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.
Automation at the core
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.