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@injala
Contact us to help take control of risk with real-time views of your Holdings. Risk Management Information System 360, RMIS|360™, is Injala’s vision for total risk management software that was created with one goal in mind: to completely eliminate manual administration in risk management.
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Certificate of Insurance tracking software automates the insurance verification process for insurance carriers, requestors, and insureds. COI tracking software and compliance management solutions will help you mitigate insurance risk and communications. Call Now! 1.877.668.7835
Injala 100 Decker Ct, Irving, Texas, TEXAS, 75062
WrapPortal Wrap-up insurance software is an advanced, web-based solution for sponsors, brokers, administrators, and contractors to manage their OCIP and CCIP wrap-up programs. It is customizable, secure, and scalable, with easy-to-use interfaces.
Risk Management Information System 360, RMIS|360™, is Injala’s vision for total risk management software that was created with one goal in mind: to completely eliminate manual administration in risk management. That's revolutionary.
Insurance Intermediaries and the Technology Revolution: To be or Not to be.
Should the Insurance Intermediaries play a waiting game or join the digital revolution party?
The insurance industry is undergoing an unprecedented transformation that is fueled by a digital revolution in the business and social environment. This demands a fundamental shift in the operating and business model being traditionally followed by the industry for ages. Insurance intermediaries play a vital role in the customer relationship lifecycle and acts as a front-office for the insurance industry. Without a doubt, insurance intermediaries will be impacted by this growing digitization in the industry.
We believe that the revolution in insurance technology could be an opportunity or threat to you, depending on how you approach the business environment. We dissect this further as highlighted in the diagram below.
Agents and Brokers can decide their way forward by answering the following three questions:
A. Can they afford to be the 'Weakest link in the insurance value chain'?
Clearly, No. In the new world of high speed, digitized business process and data flow, insurance agents and brokers cannot afford to be the bottleneck. The insurance ecosystem is aggressively adopting new technology through custom developed software, management systems or third party platform providers. If insurance intermediaries do not keep up, it risks irrelevancy as customers and other participants in the insurance value chain are bound to find alternatives.
B. Can they act as a catalyst to unlock the next wave of strategic growth for the industry?
Many of the digital business models require close collaboration between entities. Insurance intermediaries act as a nodal point for customers, insurers and even reinsurers. They can use this to their advantage by leading the way ahead. For example - can the new technology work with organizations such as ACORD to define the standards for exchange of sensitive data? Can it 'host' a blockchain that will be consumed by various insurers and reinsurers?
C. Can this be an opportunity to create new revenue streams?
The risk environment of tomorrow will be characterized by two themes:
a) New Risks. For example, climate change or renewable energy.
b) New methods to control risks. For example, driverless cars or water leak detectors.
Both can be excellent growth opportunities for insurance intermediaries. They can combine their risk management expertise with advanced technology to analyze new risks for their customers, as well as advise them on how to manage them.
Insurance intermediaries are a critical component of the industry. They have flourished so far because they have been able to lead the risk management lifecycle for their clients. The credit also goes to the fact that insurers/reinsurers do not have enough touchpoints with their insureds, hence are dependent on the intermediaries to understand customer needs and sell products. The rapid digitization in the industry is changing this. Insurance intermediaries will obviously have to improve the value proposition of risk advisory services to protect their position in the industry. But beyond that, they should evolve by proactively pursuing the growth opportunities presented by the digital wave in the industry. It remains to be seen how they respond.
Insurance intermediaries are a critical component of the industry. They have flourished so far because they have been able to lead the risk management lifecycle for their clients. Read more @injala.com
Outsourcing – A Business Strategy
Should I outsource, and how much should I outsource? Your response to the question may well make a difference to your company’s market competitiveness, standing and sustainability. While the article enlists compelling reasons for IT outsourcing in an increasingly digital world, making the decision a no-brainer, it also highlights the risks that one should consider while making the commitment.
One of the most strategic decision that CEO and CIOs need to undertake is about if, what and how much to outsource their IT development. Outsourcing could be one of the key levers for enterprises to gain competitive advantage, besides influencing P&L outcomes. Traditional theories preach that voluminous and non-critical business tasks are the best, and only, candidates to outsource. However, the growing need to adopt to digital trends are forcing companies to be open minded and undertake a holistic approach for outsourcing.
Top 5 reasons to consider Outsourcing
The following represents some of the compelling reasons for outsourced development:
1. Time-to-market:
Most of the industries are now supported by mature product companies offering well-engineered off-the-shelf software and scalable service models. Companies can tap into these options available in the market and drastically reduce the time for market of new business systems and thus support their business more efficiently.
2. Industry Best Practices:
Many outsourcing solution providers invest heavily in researching on industry standards and best practices, and embedding them into their software. Through outsourcing, companies can adopt to these practices and remain competitive.
3. Innovation:
The pace of digitization in the market demands companies to continually innovate and adopt to new business models. Outsourcing provides companies access to technology, skills and intellectual capital that can help it to quickly respond to the digitization needs of the business and remain at the cutting edge.
4. Cost Efficiencies:
In-house development requires extensive investments in technology, infrastructure and people. A mature outsourcing market allows access to inexpensive business solutions deliver cost efficiently – for example, through Cloud.
5. Focus on Core Competency:
Outsourcing allows companies to remain focused on its core business competencies and avoid any compromises on management bandwidth. It can look at external vendors with the right expertise to deliver it the business-enabling tools, while focusing on what it does best: Conduct business.
There is little doubt that forward-looking enterprises should consider outsourcing as a business strategic. However, there is a need to weigh these benefits against possible shortcomings of outsourcing and define an appropriate mitigation strategy. The following represents some of the best practices that companies have adopted and have been successful in their outsourcing programs.
A careful consideration of the business environment, risks and benefits will help companies to arrive at the right outsourcing strategy. A strategic vision, a clearly articulated business case and a well-defined risk mitigation plan are the right ingredients for successful outsourcing.
Last but not the least, enterprises should not ignore the ‘softer’ aspects of outsourcing. An equal emphasis on relationship management and strategic alignment with vendors will go a long way in developing a successful outsourcing program.
Outsourcing – To be or Not to be?
Your response to this question may well make a difference to your company’s market competitiveness, standing and sustainability. This article enlists top five advantages of both the models (outsourcing and in-house development) that one should consider before making any commitment.
One of the most strategic decision that CEO and CIOs need to undertake is about if, what and how much to outsource. Outsourcing could be one of the key levers for enterprises to gain competitive advantage, besides influencing P&L outcomes. However, there is a need to weigh these benefits against possible shortcomings of outsourcing as well as advantages that an in-house development model brings. So, to be or not to be? To best analyze the opportunities, it is essential to reflect upon the following factors modern leaders should consider when deciding whether to outsource or do in-house development.
For Outsourced development:
The following represents some of the compelling reasons for outsourced development:
1. Time-to-market:
Most of the industries are now supported by mature product companies offering well-engineered off-the-shelf software and scalable service models. Companies can tap into these options available in the market and drastically reduce the time for market of new business systems and thus support their business more efficiently.
2. Industry Best Practices:
Many outsourcing solution providers invest heavily in researching on industry standards and best practices, and embedding them into their software. Through outsourcing, companies can adopt to these practices and remain competitive
3. Innovation:
The pace of digitization in the market demands companies to continually innovate and adopt to new business models. Outsourcing provides companies access to technology and intellectual capital that can help it to quickly respond to the digitization needs of the business and remain at the cutting edge.
4. Cost Efficiencies:
In-house development requires extensive investments in technology, infrastructure and people. A mature outsourcing market allows access to inexpensive business solutions deliver cost efficiently – for example, through Cloud
5. Focus on Core Competency:
Outsourcing allows companies to remain focused on its core business competencies and avoid any compromises on management bandwidth. It can look at external vendors with the right expertise to deliver it the business-enabling tools while focusing on what it does best: Conduct business.
For In-House development:
The following represents some of the key advantages for in-house development:
1. Custom Fitment:
In-house development allows for creation of a unique and bespoke system that can align exactly as per company’s brand positioning, business need and IT strategy. The in-house software team works with the business users and other stakeholders, to develop a tailored system incorporating exactly or most of the direction provided to them.
2. Seamless:
In-house development model allows the company to have direct access to the development team. There is a relationship between the development team and the user base which helps establish delivery expectations. This mitigates any risk of miscommunication and avoids budget and schedule over-runs because of rework.
3. Control:
Company retains the control over the pace and direction of the software based on the business dynamics. It also has a control of the business and customer data, which poses significant business risks if a company outsources to an external agency which has access to this sensitive asset
4. Ownership:
In-house development allows companies to have complete ownership of the final product and its source code. It retains the knowledge gained while developing the software and has an absolute influence over the roadmap of the solution that can be aligned to future business strategies.
5. Government Regulations:
Globally, there is an outsourcing backlash and governments are working overtime to build regulations that will continually make it difficult for companies to outsource. In-house development allows companies to avoid any business impact of such regulations.
So, what’s the answer to the question – To be or not to be? Most business leaders will say “Somewhere in between”. Traditional theories preach that voluminous and non-critical business tasks are the best, and only, candidates to outsource. However, the growing need to adopt to digital trends are forcing companies to be open minded and undertake a holistic approach for outsourcing. A careful consideration of the business environment, regulatory conditions and cost benefits will help companies to arrive at the right outsourcing strategy.
Role of Technology in the Future of Insurance
Five insurance technology trends that is reshaping the industry
The insurance industry is entering into an era of major advancements in technology that will translate into an exponential rate of disruptive transformation. Insurance companies are increasingly finding themselves getting into a technology race in the marketplace. They realize that how well they adopt insurance technology software and innovate using it will be the single most differentiating factor. And the ones who do not start implementing this as their business practice, might soon face 'the Kodak moment'. Fueling the disruption in insurance is a digital revolution in the surrounding business and social environment.
Here are five highlighted trends that underscore the role and importance of technology in the insurance industry.
1. Mr. Algorithm is the new Insurance board member
An insurance company of the future will embed smart algorithms across its business processes. Decisions will be made in a fraction of a second based on analyzing huge sets of structured and unstructured data across a variety of internal and external sources. Advanced analytics technology will virtually form the backbone of insurance companies enabling them to better understand customer behavior, price and underwriting risks accurately, control fraud, predict losses and expeditiously settle claims.
2. 'Internet of Things' and Disruption in Insurance: Makes Sense
The insurance industry of the future will be known more for its role in risk avoidance rather than loss indemnification, thanks to the rapidly growing adoption of 'Internet of Things'. Real-time streaming data about customer’s risk behavior will enable insurance companies to price risks more accurately and dynamically. They will be able to gain deep insights for designing innovative products and services. This technology also provides an excellent opportunity for insurance brokers and agents to elevate today’s low-engagement relationship that it has with its customers to a true partnership
3. The blur between Men and Machines
As Artificial Intelligence Technology matures to deliver human-like interactions, it can fundamentally change the cost and efficiency basis for insurance companies. It can also simplify interaction with some of the complex insurance processes and technology that exists today. But looking beyond, it can combine business context with intelligence to not only deliver a delightful customer experience, but improve an insurance company’s ability to advise its customers, cross-sell/up-sell products, settle claims straight-through and/or deliver a range of new services.
4. Smart Insurance Contracts for Smarter Business Models
We envision that Smart contracts will become mainstream in the insurance industry by the end of 2020. This self-governing and self-executing business model, enabled by Blockchain, will replace today’s inefficient business processes and subjective assessment of insurance clauses. Insurance with parametric triggers, such as a weather based product, are perfect candidates to go the Blockchain way. A third party index can trigger transactions from an existing custom developed software or management systems. The industry has already seen implementations in the area of Travel insurance and Catastrophe bond payments.
5. A Borderless Insurance Enterprise
As Insurance companies induct the next generation of talent(s), they will have to transform the workplace and reposition itself as an on-demand organization. They need to look beyond the traditional labor market and virtualize part of their workplace in order to meet their skill demands. A seamless integration with partners will also be essential, if not more. New age collaboration platforms and management systems will offer a means to achieve this goal. Many insurance organizations are already tapping into platforms like WeGoLook which acts as an 'Uber of Inspections' that can dispatch experts to conduct auto and property risk inspections or for claims. And this trend is bound to grow.
If you are an insurance company or an insurance broker and if you are not in the cutting edge of technology, you are not standing still, you are actually moving backwards.
Injala has been on the forefront in delivering forward looking business solutions for the insurance industry leveraging our unique product range and expertise in custom software development and management systems
Injala provides insurance software solutions for insurance agents, brokers, risk managers, carriers, contractors, and administrators. insurance software solution has a scope from customer relationship to business process management. LeadSquared Insurance CRM, helping them better. Call us to learn more at (877) 668-7835.
Texas Based Insurance Technology Company Revolutionizes Risk Management.
Spending a good deal of his childhood at his father’s insurance agency, Hyder Naqvi grew up understanding the inner workings of the insurance business. So, after earning accolades in technology and software development and a degree in Computer Science, he founded a web and software company called Nourtek Solutions (rebranded as Injala), and his own insurance agency as well. But it wasn’t until graduate school when he invited fellow MBA student James Pitcher to join his company that a refined Injala mission began to emerge.
Frustrated that the insurance industry was mired in outdated, inefficient processes and had fallen significantly behind other industries that had already deployed technological innovation and automation, they saw an unparalleled opportunity. Combining Naqvi’s insurance knowledge and programming skills with Pitcher’s process-simplification and communication capabilities, they made it their mission to completely eliminate the manual processes from risk management administration.
In its quest to transform the insurance industry, the company and its 100+ employees have developed a suite of industry-first, patented, process-automation software products called RMIS|360™ (Risk Management Information System 360) which provides a comprehensive approach to insurance process management.
Developed in synergistic partnerships with some of the largest and most respected firms in the insurance industry, RMIS|360 includes SAAS solutions for wrap management, contractor prequalification, policy administration, claims administration, safety and loss prevention, payroll, contractor compliance and valuable data analytics. The products are engineered to work seamlessly to automate and deliver the core operations of an insurance company and feature cutting edge technologies like blockchain to provide indisputable insurance certification, artificial intelligence to automate data entry, and direct object detection to remotely capture and analyze on-site safety and loss efforts.
RMIS|360 (Risk Management Information System 360) also gathers data across the product suite and provides analytical tools so companies can make more informed decisions and to operate better risk management software programs.
“People are impressed with the amount of time and cost savings our products provide. But what really amazes them is the power of the analytics,” stated Hyder Naqvi, company CEO. “There is nothing on the market like RMIS|360.”
To commemorate its status as the leading disruptor in insurance technology, the company recently announced the transformation of its brand to better reflect expanding operations around the world. In August, Nourtek was rebranded as “Injala®,” a company dedicated to reimagining risk management from the ground up.
“The name Injala literally means ‘insurance network.’ The solutions we currently offer and those we are developing are revolutionizing the industry and building the insurance network of the future,” said Naqvi.
Taking a cue from the success of the network orchestration-based expansion model of runaway successes like Airbnb, Yelp, and Uber, the company will soon launch its Asuretify® product, which creates a trusted network for COI (certificate of insurance) verification.
“Our vision is timely and achievable. Our team draws on talent from several continents and is passionate about creating and implementing something that is wholly innovative. Rarely does the opportunity to be part of an industry-altering revolution come along, and we are thrilled to be the leader in an industry in desperate need of transformation,” said Naqvi.
Injala Senior management includes CEO Naqvi, James Pitcher, who serves as the company’s president, and Phillips Electronics/Silicon Valley veteran Rajeev Varshneya , who serves as COO.
Injala is the leading disruptor in insurance technology, providing web-based insurance software solutions that are transforming risk management. For more information, visit www.injala.com.
Certificate of Insurance tracking software automates the insurance verification process for insurance carriers, requestors, and insureds. COI tracking software and compliance management solutions will help you mitigate insurance risk and communications. Schedule a demo to learn more
We believe great people make a great company! We hire people who bring more to the table than a resume. Passionate transformers, creative problem-solvers, and outside-the-box thinkers. If this sounds like you, then we’d love to hear from you
Injala is the leading disruptor in the insurance industry, providing software technology solutions that are creating a transformational evolution in risk management. Injala is a company that is as innovative as its technology solutions. Contacts us to learn more at @injala.com
So, what’s the answer to the question – To be or not to be? Most business leaders will say “Somewhere in between”. Traditional theories preach those voluminous and non-critical business tasks are the best, and only, candidates to outsource. For more information read the full story now.
Should I outsource, and how much should I outsource? This article enlists compelling reasons for IT outsourcing in an increasingly digital world, making the decision a no-brainer, it also highlights the risks that one should consider while making the commitment. Check out this tutorial.
Technology is critical in today's business world. In the insurance industry, technology is playing a major role in simplifying and automating wrap-up insurance administration. Read the full story now!