Reimagine the history of insurance customers
New insurance background
Enhancing digital capabilities throughout the insurance life cycle is not as complex or challenging as it may seem. A new generation of digital business platforms has enabled insurers to think big, start small and make rapid progress.
Now new disruptive forces are transforming the insurance industry. Challenging market conditions, changing customer behavior, and a unique combination of new digital preferred market entrants threaten long-standing and consistently profitable business models. It seems that new insured value propositions are being created, and old ones are being disturbed daily - all driven by the rapid spread of digitization.
Customers with mobile phones and social media accounts want to interact with insurers as quickly and easily as digital companies such as jd.com, didi and youku. They have higher expectations for 24/7 accessibility, usability, personalization, and self-service. They are undeniably controlled and, using online comparison tools and digital agents, can be easily purchased or exchanged for new insurance companies.
Meanwhile, some start-ups are making new tweaks to how insurance works. They not only offer innovations based on the use and peer-to-peer insurance products, but also set new standards for how to sell, service and attract policyholders in the digital age. Their simplified and modern purchasing and claims processes save customers and operators time and money.
It's time to go digital
In the face of these challenges, established insurers - whether property and accident, life and annuity, reinsurance or professionals - must go beyond traditional methods and techniques.
It's hard to go digital when your business core is still firmly running in analog mode. Even today, the insurance business involves a lot of paper pushing, manual switching and re-encrypting data. McKinsey identified a core insurance process that accounts for 80 to 90 per cent of all client activity. A staggering 70% of these core processes are still largely manual.
What's more, many insurers are saddled with inflexible, disconnected systems that slow or disrupt the flow of information. These legacy systems do not support digital initiatives for modern working practices and first-class customer interaction.
Much has been said and written about the digital transformation of the insurance industry, but one thing is clear: the risks of inaction on the digital side now outweigh the risks of action. While overcoming traditional challenges may seem daunting, insurers can use modern digital business platforms to "digitize" in many low-cost, lightweight ways.
Enhanced digital processing - journey across customers
Insurers can use the Alfresco platform to digitize document-driven processes in the business history of insurance customers - from filing applications, underwriting and claims, to ongoing communications with policy holders. By automating and accelerating these core processes, insurers can achieve higher levels of operational efficiency and enhance the customer experience through smoother, faster and more convenient services.
We don't just want to implement a new system. We want to revolutionize the way we do business.
Ten of the world's biggest insurers have cut processing times by 20%
Challenge: content storage in underwriting systems lacks the flexibility and workflow automation required for digital processing.
Digital workflows provide documentation when and where needed to enable more efficient underwriting and claim processing
Easy E-mail access to documents and elimination of time-consuming uploads make the solution attractive to users
To reduce risk
Enforced controls and workflows enhance compliance with regulatory standards and business best practices
25 of the world's top insurers standardize cloud solutions to improve underwriting performance
Challenge: nine data centers lack global content management standards, resulting in delayed and inefficient underwriting processes.
Faster response time
Insurers can process application and policy changes faster for a better customer experience
Thanks to seamless integration with Microsoft Outlook, Microsoft SharePoint and core underwriting systems, Underwriters continues to use familiar tools
Reduce cost and complexity
Insurers are expected to migrate several traditional ECM systems and phase out all nine data centers within the next decade
Leading transportation insurers have simplified claims
Challenges: paper-based mailroom policies and claims processing are slow and difficult to access content stored in more than a dozen disconnected systems.
To speed up processing
Reduce mail collection from 12 hours to 15 minutes and from five manual steps to one
360-degree customer view
Fast, secure, and centralized access to all policies and claim content for underwriters, claim agents, and other approved roles
Migrated 10 million documents in just 7 days - avoiding hundreds of hours of downtime
Digitalization has the power to reshape your business
The Alfresco digital business platform complements and extends the core insurance system to enhance the digitalization capabilities across the policy lifecycle.
You can modernize inefficient processes, improve the insurance customer experience, and quickly track digital plans -- all to minimize risk and disruption.
It's time to start.