Think quick: What do you think are the top challenges faced by property and casualty insurance claims officers today?
One answer may surprise you. According to a survey and infographic from Willis Towers Watson, “implementing data capture, metrics and analytics” was the #2 challenge cited. More, a full 72 percent of claim officers ranked it as their top challenge, barely trailing the 76 percent that reported “attracting and retaining top talent” as the #1 issue.
Clearly, data capture is an area that needs resolution in the insurance industry. This sentiment is also supported by the summary results. Fifty-two percent of responding claim officers indicated that they planned to address the data capture challenge by “evaluating and implementing a new technology platform.” Forty-five percent reported that they planned to “increase their use of technology or software solutions.”
What technology is right?
This feedback dovetails with similar trends in the insurance industry. For example, a recent research report, “Digital Innovation in the Insurance Global Market 2017 Analysis and Forecast to 2022,” takes a closer look at the impact of technology to the insurance supply chain, which includes everything from product development to claims management. No stone is left unturned as insurers look to reduce costs, increase efficiency and profit margins.
This report also shows that an increasing number of insurers are investing in technology and striving for growth by developing new business models. However – and this is a big “however” – insurance companies are having a difficult time capitalizing on the transformative power of technology, and many are still struggling to implement the right technologies that align with their business objectives.
In short, the insurance companies recognize the need to overhaul traditional business models and capitalize on the advantages of technology, but in many cases, they simply don’t know where to begin.
Get started with capture solutions
When you combine the two research points – that insurance companies want to do more with technology and need to improve data capture, metrics and analytics – it seems clear that document capture and workflow solutions could be the ideal place to start. These intelligent solutions transform manual, disconnect processes into streamlined workflows that improve any organization’s competitive edge.
This is needed in the insurance industry (as well as financial services) where companies need better ways to eliminate paper-based processes – and the errors, delays and costs that go along with them. For example, the insurance industry still relies on a mix of document types, including paper, PDF or other formats.
They must be processed very carefully, which tends to take a lot of manual effort. For example, with paper documents, employees must scan them into an MFP and then key in details such as file name, customer details, claim information and more. Often these documents must be shared with other departments, which also continues to be a separate step that wastes time or faces potential delays.
Data capture done right
Yet with document capture and workflow solutions, insurance companies can improve their efficiency in capturing and processing documents. With this technology, employees can scan paper documents at any MFP but then use a predetermined workflow to automate the process related to scan settings, file name, target destination. Other details – such as claim number, policy amount and more – can even be extracted and sent to other departments.
All of this helps insurance companies transform paper-based business processes into a faster workflow and better customer experience. For example, document capture and workflow technology helps accelerate processing time, automates time-consuming, error-prone processes and even improves regulatory compliance efforts.
So as insurance companies look to solve their top challenges and pick a single solution to help them improve, document capture and workflow solutions may be the best place to start.