Today, the volume of documents and data shared within the insurance industry is immense. Between policy contracts, premium payments, claims processing and payments, renewals, and other activities, millions of transactions occur on a daily basis.
In each of these exchanges, companies are re-inputting data and struggling to understand what information they’ve been given by their counterparties. Then, they still must reconcile before policies are bound or renewed and settlements are complete. Compounding this is the inherent complexity of insurance, which involves consumers, brokers, insurers and reinsurers, intermediaries, as well as insurance’s main product — risk.
Each step in this collaborative process represents a potential point of failure in the overall system, where information can be lost, policies misinterpreted, and settlement times lengthened