Automated hand on a keyboard. Insurers are following other tech-enabled companies and leveraging automation as a blueprint for unlocking new efficiencies. (Photo: Shutterstock)

Competitive market pressures and growing customer expectations are increasingly challenging the insurance industry to innovate its processes or be left behind. Despite this, many insurers are still relying on outdated, manual processes to handle claims and process data that naturally flows through their organizations. This results in delays, errors, customer frustration and other issues that can impede growth.

Part of the reason for holding on to traditional methods is that modernization not only requires technical investments but also a new way of thinking. In addition, many firms are dealing with a legacy tech stack that has been cobbled together over several decades.

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