Is your business meeting key priorities?

The insurance industry is facing a growing number of challenges, placing increasing pressure on companies to scale and adapt. It is more important than ever for organisations to understand the competitive landscape and identify weaknesses, in order to develop a strategy for success.

Find out more about the obstacles facing the insurance sector, and how Intelligent Automation can help.

Key Challenges for the Insurance Industry

24/7 expectation, caused by the ‘Amazon Effect’

Customers now expect instant access, immediate responses, and demand rapid action.

Increasing costs

Rising economic factors are leading to higher costs and collateral for insurance organisations.

Tougher regulations

Increasing legislation, policies, and strict compliance are putting additional pressure on the industry.

Legacy technology

Existing software and business infrastructure can be expensive to replace.

Error-Prone Manual Processes

High levels of data entry and manual tasks are exposing organisations to a risk of error.

New disrupter insurers

Competitors are bringing new innovations to the market which existing insurance firms must compete with.

Complex fraud

Fraud operations continue to evolve with increasing complexity and insurance providers must com-bat these.

Digitalisation

The adoption of digital technology and ways of working mean that the insurance industry need to en-sure they stay ahead of the curve.

Outdated procedures

Embedded cultural behaviour and processes need modernising to improve their effectiveness.

Sustainability and Self Sufficiency 

The digital transformation of businesses needs to be sustainable and drive for self-sufficiency for businesses to succeed.

The Slow Adoption of IA in the Insurance Industry

As specialists in managing risks, insurance companies can be reluctant to embrace new, dynamic solutions. This hesitation means that businesses face threats from newer, disruptive competitors who are bringing innovative services and ways of working to the market. Adapt today with a smart IA platform that can transform your business.

Automating Claims Through Intelligent Automation

Automate the end-to-end management of your claims handling processes, and apply machine speed and accuracy to improve your claims adjudication. Vastly improving customer response times and freeing up your valuable employees to spend more time on projects that create value for the business. IA software ensures your firm gets the right outcome every time. Find out more about Cortex use cases that are transforming the claims process, here.

Achieving Scale in the Insurance Industry

Cortex successful automation technology and methodology can help your business achieve rapid scale in your operations. Take customer response time from hours to seconds, log large volumes of data automatically and increase your operational output with the help of intelligent software. Cortex’s Intelligent Automation flexibility means that your business can perform agile operations and achieve growth with ease.

What Benefits Can Intelligent Automation Bring?

Intelligent Automation is a rising trend across all industries but what benefits can it bring to your business? Support your business growth with these advantages of intelligently automated operations:

  • Fast ROI
  • Agile operations
  • High-velocity services
  • Instantly accessible
  • Instant value from legacy integrations
  • Gaining efficiencies
  • Increasing operational effectiveness

Accelerate Your Digital Transformation With Cortex

Cortex’s Intelligent Automation software transforms insurance companies with high velocity, service-centric processes. Our software delivers high-end automation, digitisation and orchestration to help your business achieve its goals.