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Emerging technology crucial for insurers to compete

The insurance sector can reap substantial results right away from new business process management technologies which streamline systems and improve accuracy and customer service, Stelvio Australia says.

GM Yannick Giguère says the insurance industry is already reaping “incredible benefits” from emerging technologies such as artificial intelligence and machine learning, and many of the technologies once thought to be out of reach, such as automation, are now well within the means of most organisations.

“Implementing these new and emerging technologies will be increasingly crucial to an insurance business’s ability to compete,” he says.

“If businesses aren’t prepared to cope with increased throughput, then the growth they’re seeing could quickly become their downfall. However, if managed well, this growth period presents massive opportunities for insurance firms to modernise, streamline operations, and set the business up for long-term success.”

Technology can improve processes for insurers in four ways, Stelvio says: streamlining once-manual processes, improving quoting operations, modernising the damage capture process, and enhancing the overall customer experience.

Many new technology solutions include automation capabilities which turn repetitive, labour-intensive manual tasks into streamlined processes that don’t require human intervention, freeing staff for more customer-centric activities while increasing speed and accuracy.

The quoting process can leverage smart technologies, and use a standard quoting format to make assessing easier.

Damage capture solutions with built-in visual mechanisms guide the customer to collect the correct information and reduce the risk of errors that can result in costly rework, and by using technology to simplify the claims process through workflow allocation, automated communications, and follow up, Stelvio says customers will experience a more satisfactory and efficient claims process.

Mr Giguère says using the right technology solutions can deliver exceptional return on investment.

“Harnessing the power of automation through targeted digital programs is the first step in providing a smoother and more accurate process for customers,” he said.