Control in Our Lives: A Delusion or a Possibility?
Sapiens Three Cs Blog Article Series– Consistency, Control and Convenience
As the world makes great strides to return to post-COVID normalcy, I’ve been giving a lot of thought to what is the most important lesson I can take away from the last two years. My conclusion: that almost nothing is under our control.
Yes, that’s the primary message I will take with me from COVID-19. Perhaps more importantly, the lesson within the lesson is that most of us will be ok even when things are out of control. We’ll find a way. While the need for control is a natural preoccupation, it’s clear that reality doesn’t always work that way. Just because we go to the gym regularly and commit to a healthy diet and lifestyle, it doesn’t guarantee we’ll live to 100.
COVID-19 has definitely accelerated my adoption of online service providers. My screen time during COVID-19 almost tripled. Because everything is now available online, I can get more things done, and I can follow up on everything from my mobile phone. I can book my long-awaited, well-deserved vacation, I have online yoga classes anytime I want, I can manage my team from home, renew my passport and so much more. To be so productive makes me feel like I’m in control.
So now that we’re returning to routine, does it mean I’ll have to keep up my current pace of juggling double the projects with the help of technology from the comfort of my home? Will I have to return to face-to-face meetings and traffic jams? Where’s the control I thought I had?
Technology – Disruptive or a Source of Control?
So, on one hand, technology helped me gain control during COVID, and on the other, technology is behind the loss of that control. It seems that almost every technology nowadays is a disruptive technology.
Corporations deal with control issues all the time, except they call it risk management. Corporations have begun to allocate more resources to risk management so they can have more control over the flux of data and the different technology systems used, not to mention the delicate balance of leveraging technology’s scalability while remaining human.
Let’s consider an enterprise handling complex processes and procedures such as the insurance market. Their question will be: can we integrate disruptive technology to gain control in an ever-changing complex reality? Technology that will enable us to live alongside any change that comes along, be it COVID-19 or any other black swan event we may face in the future?
Yes, We Can!
Yes, we can integrate technology that will work for us rather than us working for it. They say happiness is not something you find; you create it. In the insurance industry, can we create an insurance platform that will finally empower us to regain the control we require? Yes, we can.
For an insurance platform to enable control over complex processes, it must provide:
- Full life cycle support for handling all claims, whether personal, commercial or business.
- A centralized platform that assures consistency across all divisions, segments, data, and information. A platform that serves as a central repository for all stakeholders involved, providing a 360° view of insurance and reinsurance processes.
- Automated calculations with granular precision while eliminating human error. Processes are streamlined across all relevant teams generating team dedication and ownership over all lines of business.
- Third-party integration so that the whole process is conducted on a single unified platform.
- Efficient tracking of all claims at all levels.
- Automated analytic tools that provide actionable insights.
- A cloud-based platform so that all updates are conducted across the system in real-time.
- One-click access to key information with drill-down capabilities.
- Configurable rules and workflow.
The above features will be necessary if we wish to gain control over complex insurance and reinsurance processes. Read more about modernizing insurance.