The insurance sector is one of the most competitive ones and continues to face a multitude of challenges. Dwindling customer loyalty, delayed claims processing, error-prone underwriting, siloed processes, and inefficient fraud management pose major roadblocks for insurance companies. These rising challenges and disruptive technologies have made it very important for insurers to devise new strategies and integrate the right solutions.
As stated by McKinsey, for insurers, technology and the operation teams should function as an interdisciplinary pod, designed to organize the complete customer journey rather than focus on individual transactions.
Here are a few insurance functions that require a digital face-lift:
1. Claims processing
The claims process is an important yet complex aspect for insurers. Insurance leaders should prioritize automating the end-to-end claims customer journey to increase transparency and efficiency in the claim settlement process.
2. Policy underwriting and servicing
Underwriting has been a key focus area for insurers to improve the speed and accuracy of processing policies. The right underlying technology can help eliminate errors, reduce turnaround times, and fast-track policy underwriting and servicing.
3. Customer onboarding
An important part of the onboarding process is the verification of customers seeking to purchase insurance products. A modern customer onboarding solution can digitize end-to-end onboarding and offer a seamless experience. It can also decrease onboarding costs, increase conversion rates, and improve customer experience.
To showcase how the right technology can take you closer to your digital goals, Newgen is participating in InsurTech 2022 – a networking conference focusing on the insurance sector, along with Infosys. Join us on March 07, 2022, from 9:00 a.m. – 6:00 p.m. EST at booth no. 111 to gain more insights on the latest trends, technologies, and solutions to future-proof your insurance firm. Register now for a one-on-one session with us to learn how we can help you strategize and realize your digital goals.