Why modernization, automation and AI are key to insurance innovation
Explore key challenges, benefits and use cases for advanced technologies that can put insurers on a path to success.
Explore key challenges, benefits and use cases for advanced technologies that can put insurers on a path to success.
Managing or accessing rapidly increasing volumes of insurance documents and unstructured data can be difficult on legacy systems.
A Hyland-commissioned research study by Deep Analysis showed that insurers “exhibit greater enthusiasm” for enterprise content management (ECM), process management and ERP replacement projects.
Given a theoretical AI-optimized alternative, respondents were asked if they planned to replace any of the above systems within three years. Among the industries surveyed, insurance had the highest percentage of decision-makers who said they planned to replace their ECM (61%), process management (61%) and ERP (almost 60%) systems.
Investing in a modern platform can help insurers accelerate growth, elevate customer experiences and reduce costs over time.
Here are three critical areas innovative insurers should focus on:
Insurers can fundamentally redefine how they operate and engage with those they serve by investing in a modern, cloud-based platform. Doing so can streamline processes, increase ROI, foster continuous innovation, and position your organization for long-term agility and success.
— Partha Srinivasa, Executive Vice President and Chief Information Officer, Erie Insurance
Our custom-designed cloud architecture empowers insurers to modernize with confidence and ease. By incorporating the Content Innovation Cloud™, insurers can connect the Hyland Cloud to AI-powered solutions that enhance automation and decision-making.
> Learn more | Erie Insurance completes cloud-to-cloud integration
> Modernization in action | Liberty Mutual embraces content management in the cloud
Intelligent automation tools can transform user and customer experiences by eliminating repetitive tasks and speeding workflows.
— Patrick Walker, OnBase Developer, Funeral Directors Life
Hyland’s intelligent solutions enable insurers to more easily design, orchestrate and administer compliant, AI-driven process automation.
Claims: By leveraging smart automation tools, insurers can speed the claims management process and make more informed decisions with a complete set of information.
Underwriting: Data and documents are seamlessly captured, extracted and delivered to core systems, enhancing decision-making and allowing new customers to be insured quickly.
Policy maintenance: Hyland’s automation technology can digitize the request process, create support cases, collect required information and route it to the correct team for resolution.
> Automation in action | Funeral Directors Life embraces intelligent automation
From robotic process automation to data transformation, find out how three innovative insurance companies transformed how they operate. Explore use cases, challenges, results and much more.
The recent Deep Analysis study showed that the insurance industry was ahead of the curve when it comes to AI, with 89% of the respondents saying they had AI projects in production or evaluation. The report noted, however, that the answers could be “indicative of respondents’ organizational drive rather than truly representing the complexity of their AI deployments.”
Still, the industry seems open to embracing the capabilities of AI.
Our AI-powered content, process and application intelligence products can deliver new levels of value at every touchpoint — via applications you use every day. With Hyland’s Content Intelligence product line — which includes Hyland Knowledge Enrichment, Knowledge Discovery and Agent Builder— insurers can drive operational efficiency via autonomous processes and human-guided supervision.
Compliance: Insurers that need to quicky obtain an understanding of regulations for a specific state can utilize Hyland Knowledge Discovery. Within seconds, the user will get a summary in an easy-to-understand format.
Claims management: Insurers can streamline image classification by automatically categorizing photos (vehicle damages and repair receipts, for example) and extracting critical visual information such as damaged areas or license plates.
> Learn more | The future of agentic AI in insurance
Deep Analysis said its research “reveals stark challenges in using organizational data to inform and power intelligent automation and AI projects. Organizations are caught in a vise between knowing how important it is to utilize their existing data sources and knowing that the relatively poor quality of some of that data risks those projects’ success.”
Hyland can help your organization unlock the power of your content and drive meaningful impact to your business. Let's schedule a conversation to assess your next steps.