New Business & Underwriting: Reduce Operating Costs by Transforming Processes
New Business & Underwriting: Digitally Transform Insurance Business Processes Webinar Series Part 2 of 3
New Business & Underwriting process efficiencies are important focuses to have for insurers who want to stand out and rise to the top of their industry. McKinsey and Company estimated that over a five-year period, insurers can more than double profitability. How? Firstly, they can accomplish this by harnessing technology to attract and satisfy more customers. Simultaneously, they can accomplish this while cutting operating costs and improving pricing and underwriting accuracy.
Insurers have far more to offer their clients than simply a low price. However, competitive pricing remains a significant driver of loyalty. Additionally, technology disruptions in the industry will put margins under pressure. It will also force premiums to fall under the weight of price competition. As these challenges evolve, insurers will need to leverage technology to make their operations more efficient. The idea of making this change might sound overwhelming to insurers. However, we’re here to offer some helpful tips that will help lead you in the right direction.
What can EIM do for me?
In this video, you will learn how an Enterprise Information Management (EIM) system will help you make the most of the insurance market’s digital transformation. For example, you will learn how EIM increases productivity by reducing need to search across multiple data sources. Additionally, you will discover the many benefits of increasing visibility and accountability in New Business processes. You will also find out how process automation can increase consistency and reduce time to decision for your organization.
Focusing on New Business and Underwriting process efficiencies allow insurers to differentiate themselves from the competition with quick, informed decision-making. As a result, this enables them to better address customer’s needs, which naturally leads to better service and greater overall customer satisfaction. We will focus on gaining an understanding of how you can leverage the capabilities of an Enterprise Information Management (EIM) solution to improve the management of your documents, content, processes and the data needed to support New Business and Underwriting processes.