Blogs

May 27, 2021

What Does a Digital Business Look Like?

If you fail to embrace change, there’s every chance customers will fail to embrace you. 

 

Digital transformation creates fundamental changes in how businesses operate and deliver value to customers. Some of the many benefits include:

  • Boosting customer experiences with omnichannel communications, self-service features, online purchasing and engaging customers through any device such as apps, websites, mobile phones and social channels.
  • Capturing data insights from customer interactions to better understand individual needs, buying cycles, price points or simply cultivating relationships to build awareness and loyalty.
  • Enhancing collaboration with distributed employees using digital conferencing tools to work cross-functionally in bringing different perspectives together to solve complex problems holistically.
  • Bringing solutions to market faster by automatically gathering billing, pricing and product combinations from various administration systems to deliver the right solution at the right time.

The idea behind becoming a digital business is setting organizations apart by unlocking efficiencies and simplifying the way organizations engage with customers.

Let’s look at what a digital business might look like for an insurance company.

Digital Transformation in Action

Today’s digital-savvy insurance customers and distributors expect on-demand service and functionality with experiences like their other day-to-day interactions. That means moving from paper forms, manual underwriting and month-long policy processing to convenient self-service tools, personalized product offerings, electronic submission and automated fulfillment.

Doing this requires an insurance company to adopt digital technology and automated business processes across the enterprise. A digital platform enables real-time data exchange between multiple layers of interaction, such as a user interaction layer, a data analytics layer and a product layer. Integrated together, users can be more responsive and work efficiently. Here are some examples.

TRANSFORM – Bringing digital sophistication to the front-end.

Using digital applications and automation, insurance advisors and salespeople can eliminate errors and produce In Good Order (IGO) submissions the first time, every time. Digital applications run through an automated underwriting engine, which streamlines processing and shortens the sales cycle for a better overall experience.

TRANSFORM – Integrating administration and product development systems.

On the back end, automated straight-through processing speeds the transaction cycle by eliminating manual intervention and hands-on data re-entry. Claims, which used to take months to process, are managed faster. A simplified digital product portfolio makes it easier to personalize product offerings that match individual needs. A digital environment helps prototype, develop and rapidly deliver new products to market faster as demand changes.

TRANSFORM – Changing the way users work and interact with customers.

An end-to-end digital experience begins with meeting customers where they want to be met … through an app, a website, a mobile device or other online channels. Each engagement channel becomes a sales lead opportunity, where employees can proactively advise or cross-sell within one overall digital platform. Customers can manage their accounts online in a central place and use self-serve tools to enroll or adjust their portfolio. This is made possible by integrating a wide range of data systems in different locations into a centralized digital platform.

TRANSFORM – Improving data access through information hubs.

Powerful digital information portals help plan sponsors, plan participants and advisors access information when and where they need it. Plan sponsors can tract participant activities and help them set goals or manage their plan objectives. Plan participants can interact directly online to open accounts, seek advice or track goals. And advisors can access a dashboard to view clients’ entire financial picture so they can recommend IRAs, annuities or additional insurance protection.

TRANSFORM – Guiding customers using smart intelligence.

Business intelligence tools help build customer relationships and boost productivity. These smart tools make it easier to capture and track thousands of customer conversations, emails and phone calls. Insight from this data opens the door to offer personalized solutions or develop new ones based on what is learned from the exchanges. By digitizing operations of each phase of a digital experience (sometimes called the customer journey), advisors can recommend portfolio consolidations, investment reallocation or new solutions to meet life-event changes.

TRANSFORM – Bringing products to market faster.

Using digital tools, automation and analytical capabilities, users can bundle solutions tailored to each customer’s situation in real-time. A digital platform allows multiple systems to talk to each other, enabling users to pull internal and external data about customers to customize products. Outside partners and third-party administrators collaborating with insurance companies can “plug and play” their platforms with the insurance company’s digital platform to help offer complementary portfolio solutions or create market opportunities.

Conclusion

A digital environment can create an exciting and meaningful online experience. Everything is digital. Information is available on demand. And fulfillment is fast and efficient. It is all about putting convenience at the heart of improving both customer and employee interactions using digital technology and digitized business processes.

Let us help you in your transformation journey. Check out Managed Services: The Fast Lane to Digital Transformation to learn more.

 

Mike Penn

Mike Penn joined Magna5 as Senior Content Developer. His role is to bring to life stories that inspire or inject clarity in how managed services and emerging trends can be applied to help organizations operate better and more efficiently.

recent blog posts

June 17, 2021
Cybersecurity For Your Organization’s Webinars: Proactive Steps To Take Now

Webinars are not immune to cyber attacks. Here are steps you can take to prevent cyber attacks from occurring during webinars.

June 11, 2021
Top 6 Disaster Recovery Planning Mistakes Businesses Make

Developing a disaster recovery plan is essential to protecting your business from the unexpected. But many businesses fail to account for critical areas during their planning …

June 10, 2021
Defusing a Cyberbully: 5 Tips to Protect Your Reputation

Cyberbullying is growing … but you can fight back. Here are five tips to protect your business reputation and brand while keeping cyber trolls at bay.

May 27, 2021

What Does a Digital Business Look Like?

If you fail to embrace change, there’s every chance customers will fail to embrace you. 

 

Digital transformation creates fundamental changes in how businesses operate and deliver value to customers. Some of the many benefits include:

  • Boosting customer experiences with omnichannel communications, self-service features, online purchasing and engaging customers through any device such as apps, websites, mobile phones and social channels.
  • Capturing data insights from customer interactions to better understand individual needs, buying cycles, price points or simply cultivating relationships to build awareness and loyalty.
  • Enhancing collaboration with distributed employees using digital conferencing tools to work cross-functionally in bringing different perspectives together to solve complex problems holistically.
  • Bringing solutions to market faster by automatically gathering billing, pricing and product combinations from various administration systems to deliver the right solution at the right time.

The idea behind becoming a digital business is setting organizations apart by unlocking efficiencies and simplifying the way organizations engage with customers.

Let’s look at what a digital business might look like for an insurance company.

Digital Transformation in Action

Today’s digital-savvy insurance customers and distributors expect on-demand service and functionality with experiences like their other day-to-day interactions. That means moving from paper forms, manual underwriting and month-long policy processing to convenient self-service tools, personalized product offerings, electronic submission and automated fulfillment.

Doing this requires an insurance company to adopt digital technology and automated business processes across the enterprise. A digital platform enables real-time data exchange between multiple layers of interaction, such as a user interaction layer, a data analytics layer and a product layer. Integrated together, users can be more responsive and work efficiently. Here are some examples.

TRANSFORM – Bringing digital sophistication to the front-end.

Using digital applications and automation, insurance advisors and salespeople can eliminate errors and produce In Good Order (IGO) submissions the first time, every time. Digital applications run through an automated underwriting engine, which streamlines processing and shortens the sales cycle for a better overall experience.

TRANSFORM – Integrating administration and product development systems.

On the back end, automated straight-through processing speeds the transaction cycle by eliminating manual intervention and hands-on data re-entry. Claims, which used to take months to process, are managed faster. A simplified digital product portfolio makes it easier to personalize product offerings that match individual needs. A digital environment helps prototype, develop and rapidly deliver new products to market faster as demand changes.

TRANSFORM – Changing the way users work and interact with customers.

An end-to-end digital experience begins with meeting customers where they want to be met … through an app, a website, a mobile device or other online channels. Each engagement channel becomes a sales lead opportunity, where employees can proactively advise or cross-sell within one overall digital platform. Customers can manage their accounts online in a central place and use self-serve tools to enroll or adjust their portfolio. This is made possible by integrating a wide range of data systems in different locations into a centralized digital platform.

TRANSFORM – Improving data access through information hubs.

Powerful digital information portals help plan sponsors, plan participants and advisors access information when and where they need it. Plan sponsors can tract participant activities and help them set goals or manage their plan objectives. Plan participants can interact directly online to open accounts, seek advice or track goals. And advisors can access a dashboard to view clients’ entire financial picture so they can recommend IRAs, annuities or additional insurance protection.

TRANSFORM – Guiding customers using smart intelligence.

Business intelligence tools help build customer relationships and boost productivity. These smart tools make it easier to capture and track thousands of customer conversations, emails and phone calls. Insight from this data opens the door to offer personalized solutions or develop new ones based on what is learned from the exchanges. By digitizing operations of each phase of a digital experience (sometimes called the customer journey), advisors can recommend portfolio consolidations, investment reallocation or new solutions to meet life-event changes.

TRANSFORM – Bringing products to market faster.

Using digital tools, automation and analytical capabilities, users can bundle solutions tailored to each customer’s situation in real-time. A digital platform allows multiple systems to talk to each other, enabling users to pull internal and external data about customers to customize products. Outside partners and third-party administrators collaborating with insurance companies can “plug and play” their platforms with the insurance company’s digital platform to help offer complementary portfolio solutions or create market opportunities.

Conclusion

A digital environment can create an exciting and meaningful online experience. Everything is digital. Information is available on demand. And fulfillment is fast and efficient. It is all about putting convenience at the heart of improving both customer and employee interactions using digital technology and digitized business processes.

Let us help you in your transformation journey. Check out Managed Services: The Fast Lane to Digital Transformation to learn more.

 

Mike Penn

Mike Penn joined Magna5 as Senior Content Developer. His role is to bring to life stories that inspire or inject clarity in how managed services and emerging trends can be applied to help organizations operate better and more efficiently.

recent blog posts

June 17, 2021
Cybersecurity For Your Organization’s Webinars: Proactive Steps To Take Now

Webinars are not immune to cyber attacks. Here are steps you can take to prevent cyber attacks from occurring during webinars.

June 11, 2021
Top 6 Disaster Recovery Planning Mistakes Businesses Make

Developing a disaster recovery plan is essential to protecting your business from the unexpected. But many businesses fail to account for critical areas during their planning …

June 10, 2021
Defusing a Cyberbully: 5 Tips to Protect Your Reputation

Cyberbullying is growing … but you can fight back. Here are five tips to protect your business reputation and brand while keeping cyber trolls at bay.

you might also like

Blogs

September 17, 2020
SD-WAN: Be an Enabler to Support a Remote Workforce

It has been six months since the global health crisis invoked government-mandated “shelter-in-place.” Yet many organizations that scrambled to standup hundreds of work-from-home offices are…

Blogs

September 3, 2020
Proactive Network Monitoring: Know What’s Happening on Your Network 24/7

“I’m about to go ballistic! Our SLAs are falling short. We’re experiencing more frequent network downtime. Our vendor is monitoring and sending us alerts but…

Blogs

August 27, 2020
A Devoted Partner: What Makes a Managed Services Provider Trustworthy?

Do you have a trust deficit with your existing managed IT services provider? Are you confident they are taking care of your network? Is juggling…

Blogs

August 13, 2020
Data Backup and Recovery: Confidently Retrieve Data in Any Disruptive Situation

Driving Responsiveness – Agility Series (Part Four)   Recognize this? “Jason is the kind of guy who’s always in a state of readiness. He likes…

Blogs

August 6, 2020
SD-WAN: Improving Network Uptime and Performance

Recently, the Enterprise Networking Magazine’s editorial board selected Magna5 as one of its Top 10 SD-WAN Solution Providers for 2020. The magazine evaluates and selects…

Blogs

August 6, 2020
Endpoint Security: Get an Edge in Securing Remote Workers

Driving Responsiveness – Agility Series (Part Three)   By default, playing it safe during a downturn can hurt your chances to thrive in a stronger…

Blogs

July 30, 2020
Cloud Managed Networks: Build Resilience to Prepare for the Unexpected

Driving Responsiveness – Agility Series (Part Two) During a business downturn, it is important to go beyond just surviving and position your organization as a…

Blogs

July 23, 2020
Unified Communications: Become Nimble When Facing Challenges During a Lockdown

Driving Responsiveness – Agility Series (Part One) Rather than tapping the brakes during the COVID-19 business lockdowns, many organizations are accelerating growth by reaching out…

Blogs

July 16, 2020
Endpoint Security: Cyber Protection for the Remote Workforce Era

It has been open season for cyber threat actors targeting organizations’ endpoints during the COVID-19 epidemic. With a large percentage of employees now working from…

Blogs

July 2, 2020
Contact Centers: Own the CX with the Right Tools to Be Memorable

By 2025, contact centers will morph into experience hubs and how they perform will be placed more clearly within the context of the overall performance…

Blogs

June 25, 2020
Microsoft 365: Safeguard Your Data from Unwanted Access

Every day, cyber criminals bombard networks with phishing emails or social engineering enticing users to give up confidential information. Examples include trying to trick you…

Blogs

June 18, 2020
Network Monitoring: It’s Time for Your Distributed Workers to Thrive

With the rise of the remote worker operating model, it doesn’t take long to discover that a distributed workforce depends upon high network performance and…

Blogs

June 11, 2020
Data Backup Protection: Safeguarding Your Last Line of Defense from Cyber Attacks

It is bad enough that cyber criminals relentlessly breach organizations’ networks with malware and ransomware to hold their data hostage. Now they are going a…

Blogs

April 16, 2020
Endpoint Security: Six Essentials to Protect Endpoints from Breaches

Hackers are leveraging ransomware and other malware through phishing lures, malware distribution and domain registration tied to COVID-19. Common themes include scamming, brand impersonation, blackmail…

Blogs

March 5, 2020
Public Health Crisis: Six Ways to Improve Your IT Network to Empower Remote Workers to Be Productive

The ripple effect of a major global health crisis can have a profound impact on organizational operations. As we’ve seen with the recent coronavirus outbreak,…

Blogs

February 6, 2020
IT Monitoring & Management: Top 4 Benefits

IT monitoring and management services offer organizations a way to improve security and network uptime without burdening internal IT teams. In this post, we’ll review…

Blogs

January 30, 2020
SD-WAN in Healthcare: A New Threshold for Network Uptime and Performance

SD-WAN in healthcare is changing how hospitals, medical offices and clinics care for patients. Here are four ways healthcare organizations are reaping the rewards. SD-WAN…

Blogs

January 16, 2020
Unified Communications and SD-WAN in Healthcare: Synchronize Collaboration Across Multiple Locations

Federally Qualified Health Centers are community-based health care providers who provide a vital link to primary and preventive healthcare services in underserved communities. Dependable communications…

Blogs

October 31, 2019
Rapid Response: A Checklist Every Disaster Recovery Plan Should Cover

We’ve heard the saying: “Expect the unexpected.” But do businesses really take it seriously? Last October, weathermen cautioned residents in the Dallas area of pending…

Blogs

October 17, 2019
Be Cyber Smart: Cybersecurity Essentials to Protect Your Network

In our last two blog posts, we discussed how to “OWN IT” and “SECURE IT.” Today, continuing our National Cybersecurity Awareness Month series, Be Cyber…

Blogs

September 19, 2019
New National Number Portability (NNP) Ruling Will Allow Number Porting Without Geographic Restrictions

The Federal Communications Commission (FCC) is working on final rules to enable true national number portability on a nationwide basis.  When implemented, it will enable complete national number porting…

Blogs

September 12, 2019
Telecom Fraud Is Exploding: Take These Steps To Avert An Attack

Imagine getting to work and seeing an invoice from your voice provider that your company ran up a $122,000 phone bill in a single weekend!…

Videos

Managed Security: Protect Data from Emerging Threats

By 2021, a new business will be victimized by ransomware every 11 seconds. Even with strong security controls in place, your organization still has a…

Blogs

August 1, 2019
What is Toll-Free Least Cost Routing?

Toll-free least cost routing helps organizations find the best path between caller and destination at the lowest available cost. Here’s why it matters.   Toll-Free…

Blogs

July 2, 2019
SD-WAN: 3 Ways Your Business Can Deploy

SD-WAN with Magna5 offers three popular deployment models to fit the needs of your organization – on-premises, hybrid and cloud application. Software-Defined WAN (SD-WAN) is…

Blogs

June 27, 2019
Disaster Recovery & Business Continuity: 8 Steps Every Midsize Business Needs to Follow

Roughly 40-60% of midsize businesses never reopen after a disaster. But, with the right disaster recovery and business continuity plan in place, the damage can…

Blogs

June 13, 2019
Multi-layered Security: Eliminating Threats with Managed Security Services

Over the past five years, security breaches have increased by 67%, according to Accenture’s global survey. Traditional security is in trouble. As threat actors deploy…

Blogs

June 6, 2019
Developing an effective IT monitoring strategy that protects your business uptime

An effective IT monitoring and management strategy helps organizations protect precious uptime to eliminate downtime situations. Every company’s network and server structure are different. Some…

Blogs

May 23, 2019
SD-WAN vs Managed SD-WAN: Which One is Right for Your Business?

SD-WAN is revolutionizing networking by improving how businesses connect. But before hopping on the SD-WAN train, you need to decide whether you want to manage…

Blogs

May 9, 2019
Five Ways Managed SD-WAN Helps Healthcare Providers Improve Telehealth Connections

Healthcare providers are finally hopping on the managed SD-WAN train – and telehealth is driving it. In this post, we’ll look at five ways s…

Blogs

April 25, 2019
One Spoof Too Many … New National Protocol System to Prevent Illegal Caller ID Disguising

If you’ve ever seen your area code on the caller ID, only to be greeted by a pre-recorded voice message promising to erase your credit…

Blogs

April 18, 2019
Managed SD-WAN: You have the questions, we have the answers

SD-WAN is the new buzz word these days. Do you fully understand how it can positively impact your business? Managed SD-WAN can bring benefits and…

Blogs

April 11, 2019
The Main Benefits of Cloud Managed Network Explained 

As you see in the video, sometimes network complexity can make you want to go back to the antiquated days of pen and paper. However,…

Blogs

March 14, 2019
SD-WAN: A No Brainer for Unified Communications

Deliver high quality voice and application performance over SD-WAN for your employees, nationwide. Organizations utilize Unified Communications to bridge the gap between multiple locations and…

Blogs

March 13, 2019
Data Retention Policies – A Lifesaver to Avoid Costly Litigation

Every organization is liable for the information it keeps. In a data-driven world, company records and information are everywhere … in servers, in storage, on…

Blogs

February 21, 2019
Traditional WAN vs. Software-Defined WAN

Traditional WAN is out of date. SD-WAN can make your network agile and efficient with the cloud.  Almost every IT and business leader today is…

Blogs

January 24, 2019
Meeting Business Challenges with SD-WAN

Simplify your branch office network with optimized application performance using SD-WAN Today’s enterprise IT has become more sophisticated and bandwidth intensive, creating a complex and…

Blogs

January 10, 2019
4 Key Takeaways from the Ponemon Cloud Security Study

Companies are increasingly moving IT workloads to the cloud, but are they doing it at the risk of exposing themselves to a data breach? Multiple…

Blogs

January 3, 2019
All Clouds are Not Created Equal

Lots of companies are moving IT workloads to the public cloud, but is this the right strategy for your business? I’m sure you’re aware by…

Blogs

December 27, 2018
Eliminating Data Disasters with Data Backup in the Cloud

Disasters hit every organization sooner or later. The cloud, combined with reliable partners, makes recovering from disasters easier than ever before. Disasters have a tendency…

Blogs

July 26, 2018
Solving Enterprise Communication Issues with UCaaS

Simplify your Enterprise communications with Unified Communications as a Service (UCaaS) in the cloud. Enterprise businesses are constantly struggling with communication challenges. Traditionally, business phone…

Blogs

July 12, 2018
Are your Business Communications Secure? Ensure Security with These Standards.

Secured business communications mean better connections to your customers. UCaaS (Unified Communications) ensures your security with features like encryption, business continuity, and 24/7/365 support. Security…

Blogs

June 21, 2018
Making the switch to a Cloud Contact Center

Improve customer satisfaction and the customer experience with a hosted UC and Cloud Contact Center solution. One of the many exciting things happening at Magna5…

Blogs

June 14, 2018
Magna5 Now Provides Cloud Managed Network

Managing your network can be hard, but it doesn’t have to be – that’s why Magna5 now offers Cloud Managed Network. Experience feature-rich benefits and…

White Papers

A Beginner’s Guide To NOC Monitoring and Management

Reduce Costs, Increase Uptime and Improve Performance A network operations center (NOC) is the heart of an IT managed services provider – monitoring, managing and responding…

Blogs

May 31, 2018
Make Collaboration the Heart of Employee Communications with Cloud UC

Enhance collaboration to increase productivity and save money Being able to easily connect with your customers, vendors, and fellow employees is key. Without it, employees…

Blogs

April 19, 2018
Internet Service and Business Communications

What is SD-WAN? Combined with UCaaS, it’s the future for small businesses in 2018 Unified communications, delivered as a service (UCaaS) from the cloud, is…

White Papers

Should You Implement Disaster Recovery In The Cloud?

A fast, flexible data recovery system not only saves thousands – it could save your business. Business Data Loss can be the result of anything…

Blogs

March 28, 2018
Liberate your business with Cloud Unified Communications & Collaboration

Businesses today either evolve or get left behind. We see organizations of all sizes that were once successful, now losing customers because they have not…

Blogs

February 27, 2018
Reliable IT Monitoring and Management: The Benefits of a Fully Managed Solution

As business pushes the limits of IT availability, productivity and efficiency, the importance of reliable IT operations continues to be apparent. Small- and medium-sized organizations…

Talk to a Technical Expert

Interested in finding a Managed Service Provider for your network needs?
Would you like to find out more information about Magna5? Whatever your need, reach out!