There has been increased emphasis on customer experience (CX) within the insurance industry over the previous couple of years, and therefore the pandemic has only heightened the necessity to deal with how inefficient internal processes can negatively impact CX, as highlighted in ABBYY’s new whitepaper on insurance innovation and intelligent automation.
With many moving to a hybrid work model, it’s become vital for insurers to require a step back and implement strategic initiatives to enhance internal processes throughout the policy and claims lifecycles.
A big a part of improving these processes involves enhanced understanding and utilization of knowledge , as many insurers are still learning the way to store, access and use the info they need from both internal and external sources.
Data provides underwriters, adjusters, and customer service teams with the knowledge needed to personalize communication and make accurate decisions about claims and policies faster.
With analytics and algorithms, insurers can anticipate client needs and predict future behaviors.
Increasing accessibility through intelligent document processing (IDP) is additionally key.
This technology allows the industry to know data contained in both structured and unstructured documents.
Eileen Potter (pictured), solution marketing leader for insurance at ABBYY spoke to Insurance Business about the trend of traditional insurers adopting behaviors started by insurtechs.
“Customers aren’t just looking from one insurer to a different when comparing customer experience, they’re basing their decision on every digital interaction they need ,” she said.
Although the utilization of emerging technologies, like low code/no code is prevalent, AI (AI) and machine learning (ML) have seen greater adoption over the last year.
Top insurers agree that the utilization of AI and ML are priorities for firms this year, consistent with ABBYY’s whitepaper.
Potter also noted that insurance companies are still leaning towards a rip and replace strategy with reference to their legacy systems without considering the necessity to reinforce existing systems with other technology.
“You got to check out legacy as less of an albatross and more of an asset,” she explained.
“You have the legacy data, the experience, and trust from a customer standpoint as they appear to the brands they know.”
Considering the impact that brand recognition and client trust wear policy retention, it might benefit insurers to shift their mindset towards creating an ecosystem that works with legacy systems to form the simplest use of existing data.
“When it involves system transformation, it should be less of an IT project and more about creating business solutions,” Potter added.
Taking a step back to seem at the processing lifecycle as an entire and figuring the way to make the policy and claims process faster may be a balancing act.
It’s vital to seem at technology as an enabler instead of a fast fix to reinforce speed.
Insurers should be considering what processes are manual, and where the blind spots are to reinforce optimization.
Before adopting new technology and shifting to digital processes, insurers got to check out the intricacies of the method itself, instead of throwing tech into the combination with the hopes processing will become smoother.
“You think robotic process automation (RPA) could help with repetitive tasks, but RPA isn’t a sensible technology so if it’s repeating tasks that are wiped out the incorrect order then its only helping to form mistakes faster, instead of making workflow better,” Potter noted.
“Successful strategic decisions about your processes are supported considering what you would like to try to to to unravel your business challenges, not just an inventory of software capabilities,” she added.
“Speed and agility are critical parts of this equation, along side building a culture which will enable your organization to repeatedly adapt because the market changes.”
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