Today’s world is completely different from what it was twenty years ago. The fast-paced evolution that is possible thanks to the advancement of modern technologies has deeply changed our method of communications and business models.
Following the recent pandemic, it seems likely that our global village will accelerate its digitalization and turn its back on past business processes that might have become obsolete in light of such events.
In this article, we will discuss the benefits of going paperless for the insurance industry and insurance companies.
A better experience for employees
Digital tools such as SaaS applications, comprehensive dashboards, and unified data systems are not only time savers, they help employees perform their job in the most efficient way possible. By going digital, insurers are investing in their employees over the long term.
Eventually, suppressing manual tasks through automatic processes is greatly beneficial for employees since they can refocus their attention to what is the core of their mission: helping clients. Indeed, employees will spend more time advising customers and finding the best insurance solution for them, providing not only a better work experience for employees but also an improved service for clients.
Greater customer satisfaction
The automation of tedious manual tasks has helped to redirect employees’ efforts towards more important goals such as selling insurance plans and servicing clients. Thus, workers spend more time on customer service which, subsequently improves not only the customer experience but the company’s efficiency as well.
Another advantage of running away from traditional paper-based processes is improved customer service through the use of online platforms. Apps and websites provide customers with information on their policies whenever they want and reduce the need for insurance companies to use their workforce to do so. In this way, insurance brokers may allocate their time more efficiently and deliver optimal advice on the best coverage available for their clients.
The global spread of the coronavirus raised many questions about how long pandemic-prompted changes will last. However, when it comes to going paperless, the general trend shows that it seems to be here to stay.
Remote work is one of the results of the current pandemic. One of the greatest advantages it presents is the ability for employees to work from home or anywhere their company deems appropriate. Going paperless along the unfolding of the current crisis is beneficial for insurance businesses as it helps them to make a smooth and efficient transition which consequently benefits their customers.
Reduced mismanagement risks
With the reduction of physical paperwork comes a lower mismanagement risk. Paper documentation can be lost, damaged or even stolen. The human input is greater and so is the likeliness of errors or mistakes. Going paperless by using automatic software vastly reduces such risks.
While it is often overlooked, using paper carries an actual cost for companies. Reducing the use of paper in a company will translate into remarkable savings over time. Such savings can in turn be reallocated to growing digital needs.
The adoption of paperless processes has significant benefits, including reduced paper waste and reduced printing and storing paper documents costs. It also eliminates processes, which simplifies cost optimization and improves insurance companies' efficiency.
Along with the digitalization of the world comes the unprecedented need for greater cybersecurity. Commercial banks have successfully made the transition to electronic documents and paperless account statements. People are getting used to the luxury of accessing sensitive information from their phones or laptops.
Going paperless enables insurance providers to allow their customers to securely access their personal information and further lowers the time spent by insurance companies on such matters.
BLACAZ. went paperless
BLACAZ. is a fast-growing digital insurance provider that advises companies in their risk management. The company allows its customers to buy online corporate insurance in only seven minutes. All the contracts are also digital and can be signed online, hence making BLACAZ. 100% paperless.
It is time to embrace the forced-upon change that the recent crisis has implemented. Going digital offers endless benefits and opportunities. From reducing costs to improving customers' satisfaction, it is advantageous for both insurers and customers.
Whether you are a company or an individual looking for insurance solutions, our team of experts may always help you to find the best coverage available. You may contact us if you have any questions and we will gladly assist you.