“For decades, insurers have been at the forefront of technology adoption — driven by aspirations to manage risk, acquire new customers and enhance existing customer experiences.” Forbes
…But COVID changed everything! Today, if you are in the C-suite at an insurance company, you could be facing a technological tsunami on the horizon that threatens your competitive superiority. You can no longer rest on the laurels of historical performance.
Insurance Industry Trends
For large, established insurance agencies and enterprises, size and longevity are no guarantee of continued success. Enterprise artificial intelligence (AI) products and the expanding commercialization of the internet are flooding the competitive playing field, disrupting the proprietary operational landscape insurance companies have enjoyed for so long.
These new trends offer significant opportunities for consumers to discover, assess, and purchase insurance to meet their needs on their own. In contrast, legacy insurance software is slower than ever in comparison with complex maintenance updates and processes, and necessary change management to keep up with burdensome regulation, security threats, policy uncertainty and economic growth, not to mention that many of these organizations are experiencing dubious analytics results on stale customer data.
Urgency and Opportunity
McKinsey & Company notes, “Companies that fail to adapt will weaken under the pressure exerted by those that use digital technology [automation] to slash costs and get better returns on their investments. And they will be left floundering once digital’s relentless force ultimately breaches both the industry’s business model and boundaries. Already, in personal auto insurance, we see how sensors fitted in vehicles will be likely to put premiums under pressure as driving becomes safer. And we have only to glance at other industries to understand how, in a world in which data and analytics are king, powerful new digital competitors with large customer bases in their core businesses can rapidly invade new ones.”
Adapt, Automate and Achieve
The key to adapting in a changing insurance market is to automate your process workflows from end-to-end. Implementing solutions that encompass AI and digital technologies such as machine learning, computer vision, fuzzy logic, and natural language can create a “touchless experience” that significantly improves performance and ROI, and reduces operational costs, errors, and delays. Not only will your customers and business partners appreciate the experience, but it will position your organization in a superior competitive posture for the future.
AP Automation and Digital Mailroom Solutions
NEdocs has been working with insurance organizations to implement automated processes in two major operational areas – Accounts Payable and the mailroom – to provide immediate improvements in cost, performance, and customer satisfaction.
Clients apply our technology advancements to their Accounts Payable departments and mailrooms. By digitizing all documents that go to and from customers and vendors through email and postal mail, and automating all policy and claim workflows, the organization manages massive amounts of data securely and more efficiently. They can readily control access to all data and documents, as well as easily run data analytics reports.
For further information about how you can automate your insurance customer and vendor experience, contact us online or speak with a digital automation specialist (603) 625-1171.