TECHNOLOGY down when extraordinary circumstances arise , which leads to dissatisfaction and then a loss of customers .”
“ Automation of systems also aids profitability because it reduces risk ,” says Nentwich . “ When automated processes are put in place , resources can be deployed elsewhere on higher value tasks . In addition , the increase in automation reduces the chance of human error , thus reducing reputation risk or loss of revenue through fines or additional resources needed to rectify the error .”
Future-proofing the insurance industry At the end of the day , automation is a natural progression for the industry , and not a trend . Innovation happens for many reasons and is always rooted in providing better services and products . It also increases competition – which is better for the customer and the marketplace .
Colonnese confirms , “ Automation can help substantially reduce the costs incurred in the manual administration of policies , from sales and renewals to claims . This means greater operational efficiency for insurers , resulting in lower policy premiums for the customer , and thus having an edge in a fiercely competitive marketplace .”
Nentwich adds , “ It is vital that the fulfilment engine in insurance companies is as lean as possible so that higher spend areas can be reserved for product differentiation , business agility , and so on . There is no real way to do this other than to push automation much further than it is today .”
Christian Nentwich
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