Many insurers today are embarking on a digital journey so they can deliver a more consistent and personalized service experience to their customers and partners. But sometimes, modernization of core insurance systems is not enough. Some of the most common reasons why insurers do not achieve the desired productivity gains and true straight-through-processing (STP) are:
- Inefficient operating models: Specialists manually manage all core and non-core tasks in individual, siloed business units.
- Processing Physical Documents: Paper intensive processes using different templates and versions such as Claims & Proposals, Payroll and Investigation Reports, all with hand written information that require processing.
- Multiple Communication Channels: Long conversations over email, chat and telephone that are not stored in core systems or integrated into processing of claims.