Insurers today are more open to adopting new technology than at any other point in history, as technology evolves at an ever-increasing rate. Automating processes in key functional areas such as underwriting and claims is top of mind at many insurance organizations. But instead of taking a traditional “rip and replace” approach with new technology, we would argue that it’s essential to approach automation projects more holistically. Between staff shortages and staff fatigue due to the stress of the pandemic period, it’s become critical to consider the impact that new technology will have on the teams that use it, before charging ahead.
The insurance industry has been remarkably resilient and innovative with respect to managing processes remotely, but they will need to continue to innovate in order to accelerate digital adoption and enhance virtual operations. Insurance customers demand it. They will need to find more efficient and permanent solutions to address gaps in digital capabilities that were exposed by the pandemic.