Insurance companies must invest in technology solutions that speed up customer service or risk being overrun by more efficient and tech-savvy competitors, says a technology services provider.
Bob Dunn, country manager of Hyland-developed content management tool OnBase, said the insurance sector is becoming increasingly competitive, and the companies that will survive are the ones that have efficient technology processes in place.
“Gone are the days where problems were fixed by hiring more people or adding more people to complete manual processes,” Mr Dunn said.
“This, in the long run, leads to increased costs and opportunities for human error to occur."
Mr Dunn also said that implementing technology-based solutions in business processes could no longer be just optional for insurance companies, since competition within the industry is gaining momentum.
“In the insurance market, it’s very clear that it won’t be the big that eat the little; rather, it’ll be the fast who eat the slow,” he said.
“Most companies at the forefront of the industry have already integrated technology into their business processes to position their customers as their number one priority.
“Companies that have better customer service currently hold the competitive advantage, but if business procedures are not as advanced as those at the forefront, that advantage will quickly transfer to companies that do," Mr Dunn said.
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