Business Reporter BrandVoice: Customer Experience Is The Driver Of Insurance Success, But Automation Is The Engine (Video)

Insurers work to mitigate costs and risks, while savvy consumers demand faster service, increased transparency and greater control over the products they purchase and The ability to deliver on this begins with data – the critical “step zero” of any business process.

Insurers today succeed or fail based on how they process and use data to make swifter and smarter business decisions. Yet the insurance industry continues to struggle with the first mile of data processing, partly because that information is unstructured and enters an organisation in various ways, such as online portals, PDFs uploaded to an email, or physical documents.

Leading insurance companies are already using these innovative solutions to automatically classify and extract data from diverse document types, including those that are distorted, handwritten, of low resolution and more. These solutions continue to learn and improve based on the data they’re exposed to, leading to fewer errors and greater automation over time.

One Global 200 insurer we work with receives more than 20 million pages within its life and retirement business alone each year. Relying on people to manually index, route and key the information was unsustainable from a cost and resource perspective, and most importantly, prevented the firm from responding to customers in a timely manner and maintaining a competitive advantage.

By investing in innovative automation technologies, insurance leaders can reimagine workflows and processes and build a new digital assembly line that seamlessly orchestrates work between software and people, based on the needs of the task and the strengths of each. By enabling the free flow of data, insurance companies can increase the quality of their business decisions, build a workforce more prepared to meet the future, and facilitate a performance-driven organisation with superior outcomes.

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