FSI companies still rely heavily on manual processes. Thirty-six percent of companies say they are still using pen and paper for at least half of their agreements, and analog processes span a variety of uses cases throughout these companies. Poorly executed manual agreements pose a variety of detrimental business problems.
In today’s on-demand economy, consumer expectations have changed: consumers now expect what they want when they want it. This means companies must use digital technology to transform their customer experience. Digitally mature organizations have higher ROIs, more satisfied customers, greater security and compliance than their peers.
In the digital age, a new wave of PAS purchases are helping insurers remain competitive. Policy administration and other core systems remain a top priority for most insurance carriers. This is good news. Still smaller insurers scramble to upgrade. Read on to learn how insurers, big and small, are purchasing and using core systems today.
Increased competition, startups with alternative business models, and stricter compliance are just a few of the reason’s insurance carriers are feeling the pressure to provide a better experience for their customers.
With the ever-present dual goals of providing superior customer service while maintaining or improving underwriting and profitability, homeowners carriers are constantly looking for ways to enhance their quoting sophistication to set themselves apart.