It is easy to feel that insurance is already divided into digital leaders and digital laggards. But my previous post presents some very interesting findings from Accenture Research that undermine this view. Since the pandemic, a surprising number of companies have turned into "Leapfroggers" and made great strides in their IT strategies and revenue growth.
We looked at some high-level ways in which insurance companies can unleash their inner leaps in that post. Today I will zoom in on catalyzing digital change and revenue growth in receivables.
Releasing digital change of receivables
The biggest technical challenges in claims right now are fairly well known. They include building flexible platforms, minimizing manual and custom processes, unlocking data captured in paper and other unstructured formats, and retaining and growing talent.
Overcoming any of them is no small feat. The good news is that the tools available to carriers are more powerful than ever. We believe that four in particular stand as smart investments in the world of requirements:
- AI and machine learning
What does the application look like in practice?
It looks like AI-powered document retrieval tools that extract relevant data from the millions of documents that claim organizations receive and show insights that lead to smarter decisions or support consistent processing.
It seems that AI removes manual task management and frees people to focus on work with higher value.
It looks like digital portals that enable efficient self-service and put transparency in the hands of the customer.
It looks like tools that make workflows more efficient and bypass the limitations of older platforms.
And it looks like using the cloud to build, scale and connect this technology faster than ever.
Four key results for investing in requirements technology
Th This technology can not only handle some of the most important challenges in claims today, they can also deliver these key results:
- Higher efficiency because only the claims that need a human touch or complex decisions to resolve take up staff. bandwidth
- Scalable, accurate accuracy because decisions are supported with real-time information
- Comprehensive ecosystem monitoring that makes interaction with key partners more fluid, simple and results-driven
- ]] Insurance companies like me to the cloud on a large scale get savings and agility throughout the insurance company. Read more in our latest report: Reimagining insurance: The new cloud imperative.