Technology’s Role in the Insurance Industry

By ABI - October 17th, 2018

technology and the insurance industry

The insurance industry may have a reputation for being slow to change, but that stereotype is proving to be obsolete according to technology experts and industry leaders. Far from being stagnant, carriers are now at the forefront of new tech-powered processes and services that make it easier for consumers and insurance companies alike to access and analyze information.

Recently, insurance software firm Insly wrote about three emerging tech trends in the insurance industry in 2017.

Automating Processes

Increasingly, insurance companies are turning to automation to improve customer service. “[I]nsurance agents need more time to interact with their customers and less time sorting papers, scrolling through documents and staying on top of processing claims.”

This is where record retrieval companies and a document summary service can be powerful assets for insurers. By automating their records retrieval with a company like ABI Document Support Services, insurance companies can spend more time interacting with customers. Once insurers have the records they need, a document management tool like eSummary™ by ABI can help them spend less time sorting documents and more time focused on higher priority tasks

Moving to the Cloud

Like many other industries, insurance companies are using the cloud to support their IT infrastructure. Insly reports that the shift to the cloud gives insurance customers increased flexibility and helps insurers stay compliant with evolving government regulations.

Implementation of Digital Processes

Insurance companies also find themselves placing a strong emphasis on “customer first” rather than “administration first.” Technology is making it easier for customers to access information, but they still “expect a seamless, intelligent process from the insurance business.” This requires insurance companies to adopt programs and policies that make interactions easier and faster for their customers. According to Insly, “keeping customers top of mind in 2017 will be key to a successful digital transition.”

Contact ABI to Learn More

With rapid record retrieval and document summary service from ABI, insurance companies can make customer support and interaction a priority. As the leader in the record retrieval industry, ABI has developed platforms and software that complements the tech trends driving the insurance sector. Contact ABI today to learn more.