Operational Risks in the Insurance Industry
A rather timely bit of research has come out from HFS Research on the operational risks associated with the insurance industry. Due to uncertain investments and accelerated claims, they predict the industry will need to move quickly to create new efficiencies on the operational side to dramatically improve the typically “wafer thin margins” of most carriers.
The article goes on to state, “cost savings are more than likely to make a come-back as the number one priority in the post-COVID world. The next levers to pull are surely operational efficiencies and straight-through processing.”
Straight Through Processing (STP)
Parascript has been working to raise the level of awareness for the “last mile” need in STP for a few years now, but the reality is that few organizations understand what straight through processing really is let alone how to actually achieve it; especially for more complex processes that involve unstructured information.
The reality is that, if your organization uses intelligent capture/document capture/intelligent document processing (increasingly, these solutions are using these three terms), it is still operating on circa 1995 automation principles rooted in task automation while completely neglecting a significant area of improvement. Namely, the ability to remove a large amount of data validation is the final key requirement for true STP.
Insurance Industry At Risk for Disruption
Digital Insurance recently hosted the Insurance Optimized for Cost, But at Risk for Disruption webinar with BRYJ and Parascript (the sponsor) that specifically covered this opportunity within the insurance industry.
The upshot is that while most organizations are still stuck in an operational mode over 20 years old, with the right approach and supporting technology, achieving true “touchless” automation of unstructured data can be accomplished on up to 90% of your operations. The result is moving from slashing costs by half to slashing costs by 90%.
Digital Insurance recently hosted the Insurance Optimized for Cost, But at Risk for Disruption webinar with BRYJ and Parascript (the sponsor) that specifically covered this opportunity within the insurance industry.
