The insurance industry is one which is more than accustomed to working on pen and paper with huge storage centres full of documentation from cases, claims and applications. Increasingly, as the world moves on to new and innovative technologies, this is beginning to change.
Yet, many businesses remain seemingly lost as to what steps to take to begin their journey along this path. Such a project involves the introduction of the latest technologies into the processes of the company, helping to find new ways to streamline procedures and offer a new or improved service to customers.
By taking documentation and administrative tasks to a digital level, insurance firms will rapidly see the impact that such investments can have not only on their costs and profits, but also on their customer satisfaction ratings. Revolutionising traditional insurance practices such as underwriting can be a big jump for companies to make, but it proves to be the right one. With a clear return on investment and providing a foundation for sustainable long-term growth and development, optimisation solutions are a crucial part of any insurance company’s planning as they look towards the future.
One of the biggest challenges that insurance businesses can face is the basis of antiquated underwriting practices within the industry. The days of professionals being stuck in their ways writing down complicated calculations using pen and paper are gradually belonging to the past, with the arrival of digital transformation serving to accelerate that transition more than ever before. Businesses have found that as many as 80% of claims can be underwritten by automated technological solutions, cutting down the workload of expensive and valuable staff to allow them to focus on what they are best at doing.
The technology also provides exciting new opportunities for insurance firms to improve their customer service, a key factor for retaining and attracting new clients. This can be achieved by allowing frontline staff to immediately locate and track down relevant documentation and information, rather than searching through files and folders looking for the appropriate document before consulting a client on their case.
These two examples reflect just some of the ways in which insurance companies can streamline processes and cut costs whilst also boosting profitability with a more efficient customer service offering for clients. With all this in mind, it is clear that the return on investment for firms that are considering putting funds into such a plan is an investment, which warrants the commitment of the business to propel it onto the next level of productivity and effective operations.