Poor systems slow down deal processing

The insurance industry could be losing 3,000 working hours per company every year.

In research conducted by analysts firm Quocirca, inflexible systems and processes were thought to slow down deal processing.

The research found that half of all the companies interviewed had inflexible disparate processes and technologies which were holding back income generation.

“Many of our respondents put a higher value on software tools that enable them to deliver products and services faster than on the ability of the IT department to support process change. This signifies a fundamental pain point that is holding insurance businesses back. Software that enables users to quickly and easily do the tasks they require without the need for abundant technical support will undoubtedly unlock revenue returns for the sector.”

The study focused on brokers and cover holders during Q3 2013.

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