Adapting and excelling in the insurance industry flooded with complex data is mandatory.
Today’s job seekers seek companies that leverage technology to improve employee experience. Spending less time on time-consuming tasks helps companies compete for the best talent.
Relying solely on traditional methods also manifests in sloppy workflows, a high risk of errors, and an inability to realize the full potential of your data. Such consequences easily rip through decision-making processes, destroying growth and competitive capabilities.
The solution lies in InsurTech, an ongoing force that improves data management, precision, accuracy, process speed, and productivity.
To better understand the importance of technology in insurance, we need to look at recent statistics.
Insurance was known for a long time as the Boomer/Gen X industry, meaning most people were skeptical or unwilling to adopt new solutions. That’s changing as well, naturally. According to the U.S. Bureau of Labor Statistics, almost 500,000 insurance employees will retire soon, meaning that a new generation of employees will flood the industry, and their technology conditions must be met.
The Labor Market Study by the Jacobson group found out that, except for 10% of insurers who plan layoffs, all the others have different goals in 2024:
Finally, the report from Riverbed Technology LLC claims that 70% of Gen Z and millennial employees indicated they would consider leaving their companies if they don’t adopt digital experiences.
Digital experience is a broad term that covers remote work options, online mentorship, solutions for time-consuming tasks, and much more. Tech solutions are not the only parameters of the digital experience but are still a considerable part of it.
Companies clearly must integrate technology into their workflows. They have to meet the expectations of the new generation of employees, maintain industry relevance, and uphold their credibility in the future.
Gen Z employees’ requirements and wishes are not the only reasons for adopting tech solutions. Insurance industry players who want to thrive in today’s market should do it because of their own goals in the first place. Most businesses rely on vast data management, precision, accuracy, speed, etc. That’s where technology shines.
In most cases, the software will either take over repetitive tasks, allowing employees to spend time on tasks that require more critical thinking or will just work “together with employees” as their assistant.
That’s why we’re carefully using the word “intervention” since technology is not replacing people entirely. It helps us finish tasks faster and easier. That is and will be the primary goal of acquiring insurance software.
The list can go on and on, but these are the primary areas where software helps in insurance.
Tools minimize the likelihood of errors and contribute to the management of datasets, ensuring a more agile and responsive workflow. Embracing technology in the following core areas of business empowers companies to operate more efficiently:
Doing any of the tasks previously mentioned only manually in a fast-paced environment is doomed to failure, even for exceptional employees. The reason is simple—a person must simultaneously be super precise and fast. Logically, they’ll struggle after some period because it’s impossible to maintain such a tempo.
Furthermore, monotonous tasks can lead to mental fatigue, boredom, and even mental fatigue. Recently, a term called “boreout” has been introduced. Boreout happens when we are bored by work to the point where we feel the effort is meaningless. What’s even worse, experts claim that it can result in health problems for employees.
As a result, you turned an exceptional employee into a work-worn person wishing to leave your company.
We can confidently and proudly say that OIP is a frontrunner in revolutionizing insurance operations, offering innovative tools that enhance precision, accuracy, efficiency, and overall business performance. From data scraping and bordereau production to CRM systems and document processing, each OIP Robotics solution saves you time and money while driving growth.
In other words, every tool fits the benefits mentioned above.
Interested in exploring tech solutions that will help you dominate? Send a message to our team.