There’s two ways for an insurance company to boost profits. The first option is to price products higher, and the second is to reduce operating expenses. Option No. 1 can be a dicey proposition, as it can mean a decline in market share. That leaves option No. 2.Executive SummaryProcess optimization is a strategic imperative in the industry—or at least it is for five carriers interviewed by Journalist Russ Banham. Here, he asks leaders of each carrier to describe a single process across the insurance value chain that is being made more efficient, less labor-intensive and less costly at their companies.
Virtually every insurance company is leveraging digital technologies to optimize legacy business processes, making them more efficient, less labor-intensive and less costly. Across the insurance value chain—from underwriting and pricing to claims management, client onboarding, and dealings with brokers and agents—carriers are leveraging data analytics, machine learning, robotic process automation (RPA) and other digital technologies to make work more efficient and productive, driving down operating expenses.