In the rapidly evolving insurance industry, process improvements have become a critical aspect of maintaining competitiveness, reducing costs, and reducing operational risk. In recent years, the focus on process improvements have been somewhat overshadowed by the global pandemic and the implementation of new reporting standards. These pressing concerns have diverted resources and attention, so it is crucial for insurance companies to re-centre their attention on process improvements. We discuss the following:
- Why process improvements are important
- What problems they can solve
- How to solve process inefficiencies
- Implementation toolkit
- Some technology to consider
- Investing in process improvements