Lack of data standardisation is a pain point for the insurance industry globally. Insurance companies use different types of forms and data capture options to gather information from their customers, increasing the risk of inefficient operations. To ride over this bump, insurance firms, as well as brokers, need to create a data management strategy that encourages data standardisation software and tools. Uniform and consistent data drives overall business growth as well. By using similar platforms, insurance providers are giving their vendors an opportunity to automate processes, resulting in reduced operating costs, decreased error rates, streamlined processes and eventually happy customers.
ACORD, a non-profit organization that provides the global insurance industry with data standards, points out that standards are key for the insurance industry due to these three factors:
With digital innovation and collaboration taking place at a rapid rate in the insurance business, data standardisation will help drive data sharing strategies designed to reduce costs and develop new products across the value chain. Standardizing how data is received, for example by using an OCR reader, will go a long way in automating certain customer onboarding processes. Similarly, using excel sheets to store information such as premium details, can reduce manual errors.
As a multi-pronged serviced provider, RRD plays an important role in helping insurance stakeholders create a uniform data strategy. RRD’s subject-matter experts work with clients in the insurance and financial services space to build solutions that support complex processes. With presence across 200 locations, RRD utilises global resources on a 24x7 basis that provides substantial cost savings to customers.
RRD has been able to build a centre of excellence specifically for the insurance domain with a client-first strategy that accelerates collaborative transformation. In data management, the following tools created by RRD help insurers and other stakeholders receive and process information uniformly.