Insurance Service Providers Eye Digitalization and Process Automation to Bolster Future Business Plans | Quantzig's Recent Article Reveals Why
Quantzig, a leader in delivering scalable analytics solutions and data science services, today announced the completion of its recent article that offers comprehensive insights on the benefits of insurance process automation.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200626005486/en/
Digital analytics solutions that combine AI, NLP, and other technologies play a pivotal role in expanding the boundaries of digitalization and process automation.
Insurance, unlike the other industries, is a data-rich industry with new information sources growing exponentially. The rapid influx of data can offer new opportunities to improve process efficiency and offer super-fast claims payments if analyzed accurately. To sustain a leading-edge, insurers are now upping their game in terms of technology adoption an process automation.
However, legacy systems remain a significant hurdle to overcome. The challenge is not necessarily the lack of an appetite for change, but the insistent role of legacy systems in the current processes. While FinTech firms have little to prevent them from harnessing new technologies, existing insurance service providers must find solutions to overhaul their traditional systems and fragmented processes.
Increase your commercial success with smarter strategies, advanced analytics, and actionable insights. Request a FREE proposal for expert insights and personalized recommendations.
In our recent article, we examine the key benefits associated with digitalization and insurance process automation. As insurers prepare themselves to adapt to the new normal, insights such as these will help them identify areas to extract maximum value by leveraging analytics in insurance process automation.
Faster claims processing
In the insurance sector, claims processing is often classified as the 'moment of truth' since insurance service providers are mostly judged on their promise to pay. When customers experience a loss, they often look for support in terms of fast and frequent updates on the status of their claim. Digitalization and insurance process automation can help meet these demands.
Enhanced customer experience
Customers are now more inclined towards digital interactions and expect insurers to expand traditional channels of communication with intuitive self-service options. Based on our analysis, digitalization and insurance process automation can provide an easy solution to this problem, helping insurance service providers to reinvent processes while offering high customer service levels.
Lack of C-suite support, vision, and necessary skill sets to implement a digitized process environment can curtail the ability to drive change through insurance process automation. Contact us to learn how we can help you.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal