In a strategic initiative to enhance customer experience, elevate operations, and drive growth, HAI Group embarked on a comprehensive journey in 2023 to transition from an outdated core insurance system to a cutting-edge enterprise full-suite insurance platform provided by OneShield—an industry leader in tailored business solutions for property and casualty insurers.
The platform's dynamic implementation process is in full swing, with plans to kick off the inaugural phase of a multi-stage release plan in 2024, according to HAI Group COO and CFO Troy LePage.
"Our commitment to delivering an elevated standard of service to policyholders is underscored by our investment in this new and powerful platform," he said.
Behind the scenes at HAI Group, stakeholders are diligently configuring the platform to maximize benefits for policyholders. In a recent episode of the PropertyCasualty360 podcast, LePage spoke with Leah English, senior vice president at OneShield, about HAI Group's experience searching for and implementing its new core insurance platform.
Listen to the full podcast here: Innovating Insurance - The Tech-Driven Evolution of HAI Group & The Power of Partnership | PropertyCasualty360
Highlights from the conversation
Motivated by HAI Group's member-focused mission.
Regarding what inspired HAI Group to search for a new core insurance platform, LePage referenced how HAI Group—the nation's largest provider of public and affordable housing insurance—is a member-owned carrier.
"As I think about technology and how it fits into our strategy, that member-owned aspect is really important to us," LePage explained. The adoption of new technology allows HAI Group to "ensure we're maximizing our resources to the benefit of our members," he added.
He described HAI Group's old core platform as "homegrown" and filled with inefficiencies and workarounds that became part of the process. Users have no choice but to spend valuable time on administratively burdensome tasks.
"Our technology should be enabling us and allowing our underwriters and claims handlers and finance professionals to work on the things that really matter and not some of those administrative tasks that we firmly believe technology should and could be able to handle," LePage said.
Narrowing down solutions (with help)
LePage said HAI Group initially identified dozens of potential platform providers and opted to work with a consultant to help narrow down the "daunting" list.
The consultant helped HAI Group grasp the product landscape and understand the players in the industry. For example, some insurance technology companies develop platforms for specific insurance industry segments. LePage said the goal was to remove candidates who didn't specialize in HAI Group's core commercial property and general liability offerings.
A large group of HAI Group employees were heavily involved in the platform selection process to create buy-in from those who regularly use it. LePage said that employees spent several days demoing the products once the decision was narrowed down to three platform providers.
Involving too many people in such a complicated process can risk decisiveness, LePage added, but in HAI Group's case, the decision to select OneShield's platform solution was "near unanimous."
Finding the perfect match
Part of the search process was finding a platform provider that fit HAI Group's culture well.
"It can take years to implement a core software," LePage said. "You need a group of people you can easily work with, where there's a culture fit."
When employees were demoing potential platforms, they also had the opportunity to get to know the teams that would be working with them directly in the years to come.
Configurability over customizability
Part of the selection process was finding a platform solution configurable to HAI Group's unique needs in the habitational space.
"We needed something we could configure to meet those needs instead of something that needed coding and customization changes," LePage said. "Everyone says they can do everything, but what is the cost associated with that? What does that mean?"
English echoed LePage's sentiment.
"Determining things that we can and can't solve is important in the process," she said.
Lessons learned throughout the process
LePage shared this advice to other insurers when considering technology upgrades:
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Partner with someone who understands your business and your needs.
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Ensure you're ready to invest the time and resources in a potentially lengthy process.
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Don't rush the decision-making process.
A final word on insurance technology
LePage said there's a lot to be excited about regarding technology in insurance.
"[Insurance technology] seemed to be left behind in the last decade or so as other industries took advantage of [new] tech," he said. "But now [insurance technology] is catching up and people are solving problems we didn't think we had."
HAI Group will continue to evaluate emerging technology, including artificial intelligence (AI), to find new ways to improve the customer experience, he said.
Listen to the full podcast here: Innovating Insurance - The Tech-Driven Evolution of HAI Group & The Power of Partnership | PropertyCasualty360
