Need for adopting a data platform to enhance business and operations services
- A process-driven approach in an organization is limited by legacy transaction processing systems, workflows and dashboards along with front-office and back-office systems that are not integrated. This increases dependency on manual spreadsheets to follow incoming requests metrics, receiving channels, and productivity and operational errors.
- A lower digital adoption rate is preventing insurance companies from tracking and reporting switched channels, suspended operations, lack of employees or internal ticket management.
- Discrepancies in organizational and system integration, along with outsourcing a few functions to third-party service providers, can limit data capture and reporting capabilities and also affect customer feedback view and metrics.
To overcome these challenges, insurance business operations need a data-driven platform that can deliver operations and control reports, KPIs, metrics, long-term trend analysis and analytics to reduce cost and improve customer experience.