For years, the insurance industry has struggled to keep up with stacks of paperwork on executives' desks. It is no longer a feasible model for insurers to manually review, copy and scan documents. Manual processing is equally ineffective at retaining customers, whose experience suffers when information is inaccurate and wait times drag. (Credit: Nicolas Herrbach/Adobe Stock)
To make data-driven decisions, insurers must keep up with rapid data generation. The sheer volume of information insurance companies collect from their policyholders continues to increase, leaving insurance professionals overwhelmed. This might be why: On average, insurance companies only review 60% of the data they need to underwrite policies. Bain & Company reports that the other 40% is never collected or the collection process occurs too late. As a result, less-digitized insurance providers are facing fraud risks, losing customers to their competitors and missing out on more efficient ways to leverage their data.
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