Enhancing Efficiency and Compliance: The Crucial Role of Content Management in the Insurance Industry

The Data Explosion Challenge

In today’s data-driven insurance ecosystem, carriers are struggling to manage an overwhelming amount of digital content policies, claims data, communications, and regulatory documentation. According to Statista, enterprises generate more than 120 zettabytes of data annually, and this figure is expected to hit 181 zettabytes by 2025.

For insurers, this growth represents both an opportunity and a challenge. Effective content management has become the cornerstone of operational efficiency, compliance, and customer satisfaction. The AIIM 2023 State of Intelligent Information Management Report emphasizes that more organizations are adopting advanced content systems as the complexity of managing information continues to rise.

The Growing Reliance on Digital Content

A 2023 Gartner survey revealed that 53 percent of executives invest in technology to improve operational excellence, while 45 percent focus on enhancing customer experience. The message is clear efficiency and customer-centricity now define competitiveness.

The IMARC Group further reports that the BFSI sector accounts for the largest share of the enterprise content management (ECM) market, and yet legacy systems continue to hold many insurers back. These outdated systems not only increase operational costs but also limit scalability, compliance, and innovation.

The EY Global Insurance Outlook 2024 reinforces the urgency of this transformation, stating that improving trust and transparency is vital for insurers to manage competitive pressures, regulatory scrutiny, and investor expectations.

Challenges Hindering Insurance Transformation

Despite their efforts to modernize, insurers face several key roadblocks that restrict efficiency and innovation.

1. Legacy Systems
   Maintaining outdated content systems consumes enormous IT budgets up to 70 percent of total technology spending, according to PwC. These systems lack agility and cannot keep pace with regulatory and operational demands.

2. Scalability
   As per IDC and Seagate, 80 percent of global data will be unstructured by 2025. Legacy ECM platforms struggle to manage this data diversity, limiting scalability and performance.

3. Rising Customer Expectations
   Policyholders today demand real-time, personalized, and transparent interactions. McKinsey reports that improving customer experience can lead to 2–7 percent higher sales revenue and 1–2 percent higher profitability.

4. Integration Complexity
   A PwC study revealed that 41 percent of insurers lack the tools needed to manage compliance and risk effectively. Integrating modern technologies with old systems is often cumbersome, while Gartner projects that manual data integration tasks will reduce by 30 percent by 2026 through AI-enabled data fabric approaches.

Collectively, these challenges highlight the need for a unified, intelligent content management system that streamlines operations, ensures compliance, and enhances customer experience.

Building Success Stories with Content Management

Leading insurers are already realizing the benefits of next-generation content management. Three use cases illustrate its tangible impact.

Use Case 1: Streamlining Claims Processing

Challenge:
Manual, disjointed claims processes result in delays, higher costs, and frustrated customers.

Solution:
Implementing a unified content management system centralizes data, automates workflows, and digitizes claim documentation.

Benefits:

• Faster claims turnaround and improved transparency.
• Fewer errors through automated validation.
• Better visibility for all stakeholders.

Example:
A U.S.-based Fortune 500 insurer implemented Newgen’s Contextual Content Services Platform, digitizing their claims department and significantly improving speed and customer satisfaction.

Use Case 2: Ensuring Regulatory Compliance

Challenge:
Insurers face constant pressure to adhere to evolving global and regional regulations. Manual compliance tracking is inefficient and risky.

Solution:
Deploying automated content management tools enables real-time version control, audit readiness, and compliance monitoring.

Benefits:

• Reduced risk of regulatory breaches.
• Simplified audit processes.
• Proactive adaptation to policy changes.

Example:
A large U.S.-based annuities provider used Newgen’s digital policy servicing platform, developed in partnership with Infosys, to improve turnaround times and maintain compliance seamlessly across channels.

Use Case 3: Enhancing Customer Communications

Challenge:
Traditional communication channels fail to engage today’s digitally savvy policyholders.

Solution:
Integrating modern content management solutions with customer communication management (CCM) tools allows insurers to automate, personalize, and distribute policy-related communication efficiently.

Benefits:

• Personalized and timely customer engagement.
• Streamlined policy renewals and notifications.
• Improved customer loyalty and retention.

Example:
A leading Indian insurer deployed Newgen’s Omnichannel Customer Engagement Suite, eliminating communication bottlenecks and achieving significant improvements in customer satisfaction and operational visibility.

Empowering Insurance Operations with Newgen and Duck Creek

Together, Newgen Software and Duck Creek Technologies enable insurers to modernize core systems while addressing the pressing needs of efficiency, compliance, and scalability.

Joint Value Proposition

• Enhanced Efficiency: Centralized content management streamlines workflows across underwriting, policy servicing, and claims.
• Regulatory Compliance: Automated governance ensures data accuracy and audit readiness.
• Customer Experience: Seamless omnichannel communication enhances engagement and satisfaction.
• Operational Scalability: Cloud-ready architecture supports high volumes of digital content with agility and resilience.
• Seamless Integration: Newgen’s API-driven framework ensures compatibility with Duck Creek OnDemand and other enterprise systems.

By combining Duck Creek’s core insurance platform with Newgen’s content services and automation capabilities, insurers can unlock new levels of efficiency and compliance while delivering contextual, real-time customer experiences.

The Strategic Impact

The collaboration between Newgen and Duck Creek redefines how insurers handle content. Together, they help organizations:

• Reduce process complexity and operational costs.
• Improve first-time-right outcomes in claims and underwriting.
• Strengthen compliance posture with real-time reporting.
• Enable faster product launches through low-code agility.
• Foster innovation without disrupting existing systems.

This synergy empowers insurers to confidently navigate regulatory demands, manage exponential data growth, and deliver superior experiences in a digital-first era.

Harnessing the Future with Intelligent Content Management

Content management is now a strategic function, not just an operational one. With the integration of Newgen’s Contextual Content Services and Duck Creek OnDemand, insurers can achieve:

• End-to-end automation of core insurance processes.
• Proactive compliance and audit readiness.
• Personalized, omnichannel engagement.
• Improved agility to respond to market shifts and customer needs.

As digital transformation accelerates, the partnership between Newgen and Duck Creek positions insurers for long-term success enabling them to operate efficiently, comply confidently, and serve customers intelligently.

About Newgen

Newgen Software is a global provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML capabilities.

Enterprises worldwide rely on Newgen’s low-code platform to build content-centric applications for key operations such as onboarding, servicing, claims, and underwriting.