Automation in insurance is the future

Digital transformation is essential for firms in the insurance industry to improve service.
colleagues in a meeting looking at a tablet

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.

man explaining a form at work

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.

How can digital transformation affect insurance firms

The insurance industry is transformed as companies use technological solutions to simplify and streamline processes. It is clear to see why they are doing so too, with many benefits on offer.

  • Organise claims processing procedures

    Organise claims processing procedures

    Within insurance firms, it is essential that claims and associated documents are handled securely. Enterprise Content Management ensures that this is the case whilst also helping to add clearer definitions to the way the company handles documentation. In particular, a search function rapidly becomes indispensable as it allows for professionals in customer service or other areas such as claims handlers or underwriters, to access all relevant documentation in just a few clicks.

    Organise claims processing procedures
    Organise claims processing procedures

    Enterprise Content Management can ensure documents are handled securely.

  • Streamline business with third parties

    Streamline business with third parties

    In the insurance industry it is frequent for companies to work alongside third-party suppliers to handle certain parts of the process. Optimisation tools enable the procedure to be simplified and digitalised to make it a smooth process. For example, the on-boarding of new customers and contracts can be converted into one an easy task by providing a united digital platform for all employees to work together and ensure that they are all on the same page.

    Streamline business with third parties
    Streamline business with third parties

    Communication between the company and third-party suppliers can be improved through optimisation tools.

  • Make compliance easy

    Make compliance easy

    Insurance advisors being up to date and compliant with the required certifications and board registrations is one of the most important factors to keep in mind for any insurance firm and can be automated easily by optimisation tools, reducing the risk of fines or penalties for the company. The platform automatically detects expiry dates and can issue notification reminders to ensure that all professionals and administration teams are fully aware of what is needed and when to avoid any costly mistakes.

    Make compliance easy
    Make compliance easy

    Compliance in insurance firms can be automated easily by optimisation tools.

colleagues working on laptop

The Future of Content Management

The way that companies manage their content is beginning to change. Companies must keep up.

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