Laborious manual processes to underwrite insurance solutions can cost companies valuable time and drown teams in paperwork. What challenges are insurance leaders currently facing with manual processes?
Decision Research Corporation and Pulse surveyed 100 insurance executives to find out the True Cost of Manual Processes in Insurance. The findings are outlined below. If you would like to discuss further with someone from our team or for more information about solutions to mitigate these challenges, email sales@decisionresearch.com.
MS Amlin and Lockton brought on DRC as part of a larger strategic initiative to provide a comprehensive, intuitive broker portal with the goal of driving a high percentage of straight-through processing submissions. This new platform allowed the company to grow new, profitable business in the SME market within weeks, not months.
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DRC’s rating engine, RS X Rating, can now processes over 12,000 risk items on a single policy with multi-pass, multi-peril, and multi-layer calculations in 19 seconds.
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The last thing an insurer should be doing is alienate growing segments of the market by not speaking to them in their native language. For insurers to be more inclusive and increase adoption of their products, they need multilingual capabilities.
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