Unless they move away from outdated practices, insurers will fail to meet customer, employee and investor technology expectations
Like many sectors, the insurance industry has take a long hard look at traditional ways of working to improve efficiency, protect data and meet customer demands, whilst at the same time future proofing against the competition.
For too long the sector has been reliant on solutions that have long been disregarded by many other markets.
Sticking to old methods doesn’t help staff or customers
The use of spreadsheets and the manual re-keying of data between systems continue to dominate many insurance firms. This is a great example of an old method that has been replaced with software in other sectors.
These spreadsheets are typically huge and unwieldy, leading to inaccuracy and bottlenecks in data getting to where it is needed and frequently crash. Such scenarios are often further complicated by the fact that only one person knows how the calculations actually work.