Home » New Blog Categories » Industries » Insurance » Amidst Catastrophic Events

Amidst Catastrophic

Events

Such as 9/11 which resulted in over $43b in economic losses, Hurricane Katrina causing more than $82b in damages, while Cyclone Idai was the most deadly catastrophic event last year killing 1,014 people, no one could have prepared the insurance industry for the current landscape with which insurers find themselves in now during the current crisis.

The industry faced with potentially one of the costliest catastrophic events in history as the global insurance market estimates there will be 11m to 140 billion total losses from the current global pandemic. Fortunately, insurance at its core is designed to withstand this type of risk and much like the large events, insurers will withstand this event as well.

Insurers however are finding themselves in unchartered territory dealing with other 

fallout from the pandemic. What is different about this situation has been the upheaval and disruption caused by the need to move from large brick and mortar with thousands of staff on hand to process thousands of manual processes daily to a largely work from home situation which at first was thought needed to be short lived, now, what seems like an eternity before staff will be allowed to work from the office. At the same time, insurers have seen a drastic increase of transactional volumes requiring knowledge workers to handle increase coverage inquiries, claims and more. It has quickly been made obviously apparent that even though the industry has been preparing and moving forward with their digital transformations, there is still much needed additional technology investments that will need to be made.

Gartner is projecting insurers will be investing 24% more in business automation tools including:

  • Workflow Automation
  • Optimization technologies
  • Robotic Process Automation

You might say to yourself, “my insurance company already have these capabilities within our core system platform” and yes, you may have a wide array of extensive tools at your disposal. It is commonplace where insurers have made large investments to extend their core platforms to attempt to reach these levels of digitization and automation; however, those systems focus on only a portion of the business. 

Often time losing sight of all the ancillary processes surrounding the transactions processed in the core platform. In fact, McKinsey & Company report that 68% of enterprise processes are still manual. The technology often is too complex and lacks visibility into the massive processes; requiring significant development work to extend as it lacks power to address the sophistication in insurance processes.

These changes require insurance leaders to think about how to best address this major paradigm shift. Some of things insurance leaders should be asking themselves:

  • How are your organizations looking to adapt your business strategies to accommodate a new way of working?

  • Are your organizations starting to evaluate these types of tools?

  • What do you anticipate will be your companies approach to address the process challenges you face daily?

PWC reports show that the current environment will continue to place demand on insurers to accelerate their digital transformation strategies. Insurance companies were nimble in deploying remote technology in response to the crisis. But many have delayed investments in additional 

technology (for example, customer data analytics and technology to integrate mobile apps, websites and call centers). It is now evident that an incremental approach to technology adoption won’t be sufficient to help insurance firms thrive in an industry that’s rapidly moving toward virtual operations.

See how these Industry leaders, analyst firms and large consulting agencies agree that insurers are taking movements forward.

• Recent work from home challenges identify need to change operational procedures – Multiple Insurers

• 95% of insurers are moving forward with technology plans & investments – Strategy Meet Actions

• As insurance firms adapt to maturing markets and economic turbulence, in the long run their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success – Deloitte

Automation tools have proven methods to help insurers prepare for virtual future. Accelerating toward digital, evolving the operational model and helping the workforce adapt to the ever-changing environment. The impact these business automation tools will have on the insurance industry are game changing. Greater visibility & Prioritization, Reduction of Manual Intensive processes while enhancing the customer experience are among just a few.

Is your organization posed to begin a path forward in the new normal?

REQUORDIT’s Insurance team are your process experts looking to help you align, prioritize and achieve these goals.

Contact us to learn more!

Ruth Fisk

Ruth Fisk

has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
cloudocr 01

is an easy and affordable OCR Software for business – automate manual data capture and validation through an our cloud OCR solution. Be processing documents

Read More »
ancora 01 1

is an OCR platform that classifies documents and enables data extraction and validation and sends the data and files downstream for processing to a workflow

Read More »

Solutions

discover 01

Insurance Solutions

Insurance is inundated with highly complex processes. REQUORDIT can help you maximize the potential of your team by helping automate many of the repetitive manual tasks across the insurance organization.

Webinar

webinar 01

OnBase Viewpoint Integration for AP

From your Viewpoint screen, easily access key information like purchase orders, drawings, invoices, and more.

AMIDST CATASTROPHIC

Events

Such as 9/11 which resulted in over $43b in economic losses, Hurricane Katrina causing more than $82b in damages, while Cyclone Idai was the most deadly catastrophic event last year killing 1,014 people, no one could have prepared the insurance industry for the current landscape with which insurers find themselves in now during the current crisis.

The industry faced with potentially one of the costliest catastrophic events in history as the global insurance market estimates there will be 11m to 140 billion total losses from the current global pandemic. Fortunately, insurance at its core is designed to withstand this type of risk and much like the large events, insurers will withstand this event as well.

Insurers however are finding themselves in unchartered territory dealing with other fallout from the pandemic. What is different about this situation has been the upheaval and disruption caused by the need to move from large brick and mortar with thousands of staff on hand to process thousands of manual processes daily to a largely work from home situation which at first was thought needed to be short lived, now, what seems like an eternity before staff will be allowed to work from the office. At the same time, insurers have seen a drastic increase of transactional volumes requiring knowledge workers to handle increase coverage inquiries, claims and more. It has quickly been made obviously apparent that even though the industry has been preparing and moving forward with their digital transformations, there is still much needed additional technology investments that will need to be made.

Gartner is projecting insurers will be investing 24% more in business automation tools including:

  • Workflow Automation
  • Optimization technologies
  • Robotic Process Automation

You might say to yourself, “my insurance company already have these capabilities within our core system platform” and yes, you may have a wide array of extensive tools at your disposal. It is commonplace where insurers have made large investments to extend their core platforms to attempt to reach these levels of digitization and automation; however, those systems focus on only a portion of the business.

Often time losing sight of all the ancillary processes surrounding the transactions processed in the core platform. In fact, McKinsey & Company report that 68% of enterprise processes are still manual. The technology often is too complex and lacks visibility into the massive processes; requiring significant development work to extend as it lacks power to address the sophistication in insurance processes.

These changes require insurance leaders to think about how to best address this major paradigm shift. Some of things insurance leaders should be asking themselves:

  • How are your organizations looking to adapt your business strategies to accommodate a new way of working?

  • Are your organizations starting to evaluate these types of tools?

  • What do you anticipate will be your companies approach to address the process challenges you face daily?

PWC reports show that the current environment will continue to place demand on insurers to accelerate their digital transformation strategies. Insurance companies were nimble in deploying remote technology in response to the crisis. But many have delayed investments in additional technology (for example, customer data analytics and technology to integrate mobile apps, websites and call centers). It is now evident that an incremental approach to technology adoption won’t be sufficient to help insurance firms thrive in an industry that’s rapidly moving toward virtual operations.

See how these Industry leaders, analyst firms and large consulting agencies agree that insurers are taking movements forward.

• Recent work from home challenges identify need to change operational procedures – Multiple Insurers

• 95% of insurers are moving forward with technology plans & investments – Strategy Meet Actions

• As insurance firms adapt to maturing markets and economic turbulence, in the long run their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success – Deloitte

Automation tools have proven methods to help insurers prepare for virtual future. Accelerating toward digital, evolving the operational model and helping the workforce adapt to the ever-changing environment. The impact these business automation tools will have on the insurance industry are game changing. Greater visibility & Prioritization, Reduction of Manual Intensive processes while enhancing the customer experience are among just a few.

Is your organization posed to begin a path forward in the new normal?

REQUORDIT’s Insurance team are your process experts looking to help you align, prioritize and achieve these goals.

Contact us to learn more!

Ruth Fisk

Ruth Fisk

has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
cloudocr 01

is an easy and affordable OCR Software for business – automate manual data capture and validation through an our cloud OCR solution. Be processing documents

Read More »
ancora 01 1

is an OCR platform that classifies documents and enables data extraction and validation and sends the data and files downstream for processing to a workflow

Read More »

Solutions

discover 01

Insurance Solutions

Insurance is inundated with highly complex processes. REQUORDIT can help you maximize the potential of your team by helping automate many of the repetitive manual tasks across the insurance organization.

Webinar

webinar 01

OnBase Viewpoint Integration for AP

From your Viewpoint screen, easily access key information like purchase orders, drawings, invoices, and more.