The insurance sector is often very conservative, perceived as slow moving, and operates with many long established business practices and processes. However, times move on, new business models emerge, and legacy processes become inefficient. Although IT has played an important role in supporting the industry over many years, it too needs to advance or will become inflexible.
Insurance companies might be wasting thousands of sales hours per year from poor processes and badly implemented IT, which increases costs, stifles revenue growth and adds risk. However, IT advances need to go hand-in-hand with business process improvements to ensure that organisations gain the maximum benefit of being more flexible, agile and efficient.
Download this KnowledgeKube whitepaper to find out the real cost of legacy processes and where investment in new insurance business processes can deliver significant value.