Operational Efficiency

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Operational Efficiency

To meet the expectations of tech-first consumers, insurance companies must prioritize and invest in an instant, seamless payout experience.

Just as financial firms' Know Your Customer (KYC) processes prevent crime, Know Your Patient (KYP) methods can prevent insurance fraud. 

With competition so fierce, insurers need to find ways to stand out. Moving beyond a website to a web portal makes a big difference. 

The industry has been hamstrung by outdated identity verification practices, which can now be streamlined through cutting-edge AI.

41% of millennials with insurance purchased it with their mobile device, and other generations are moving in that direction, too.

Agencies, brokers and carriers spend an inordinate amount of time and money on back-end processes that detract from core objectives.

Fittingly, this may be the shortest column in the history of ITL.