Insurance carriers looking to create a leaner, more cost-effective insurance cycle should consider digitizing the entire end-to-end cycle, from FNOL to final settlement. (Photo: Shutterstock)
By now, most P&C insurance providers are well aware of the customer experience and efficiency benefits of digitizing their customer-facing processes. Yet partially rather than fully digitized claims processes remain the norm for many carriers, who don't necessarily draw a clear connection between digitizing and the company's fundamental raison d'etre: turning a profit. Failing to sufficiently digitize can lead to significant waste in funds, some of which may not seem obvious.
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