As the world’s economies struggle with shutdowns, disconnected workspaces, and recessionary pressures, the insurance industry faces unique challenges that modern technologies can help solve.
Get insights into the state of the insurance industry with guest speaker Jeffery Williams, insurance industry analyst at Forrester. Jeffery will explore recent trends impacting the industry, including today’s top priorities for insurers.
Discover the emerging technologies that enable insurers to be more competitive and rapidly bring new products to market.
7. Which of the following are most important to be
able to do on a mobile app from your insurance
provider?
Gen Z Millennials Gen X Baby Boomers
Check the status of a
claim 39% 42% 34% 23%
File an insurance claim 31% 34% 27% 17%
Base: 9,342 Online adults who have insurance product(s)
Source: Consumer Technographics US Financial Services Recontact Survey, 2020
13. Challenges
Facing Claims
Processes
3 Changing claims workforce
1 Exponentially increasing data
4 New competition disrupting the market
2 Increasing customer expectations
5 Emerging technologies
6 Creating a modernization strategy
How does ECM help drive
successful outcomes for the
Insurance industry?
14. The rise of modern, cloud-native
Content Services Platforms
offer a new approach.
17. Silos aren’t
Going Away
§ Information silos are a reality of the
modern workplace
§ Content-centric apps are multiplying
and many offer rich user experiences
§ People will continue to use apps and
services that make them more
productive
§ The ECM approach was to put
everything in one repository
§ Clearly, this is not a viable approach
for modern content management
18. The Simple
Promise of AI
Understand content and
data as well as a
knowledgeable human,
but at scale.
Predictively deliver
information
Identify outlying data
points
Analyze usage &
importance
Recognize patterns &
connections
19. Custom ML models =
business-specific data
Brand: Chevrolet
Model: Tahoe
License St.: Illinois
License No.: K24 1771
Custom models produce much
more relevant data values
1
True entity extraction
enables workflow
automation
2
Business value inherently
increases with specificity of
the data generated
3
Veh. Color: Gold Mist Metallic
Brand: Dodge
Model: Ram Van
License St.: Illinois
License No.: XXX 8242
Veh. Color: Bright White
Operator: John Smith
20. Intelligent automation for
routine tasks
What form
is it?
Is it complete?
Has it been
signed?
Form
Processing
Yes
No
1 Classification
2 Exception handling
3 Entity extraction
4 Intelligent routing
21. Bring new insight to
your business
1 Image processing
2 Fraud detection
3 Damage comparison
4 Intelligent routing
Duplicate
photo?
Damage
Estimate
Yes
No
23. A Rational Approach
to Modernization
CONNECT CONSOLIDATE
• Integrate multiple repositories
• Extend value of existing
systems
• Rapid Return on Investment
• Quickly establish consistent
foundation for modernization
Connect to existing data and
content sources
Key Benefits
• Reduce reliance on legacy
systems
• Decrease Total Cost of
Ownership
• Support cloud initiatives
• Single, future-proof platform
Connect to existing data and
content sources
Key Benefits
Time
24. Content As-a-Service at a
Top-10 Insurer
Challenges Solution Benefits
§ Legacy systems:
expensive and
difficult to
maintain
§ 2 billion
documents
§ 30,000 users
across seven
different lines of
business
§ Data extraction
through APIs
§ Architectural
design for
vendor
abstraction via
an API service
layer
§ Significant TCO
reduction
§ Able to manage
rich media as
well as
documents
§ Information
management
team gained
strategic value
inside the
organization
25. Deliver Superior Digital Customer
Experiences in Financial Services
Delivering superior customer experiences can drive
loyalty to your brand and help grow your busines.
Digital innovators are taking the opportunity to
modernize systems and processes and transform how
they manage business information to fuel customer
experience delivery.
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