With such a competitive marketplace, insurers need to review their operational processes to ensure that the business is sustainable and profitable. From data management, to risk management through to customer communications, processes can be optimised for maximum impact on the business.
How to Achieve Operational Efficiency:
Poor data quality can impact on your ability to conduct risk assessments. Without accurate data, you're unable to assess the level of risk. Maximum accuracy can be gathered by having the data in a central location for enrichment, analysis and visualisation.
By increasing your locational accuracy, you can improve your catastrophe modelling, producing more precise results and risk estimations. The improved insight and risk reporting helps you to address the Solvency II regulatory requirements in a more timely manner.
Customer communications for the sale and administration of general insurance need to be monitored and audited. Compliance requires that all physical and digital communications are archived and available for retrieval by the regulators. Digital archives save on office space and paper. Efficiency can be gained by having instant access to the archived and stored documents. The volume of print communications to the customer can be vast. Operational savings can be made by standardising the templates used, utilising central print facilities and switching to digital communication channels.