Overcome Data Challenges with AI tools in Insurance
In today’s rapidly changing insurance landscape, insurers face mounting pressures from economic and environmental uncertainty, coupled with rising policyholder expectations. Navigating these challenges means they need to improve how they operate, enhance customer experience and manage compliance costs. A recent industry survey, however, revealed a problem: Many insurers aren’t set up to tackle these strategies effectively. In fact, over half of them cited data fragmentation as their top operational hurdle.
Insurance companies continue to rely on inefficient data collection such as paper-based forms and static PDFs, forcing policyholders into tedious, error-prone data submissions. These outdated processes lead to manual data entry, repeated follow-ups, and inconsistent service. As a result, customers churn and bring down net promoter scores (NPS). Meanwhile, policyholder data is scattered across line-of-business applications, forcing staff into a “swivel chair” routine as they search for crucial data. This disconnected approach not only delays decision-making but also creates significant operational inefficiencies.
At the same time, insurers are grappling with increasing volumes of data from connected devices like telematics, smart home systems, and wearables. While this influx of data represents a tremendous opportunity to tailor policies and set accurate premiums, many insurers lack the capabilities to capture business-critical metadata efficiently.
Harness Your Data: From Overwhelmed to Supercharged
So, what can insurers do to turn data into business intelligence? The answer lies in embracing an enterprise content management (ECM) system as a unified source of truth and data orchestration engine.
With an ECM as the data backbone, insurers can:
- Deliver a superior customer experience through intuitive forms for policyholders that automate and standardize data intake for staff, ultimately speeding up service delivery.
- Harness the power of data by breaking down silos and integrating data across core systems to gain a complete view of policyholders.
- Navigate a complex regulatory landscape using records retention schedules and security tools that strengthen the organization’s information governance practices.
Leading ECM systems also incorporate generative AI features with the potential to revolutionize the way insurers intake claims, policy updates, and service requests from multiple channels.
These strategies not only improve productivity and cut costs but also elevate the overall policyholder experience – a vital factor in today’s competitive market.
Ready to learn how to turn data into strategic actions with an ECM platform? Download our free whitepaper, “Connect the Dots and Unlock the Power of Data in Insurance,” to discover how AI-powered data management can unlock the full potential of your data and lead your organization into a more efficient, customer-centric, data-driven future.
