The Insurance Dilemma, Re-investment vs Dividends
Like any company, insurance carriers compete for business. In their case, by writing new premiums. Cost, coverage, and customer-agent experience (CX) make the difference. And customer expectations are rising fast. Insurers saddled with legacy systems attract less or lose business, lag productivity, and as a whole, suffer poorer margins for dividends. That makes it even harder to budget improvements. But today, there’s no longer a need to lower dividends to innovate.
Competitive advantages come in the form of new or upgraded applications, fresh faces to existing systems and use of the world’s increasingly available information. While carriers drive their managers to achieve more, resources are not always readily available to them. Critical business backlog-needs pile up.
Reaching new markets, gaining productivity or improving customer-agent experiences belong to the innovators.
That’s because budgets are too often a choice between internal re-investment or paying coveted dividends that prop up valuation. So, while Insurance lines-of-business suffer waiting for expensive, limited resources already assigned to other initiatives, other insurers are eating their lunch, improving expense ratios and making it easier to do business.
Insurance disruption is happening right now. Better, more productive and enabling ways of innovation are game-changers. The usual manual way of creating and upgrading software is slow, expensive and competes with shorter-term finances. Armed with the right tools, insurers can now reach their objectives with all the security, performance and standards, with or without IT and large budgets.
You don’t have to wait until next year. Or the year after. There are new ways for anyone to increase their innovative capacity to take control of their own success. Learn how anyone can now innovate right here.
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Byron Druss is the head of Marketing and Sales at Graphite GTC, makers of Graphite Studio™. Graphite Studio™ delivers the promise of composable low- and no-code development. While checking the boxes for enterprise-class application innovation, Graphite Studio™ enables you to gain competitive advantages with less resources, time and effort. Just bring your domain expertise and let Graphite Studio™ take care of the technology. Develop solutions, not code.