Growing political instability, inflation, climate change and its impact on catastrophe risk, and multiple additional concerns put profitability at risk for insurance carriers. While current forecasts foresee above-trend growth in premiums, this could be severely eaten into with the challenge of a continued uncontrolled rise in costs coupled with the issue of attracting and retaining talent. There is one tailwind to the rising headwinds for carriers though: digitization.
Intelligent automation and document processing solutions offer an intuitive and integrated way to extract data for analysis or insight and automate repetitive document processing tasks. These solutions can be used throughout workflows to automate document and data processing. Helping insurance companies save the money, time, and human effort required to organize and analyze documents and data.
The result of implementing these intelligent automation tools is productivity gains, while simultaneously reducing or avoiding costs.
