Digitalization of data and workflow processes is more than just making existing data digital, it increases process efficiency, improves data transparency and accuracy, and helps insurance companies make better business decisions.
Until recently, processes that are ripe for streamlining have typically been those that involve a lot of repetitive tasks and movement of forms and paperwork. Advances in technology now mean that even more challenging tasks can be automated.
Creating increased administrative efficiency by integrating workflow tools like the ones Virtual Claims Adjuster offers, automates everything from processing a customer’s initial contact, right through to settlement and invoicing.
These improvements free up staff time to focus on more complex, value-adding activities, including any final decisions that machines can’t make. The metrics available from automating how your work flows can be used in conjunction with machine learning to optimize procedures and spot errors and potential fraud.
Regulatory compliance is a business-critical area that benefits from better administrative efficiency. Digitalization can, for example, create optimal compliance with Lloyd’s of London.
Transforming Legacy Systems
Many agencies are still using outdated and monolithic systems and processes in their workflow. These procedures were filled with endless paper, keying in data from phone interactions with customers, or pulling up PDFs that were filled out by other agents. Adjusters often work with decades old core systems, which, yes, are ticking along just fine, however, they offer very limited functionality.
Optimizing workflows with automation can cut expenses. In some insurance segments, like P&C, insurance carriers have as much as 30 to 40 percent of their expenses locked up in their top 20 to 30 core end-to-end processes, McKinsey estimates. And accessing and sharing information is nothing but frustrating. Transforming legacy workflow procedures even a little bit with the technology offerings available now can result in almost immediate savings.
The market has seen dramatic changes only this past year, and competitors are springing up without a single legacy system – giving them flexibility and a competitive advantage. Analysts are predicting that the difference between falling behind and those who have an edge will be embracing automation and intelligent technologies.
It’s time to begin thinking of how InsureTech can help you resolve claims faster. We can help get you there.