For years, the insurance industry has struggled to keep up with stacks of paperwork on executives’ desks. It is no longer a feasible model for insurers to manually review, copy and scan documents. Manual processing is equally ineffective at retaining customers, whose experience suffers when information is inaccurate and wait times drag. (Credit: Nicolas Herrbach/Adobe Stock) For years, the insurance industry has struggled to keep up with stacks of paperwork on executives’ desks. It is no longer a feasible model for insurers to manually review, copy and scan documents. Manual processing is equally ineffective at retaining customers, whose experience suffers when information is inaccurate and wait times drag. (Credit: Nicolas Herrbach/Adobe Stock)

To make data-driven decisions, insurers must keep up with rapid data generation. The sheer volume of information insurance companies collect from their policyholders continues to increase, leaving insurance professionals overwhelmed. This might be why: On average, insurance companies only review 60% of the data they need to underwrite policies. Bain & Company reports that the other 40% is never collected or the collection process occurs too late. As a result, less-digitized insurance providers are facing fraud risks, losing customers to their competitors and missing out on more efficient ways to leverage their data.

There is, however, a solution: digital transformation.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.