Insurers are increasingly turning to insurtech providers in order to bridge the gap between internal processes and suppliers, Stelvio Australia’s GM Yannick Giguère says.

Understanding how to best connect insurers, suppliers, and customers “can be elusive,” and effective technology solutions are available that can bridge the gap.

“By sharing information more freely between all parties, tasks can be completed quicker and to a higher standard,” Mr Giguère said.

“Creating an interconnected digital ecosystem across internal departments and supplier networks through a collaborative ecosystem can remove the barriers to increased efficiency. This ecosystem is central to the success of insurance firms that handle multiple suppliers on a regular basis.”

Stelvio says savvy insurtech providers must take an overarching view of the claim lifecycle – taking steps to understand not only the needs of insurers but also suppliers and customers – to deliver solutions that encourage a smooth collaborative process for all parties.

"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 a multitude of industries.”

Creating a connected hub of suppliers can help keep claims deadlines on track, which increases efficiency, lowers unnecessary costs, and provides an even greater customer experience.

Stelvio powers the cloud-based workflow management platform of EstImage, based in North Sydney, which helps insurance assessors and repairers working for insurers streamline their work processes.

It says sharing real-time information – from quoting costs to customer data and company updates – ensures insurers and suppliers can function to their full capacity, increasing efficiency.

A collaboration hub can also audit actual information sent and received between parties to help insurers track and monitor key metrics throughout the claim lifecycle which can be used to benchmark and manage both insurer processes and supplier performance.

“Investing in collaborative ecosystems can help streamline company practices across internal departments and with external suppliers, while also increasing efficiency and reducing business costs,” Stelvio said.