How important is it to insurance companies to leverage investments in document generation and technology?
According to Gartner analyst, Kimberly Harris-Ferrante, “Leveraging these technology and service alternatives for enterprise agility can give insurers get ahead of the competition and stay ahead of market demands.”
During Ferrante’s speech “Insurance 2017: Digitalization Meets Comsumerization” at ACORD LOMA, the following five key tips for modernizing distribution for companies and helping them achieve that competitive advantage were addressed:
Automating business processes beyond the conventional document processing through the use of advanced technologies to help run your business can satisfy the needs of critical business practices.
By applying tools and techniques to enterprise systems, businesses can define, measure and control its document management goals to improve its member correspondence and the overall outcome of customer experience.
Agility provides a business the ability to rapidly adapt to market and environmental changes in productive and cost-effective ways. This is a key principle that will provide insurance companies processing claims with organizational agility to achieve success.
By relying on IT business processes to lead and manage selected processes based on performance metrics, companies can better supply specific industry vertical process knowledge that meet their customers’ needs.
“You don’t need cloud to service,” said Ferrante, but it can help loosen up resources and help allocate those resources to provide other tasks.
Developing a digitization strategy aimed at improving operations and customer interactions can help to build a customer-centric business guided by customer intelligence and a keen understanding of the “customer of the future” and driving digitization through the sales channel.