The Drive to Digitization in Insurance – SMA white paper
Article Synopsis :
As digital technology evolves, smart cloud-based software and applications are making paperless transaction a reality. Paperless transactions are growing in popularity among carriers and brokers, allowing sales and other transactions to close faster when the entire process is handled electronically.
The SMA white paper titled ‘The Drive to Digitization in Insurance: Turning “Big Paper” into Big Profit’ identifies key opportunities for insurers who are striving to capitalize on the path to digital transformation. As per the report, in order to make digital transformation a reality insurers will need to focus on:
- Capturing more information electronically
- Building a digital creation and E-delivery environment
- Transforming relationships and processes with digitisation
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Digital Insurer's CommentsSmart insurers understand that the only sure-fire way to be in business is to digitise as soon as possible. Digitisation makes perfect sense because insurers have to deal with hybrid customers who prefer to socialise and are highly dependent on the Internet for purchasing products and services. As a result of this, an increasing number of insurers have diverted to selling online.
Managing paper is cumbersome in any insurance business. As such, investments in paperless digital technology should seriously be considered to realise long-term efficiency and cost savings.
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