The Digital Insurer – The Strategy for Innovation

Insurance companies have upped their game in terms of technology but legacy systems remain a significant hurdle to overcome. The opportunities have never been greater to harness new digital insurance trends to lower the cost of business, better serve the customer, and offer new products and services.

 

The main challenge for insurance carriers is not necessarily the lack of appetite for that change, but the persistent drag of legacy systems. With new, innovative technologies and service models, existing industry players will find solutions to improve some of their historical and sometimes clunky processes.

 

 

With intelligent insurance business process automation, operational efficiency will increase dramatically. Beyond automating existing processes, there are significant opportunities in using cognitive technologies – such as AI and machine learning to harness Intelligent Automation in document management, claims processing and customer management. Today, most insurers process unstructured data manually even though IA can reduce document delivery times to the back office by 80%. Intelligent Automation can help insurers connect legacy systems, gather external data and automate what were previously manual processes. In fact, one of the major benefits of Intelligent Automation for insurers is in document and data processing.

 

The threat from emerging disruptors is compounding competitive pressures in the industry and claims processing is often described as the "moment of truth" within insurance business processes. With Intelligent Automation, insurers can achieve a 30% reduction in the total cost of the claims journey and a 50% reduction in manual tasks related to claims management. Improved customer satisfaction, easier two way communication, transparency and speed of claim settlement are just a few of the advantages.

 

The SPS approach doesn’t rely on replacing insurance company’s legacy technology, but instead gives insurers tools that allow them to be more agile and fulfill more of their client needs in a very short timeframe, with minimum changes required to existing systems.