Staying competitive with document automation

Document automation eliminates the laborious process of copying a document and manually editing key information to create a new document. The automated process of creating documents uses simple coding to pull information about customers, order details and other stored data into templates to generate individualized documents. (Photo: thodonal/Adobe Stock)

As the insurtech movement advances, traditional insurance companies are under pressure to compete with digital disruptors — startups that enter the field with digital-first solutions. Innovative insurance companies large and small are responding to the insurtech revolution’s new model with their own investments in online processes, from insurance policy platforms accessible via smartphone to the use of AI, blockchain and predictive pricing analytics.

Fortunately, traditional insurance providers can make digital strides without replacing their entire business models and, in some respects, have important advantages startups don’t. Established providers have the benefit of history, long-standing client relationships, mature processes and extensive data, which can serve them well in the transition to a digital business model. Automation can effectively digitize core processes and workflows that are currently done manually.