Recently, we co-hosted a webinar with Alfresco, entitled “Automating content-centric processes in Insurance”. We often hear from our Insurance customers what are their main drivers for systems modernization.

The high-level driver for the transformation is the evolution of the market and the evolution of the customers: insurers have to deliver products and services quickly and they need to reinvent themselves with major revisions in operating models, document processes, value propositions, and customer relationships. 

According to Accenture’s report, the new insurance customers are better informed and more demanding. They are more:

Self-Directed – Look for what they want, anytime, anywhere; Experiential – Look for unique experiences tailored to their personality and preferences; Co Productive – Engage with service providers in product co-creation; Social – Rely on “wisdom of crowds” (social media blog) to share; Connected – Switch on to multiple devices and channels, Informed – Get relevant content with high frequency.

Insurers are fully aware that their legacy technology is outdated, and they have tried several approaches to improve the claims process. Traditional claims processing is a highly manual, time-consuming, and error-prone process. Many insurance companies are plagued by long processing times and process inefficiencies, which often lead to unsatisfied customers.

During the webinar, Xenit and Alfresco discussed common challenges in today’s claims processing, including:

• High operational costs: claims processing is still based on manual and/or paper processes, such as data entry or data gathering, leading often to errors, operational inefficiency, and greater costs.
• Lack of integration with legacy systems: desperate tools and platforms, unavailable in real-time, with the inability to digitize unstructured, often paper-based content and lack of automated checks that lead to incomplete information and delays.
• Compliance and regulatory risks: New policies and rules are constantly being introduced, making it difficult to keep up with changing regulations while executing efficient processes.

How Alfresco can help

Alfresco offers a complete content management system to seamlessly & efficiently orchestrate front-to-back-office customer on-boarding processes, accelerating claims processing and improving compliance and operational efficiency. It includes content management, process design & orchestration as well as governance in a single cloud-native platform.