As automation and data collection turn company processes into streamlined and efficient workflows, many insurers are being forced out of their comfort zones to survive. Typically, insurers are slow to make substantial changes to how they operate, yet their value propositions continually evolve as access to data increases. They continue to focus on "near-term" cost reductions to impact current earnings while driving growth and improving customer retention with longer-term projects.
In the report “Insurance breaks the mold: The case for AI, automation, and intelligent workflows,” we examine three themes that are currently taking hold:
- Insurers may be slow-moving, but swift to employ innovation
- Integrating data changes everything
- Creating a better insurance experience becomes essential
Intelligent workflows based on next-generation automation and exponential technologies can be the basis for the insurance operations of the future. They represent an actionable way to integrate change using a value-based approach as the "big idea" connecting processes and data across functional towers. When optimized by the right tooling and technology platforms, the company incorporating these workflows builds value.
The following actions can establish a target state that helps shorten the time to process core insurance work and expedite the transition to enterprise digitization:
- Define a strategy that promotes change based on how processes are actually performed, a.k.a. "process mining."
- Invest in a pro-automation mindset shift, engaging across the organization and ecosystem of partners.
- Utilize a flexible architecture that can adapt to real-time events.
- Have a plan to reskill talent while discovering and enhancing skill sets to work with machines eventually.
- Break the big vision into logical, value-based steps driven by intelligent workflows.
- Think of data as a commodity, basing risk assessments on rich data profiles.
- Collect data as broadly as possible, whether from third-party data-collection firms, social media, industry intelligence, or other sources.
- At the same time, be transparent with customers about your use of their data; earn trust with openness and convenience.
To also learn more about Intelligent workflows in general, download the IBV Study "Automation and the future of work."
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