According to a report by McKinsey & Company, though insurance providers are dramatically increasing their use of digital tools and technologies, many of the most significant opportunities to take advantage of these developments remain untapped.
To make the most of these technological advances, insurance providers need to increase their reliance on digital tools. Among the the questions they should ask themselves:
- “What are the current needs of our customers and intermediaries – and what are their pain points?”
- “What new opportunities could be captured through the use of a digital strategy?”
- “What is the gap between our current capabilities, and what we could achieve through the use of a digital strategy?”
- “Can we re-evaluate and evolve our digital strategy when the need arises?”
For companies looking to go digital, the ideal solution is to outsource their needs to a reliable provider of an automated insurance workflow. Such a workflow lets companies eliminate the need to physically transfer documents from person to person, reduce human error, enforce required approval processes, maintain version control and comply with regulations, all while increasing efficiencies and reducing expenses.
What’s more, by outsourcing workflow needs to a provider with a dedication to evolving technology, companies can quickly change and improve their digital strategy without the expense of hardware, software or employee training.