Learn more
Advantages of Digitalizing Your Insurance Business

Advantages of Digitalizing Your Insurance Business

Managing insurance operations —accident reports, appraisal reports, health statements, housing damage application forms with actual paper is complicated.

Sura Aydin
March 28, 2022

Managing insurance operations —accident reports, appraisal reports, health statements, housing damage application forms with actual paper is complicated. Hardcopy documents are not a reasonable solution because using hardcopy documents is pricey and tricky. Besides, paper is not useful for damage management, and also, it is not a trustworthy process for your customers or business partners. Managing the process with actual papers would result in different problems.

The insurance industry has been relying much on the production and exchange of actual papers. It consists of time-consuming manual procedures and, of course, plenty of documents with the high price of paper, ink, and toner; printing can substantially cost your company insurance company. Between piles of paperwork, policy decks, and claim documents, print expenses are substantial and might feel inevitable. Yet, time is changing, and it forces other things to change. A smarter strategy can save you up to 30% on print-related expenses. With a few tips and insights, you'll decrease print volume, get rid of paper and ink costs, increase efficiency, and immediately save serious money. To illustrate, let's check some facts about the industry and paper use.

Contribute to Paperless Society

1. An insurance company with 1.000 employees spends 3 million dollars per year just on document management and correcting information deficiencies on the documents. (Source: IDC)

2. An employee in the insurance industry spends 60% of their time handling documents. Creating documents, entering the data, and correcting the deficiencies consume most of their time. (Source: US Department of Labor)

3. For every 10.000 agreements, you cut 29 trees. Yet, it is in your hands to save thousands of trees and protect natural resources. (Source: The Republic of Turkey Ministry of Environment and Urbanisation)

Furthermore, an insurance company requires and accesses sensitive customer information —for example, the health insurance process. A customer who wants to get health insurance has to fill many forms to inform the company about their health status. Yet, health data is confidential and private. Moreover, it is protected by law. You must secure sensitive personal data if you are in this business. In addition to information security, customers want simplicity and 24-hour access and quick delivery, precise, relevant information about a services' features, particularly concerning pricing, and innovative, tailored services designed for the digital age. The goal must be to meet customers' expectations, which have been transformed by digital technology. They want to know what they agree with.

In the shorter term, fulfilling this goal is a chance for insurers to improve their core business profits. Higher customer satisfaction, driven by the improved service and faster processing times that digitalizing the operations delivers, is a driver of profit through increased customer retention. Concurrently, by digitalizing your existing business, insurers can remove high costs across the value chain, further increasing customer lifetime value. Automation can reduce the price of a claims journey by as much as 30 percent, for example.

Many insurance providers have already started to shift to the current standard of remote employment, and social distances, legislation, and data protection laws have become even more common. More information is being exchanged electronically, invoices are being signed remotely, and customer data is no longer limited to a single spot. Both of these, though, can be achieved without the use of paper.

Build Trust with Inspakt

You can now feel more confident and, your insurance company can rest assured that every client's personal information is safe and secure. Inspakt digitalizes the paper-based processes related to accident reports, damage reports, application forms concerning your customer, business partner, or your internal processes requiring trust relations. Inspakt also enables you to access instant and accurate information in a comfortable, fast, safe, and environment-friendly way.

With or without Inspakt's mobile application, you can prepare your documents quickly and easily. You can fill out the templates you have previously prepared, and you can safely access instant and accurate information.

1. Digitalize your operations,

2. Create your templates

3. Collect data digitally

4. Store them without printing.

Stay trusted.

Sura Aydin

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Ready to get started? Get $30 free credits today.

No credit card required