The Value Of Digital Transformation In Insurance Companies

Posted by Andrew D'Arcy on Oct 4, 2019 10:09:00 AM
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The modern consumer expects to use technology across all of the services that they access, including access via their devices. The industry, in turn, has had to respond to the increasingly digitized marketplace. The improvements that can be gained via embracing digital transformation are ample. Firstly, insurance companies can benefit from employing process automation for the critical operations of their company. 

Insurance - Business Concept. Button on Modern Computer Keyboard. 3D Render.

Robotic process automation 

One result of digital transformation, that’s emerged in the last few years, is the adoption of Robotic Process Automation (RPA). The technology is now being used within many insurance companies. RPA is a virtual soft-ware employee which can function to coordinate company systems. The technology in place serves to exist on top of an insurance company’s system, as opposed to actually modifying it. 

The artificial intelligence associated with RPA can be used to access the systems in the same way that an employee would; essentially mimicking a staff member. An RPA can be programed to manage processes end to end and alert a human staff member in certain instances when required.

Process automation 

Besides RPA, digitalization can more generally automate the processes within an insurance company. For instance, via the uploading or downloading of insurance documents digitally, or using cloud technology and apps to track and make claims online. In addition to this, by utilizing cloud computing technologies, you can use, for example, cloud workflow software to automate your approval workflows and more. 

Cloud computing for insurance companies

As many businesses make their moves to the cloud, insurers won’t want to get left behind! Doing so arrives with many welcome benefits. Let’s delve into some of the other ways that cloud technology can improve the operations of insurance companies. 

1. Risk mitigation 

Cloud computing can allow insurance companies to lessen risks within their operations and to improve risk management overall. Within the insurance industry, cloud technology can help you to assess and manage risks associated with fraud. The cloud allows a business to integrate all risk associated data, from loss events to risk control assessments, all on one platform. Doing so will enable the company to access a better picture of the risks in question or to monitor any IT related breaches. When operating within the cloud, it’s possible to, monitor recovery opportunities associated with a claims process; report or measure risk-based capital; or use analytics to drive company sales. Generally speaking, the improved software of the cloud can ensure that risk modelling is further sophisticated and so efficiency will be improved. 

2. Reduce your costs 

The improvements in efficiency that both RPA and cloud computing provide are cost-effective too. When operations are improved in productivity time is saved and consequently so is money. Cloud technology does not involve up-front expenses, and so it is achievable and inexpensive due to this. A business can move virtually everything to the cloud from analytics to data collection and archiving; which can save on IT costs elsewhere. Start-up companies in particular can benefit from using the cloud; it’s easier to get a foot in the door or to enter new markets with such cost-effective solutions! 

3. Enhance your marketing 

The cloud is highly collaborative and allows a company to integrate customer data, email and marketing. With features like these, businesses get an improved customer service experience and drive the marketing campaigns of the organization overall. 

With cloud technologies, businesses allow themselves the experience of multichannel interactions. With such unification, you can gather real-time responses or leads and enhance your customer service and growth.

The cloud is untied to one geographical location or time zone, so information can always be available to the customers as and when they need it. When enterprises tap into the most advanced levels of customer experience, they’ll soon gain an edge over their competitors. 

4. Human capital

Human capital can be defined as the value of a worker’s skills and experience. You can classify it using assets such as training, intelligence, education, skills, loyalty or productivity. Adopting digitization and cloud computing can allow employees to leverage their human capital more effectively.  With automated processes and technology; staff members have the high-level tech that they need to contribute more value to their role. As well as this, employees will waste less time on low-value tasks which can now be automated.

5. Improved Quality 

Adopting cloud technology, and embracing digital transformations, can work to improve the overall quality of the service that a business provides. In the insurance world, for instance, companies can improve their quality by the use of ‘self-serving dashboards’. Implementing these will allow partners or customers to get an overview of policies, maturity, prices and payment dates. If insurance companies enable customers to upload their own images and documents seamlessly, the entire quality of the service will increase. Quality is often judged by the customer as how quickly that they achieve their desired outcome. The process of digitization allows companies to offer a speedy service that’s also top quality in its processes. 

6. Information management systems 

Information management platforms are specifically designed to drive the quality of communications and to protect client interactions. It’s simple and effortless to manage all client and customer interactions within such an intelligent cloud-based platform.

Guest post from FutureVault

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