Tackling Automation Challenges in the Insurance Industry
by James Allen
July 8, 2016
A recent “Property Casualty 360 News” article addresses two important issues: how automation and workflow are among the biggest challenges the modern insurance industry faces today and how new technologies can improve business process management. Insurance providers in general have been reluctant to implement new workflow technology and software, which involve adapting to change. How to alter this scenario? The author states: “The first steps are to embrace document management software (DMS) and to make it readily accessible and usable for every employee—not just those in the information technology department.”
The article notes that automated solutions are not well integrated within many insurance companies; rather, they exist in organizational silos. I have found this to be true. The author discusses three ways a DMS can help improve a company’s operational efficiency and quality while also helping to advance the insurance industry to a higher level. While all three solutions are very important, I believe the most important step is “going paperless.” The author notes that, “By not taking full advantage of IT solutions, many insurance agencies are still stuck in the era of paper files and physical file rooms. Not only does it take a long time to find client policies or claims documents when digging through a filing cabinet, but it also costs a lot of money for companies to print and store paper documents. Adopting document management software makes it possible for insurance agencies to go paperless at last—thereby cutting costs and improving efficiency.”
If you’re interested in learning more about digitization and the process of developing a roadmap, feel free to visit the Insurance Services page of our website, which offers insights on industry best practices as well as case histories, whitepapers and more.