selection is also crucial.

  ​To keep up with consumer expectations, insurance companies must adopt AI-powered automation, smart underwriting, and digital FNOL – and implement these innovations ASAP.  

Liberate offers smart underwriting automation to streamline your underwriting process. Everything your team needs is in one convenient location, so underwriters don’t waste time gathering information from disparate sources. Supported with contextual risk insights and easy-to-use communication tools, your underwriting team can accomplish more with greater accuracy and in less time.

Modernize Your FNOL

The first notice of loss should be your time to shine, when you show your policyholders that you’re there when it matters most. Unfortunately, many insurance companies drop the ball. Of course, claimants will be unhappy if their claim is denied or their payout is less than they expected, but even when the final outcome is acceptable, lengthy delays and communication snags can lead to frustration – and that can prompt policyholders to switch carriers.

Liberate offers a digital FNOL process that leverages the power of AI. Reflexive forms and logic tree customization reduce manual intervention while speeding up claims cycles. You can also create automated smart triage workflows that deliver immediate assistance to your claimants when they need it most. A prompt response shows your claimants that they’re in good hands while also mitigating the losses that can stem from delays.

Embrace the Future Today

Forget about a five-year digitization plan. Five years from now, who knows what kind of amazing new technology will be available? With Liberate’s SaaS platform, you can access everything you need to empower your team, streamline your workflows, elevate your customer experience and improve accuracy – and you can do it in less time and for a lower cost than you might imagine.

Book a demo with Liberate to learn more.

Amrish Singh is the CEO of Liberate Innovations Inc., a software-as-a-service (SaaS) platform for the P&C insurance industry that fully automates claims and underwriting journeys enabling insurers to deliver an exceptional customer experience at the industry’s lowest cost. For more information, visit www.liberateinc.com.