Why ignoring technology is not an option

Why ignoring technology is not an option

Insurance companies must invest in technology solutions that speed up customer service or risk being overrun by more efficient and e-savvy competitors, OnBase Country Manager Bob Dunn warns.

“Technology is helping companies better adhere to industry regulations by automating tasks that halve the time of completing claims processing,” Mr Dunn said.

“It also allows employees to access documents 24/7 leading to better business performance and happier customers.

“Gone are the days where problems were fixed by hiring more people or adding more people to complete manual processes. This in the long runs leads to increased costs and opportunities for human error to occur.”

Mr Dunn said the Australian insurance industry had made strong steps in embracing the technology revolution, yet there were still cracks of inefficiencies in companies where technology could provide the solution.  

“OnBase research has revealed companies that invest in technology enjoy up to 20 per cent increased profitability, which can be attributed to more efficient processes and better customer service,” Mr Dunn said.

He also warned that implementing technology in business processes could no longer be a choice for insurance businesses, as competition within the industry was gaining momentum.

“Most companies at the forefront of the industry have already integrated technology into their business processes to position their customers as their number one priority,” Mr Dunn said.

“Companies that have better customer service currently hold the competitive advantage, but if business procedures are not as advanced as those at the forefront, that advantage will quickly transfer to companies that do.

“In the insurance market, it’s very clear that it won’t be the big that eat the little, rather, it’ll be the fast who eat the slow.

 “The Australian insurance sector is becoming increasingly competitive, and those who survive are the companies that are going to have efficient technology processes in place,” Mr Dunn said.

About OnBase by Hyland

OnBase is a flexible enterprise content management (ECM) solution that helps organisations manage documents and data to streamline business operations. Integrating with everyday business applications, OnBase provides instant access to critical information when you need, wherever you are. It is tailored for departments and comprehensive for the enterprise. OnBase gives you what you need today and evolves with you over time whether deployed via mobile, cloud or on-premises.  For more information, please visit OnBase.com/en-au.

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