Is there any industry more ready for a digital leap forward than insurance? The business is largely powered by vast and growing volumes of data and the timely, accurate execution of processes and workflows that today involve a lot of human hands.
Large insurers can afford to invest millions in new, intelligent technologies and digital transformation over a period of years. But many smaller and mid-size organizations struggle to transition from manual, paper-based processes to a digital environment, putting them at risk of falling behind and missing out on potential economies of scale.
The good news is that it doesn’t take a massive, multi-million-dollar overhaul to put your business on the path to digital transformation. It starts with identifying a few key areas of opportunity and a relatively modest investment in automation to start generating measurable savings quickly, including:
- Automating highly repetitive, routine middle- and back-office processes like claims processing.
- Accelerating sales, onboarding, pricing and underwriting cycle times.
- Improving connectivity between the home office and field agents to reduce manual paperwork.
- Increasing efficiency and consistency in customer service.
The last area represents what PwC refers to as “the digital prize.” In a survey of 9,000 customers in various insurance lines, PwC found that customers “want the same simplicity and accessibility (from their insurers) they’ve become accustomed to in other sectors.”1
With that in mind, can any competitive insurance firm afford not to leverage automation and digitization? The answer is no—especially when agility, cost cutting and most importantly, delivering the kind of experience customers have come to expect in a digital world are top of mind.
Fortunately, tools like AWD, SS&C’s leading business process management platform, are available to help target strategic priorities, close the digital gap and set the stage for more rapid growth.
Learn more about the forces driving change in the insurance industry, how to close the gap and win the digital prize in our newest article, “Digital Transformation in the Insurance Industry: Are You There?”
1 “Insurance 2020: The digital prize – Taking customer connection to a new level”, PwC