Making New Business Digital: Case Studies in Straight-Through Processing
Key research questions
- How are insurers digitizing new business?
- What benefits are being realized from straight-through processing?
- What companies provide excellent examples of straight-through processing?
Insurers are embracing digital new business technology and reaping the benefits of lower costs, improved placement and happier customers. The advantages of straight-though processing will be demonstrated via case studies of successful transformation from paper to digital.
Digital transformation has become a necessity for insurers to keep their companies on track in this era of disruptive business models and rapidly changing technology. Until recently, most of the automation projects have been done in silos, confined to task-level automation, and targeted at achieving short-term tactical benefits. However, enterprises are now starting to go beyond task-level automation and creating digital strategies that are targeted at achieving business outcomes. One of the first outcomes that insurers are focusing on is the ability to reduce new business costs. Creating a digital platform where new business can go from point of sale to in-force with no human intervention requires utilizing technology and data in new ways which results in straight-through processing (STP).