The insurance industry still depends heavily on paper documents – applications, claim forms, loss runs – resulting in labor-intensive processes and frequent delays. Searching for data across disparate files not only slows underwriting and claims but also increases the chance of errors and missed opportunities. These challenges stand in stark contrast to modern customer expectations […]
Processing insurance claims often involves a mountain of paperwork – everything from repair invoices to medical bills – all of which must be typed into a system, verified, and then rechecked. These slow, manual steps frustrate adjusters, delay settlements, and erode policyholder satisfaction. Spending hours keying in data can differentiate between retaining a customer or […]
The Need for change The traditional insurance processes, especially paper-heavy ones, have created burdensome inefficiencies throughout various stages, from underwriting to claims settlements. As the industry shifts towards technological advancements, the demand for faster, more agile systems is on the rise. Lloyds of London has acknowledged these challenges and initiated the digital transformation within the […]
Insurance is an industry that runs on lots of data. Every submission, claim, and policy update generates new streams of information that must be sorted, understood, and stored. In an era where customers expect real-time quotes and swift claim resolutions, manually keying in details or scanning forms is slow and costs an insurer both time […]
Insurers are still overwhelmed with paperwork – encompassing submissions, claims, endorsements, and numerous other documents – all of which require manual data entry and meticulous review. The traditional process is tedious, costly, error-prone, and slow. In fact, manual data entry can lead to error rates of around 1%, which can potentially result in compliance issues […]
What’s stopping insurers from keeping pace with modern technology? At a time when every large industry has gone digital, why is a large part of insurance still heavily reliant on paper-based processes and archaic systems? Today’s insurance industry is at the threshold of revolutionary change. While many sectors have rapidly embraced digital transformation, all the […]
Adapting and excelling in the insurance industry flooded with complex data is mandatory. Today’s job seekers seek companies that leverage technology to improve employee experience. Spending less time on time-consuming tasks helps companies compete for the best talent. Relying solely on traditional methods also manifests in sloppy workflows, a high risk of errors, and an […]