The insurance industry seems to be fairly mature in the Canadian market. In such a market place it is a constant battle to grow consistently. There are apparently 2 ways to achieve this. One that the business acquires additional profitable clients and second, reduces internal costs!
The first one comes with additional challenges such as acquisition of more policy holders, higher premiums, less payouts, including fraud payments etc. There are lot of external factors influencing this derivative, including the fact that every organization will be engaged and pursuing the same tactics.
The second option is slightly less complicated. There are various ways and options to reduce internal costs. Some of the simple or easier ones could be:
- Re-engineering or optimizing internal processes
- Implementing or upgrading newer and efficient technology and tools
- Re-training and cross-training of the work force
Some of the organizations have done it and are using it as a competitive advantage by leveraging it as a key differentiator. For instance, simplifying the claims submission process enhances the speed and efficiency of claim settlement, which in turn leads to superlative customer experience. So organizations reap the dual benefit of external value add in addition to reducing internal delays.
Now, what processes are optimized, how they are optimized is a closely guarded secret because organizations don’t want to lose their competitive advantage. Don’t worry, all is not lost. There are experts and service providers who can share some insights and provide guidance on best practises and remedial options.
If you’re an IT or business decision maker, and would like to learn how Adlib's digital transformation for insurance companies help them to deal with some of their document related challenges, check out this live panel discussion. This is a complimentary event for industry professionals. It includes free breakfast and parking. I would suggest not bailing out on this chance to interact with experts. The panelists for the live discussion are:
- Aviva (Customer)
- Independent Analyst
- Content Rendition Strategist (Adlib)
The event will be moderated by Adlib’s co-founder.
Check out more details on the agenda and speaker’s bios. Maybe this is just the event you were waiting for!