Insurers must grapple with many of the same regulatory compliance requirements as financial institutions, including Customer Due Diligence (CDD) and Know Your Customer (KYC). Yet many insurance companies lag behind banks on the path to digital; 85% of new life insurance policy applications still involve paper documents somewhere in the process. This inhibits insurers’ ability to quickly and accurately identify potential instances of policy-related fraud or identity theft activity while meeting customer demand for a responsive, engaging experience.
Empower your employees to focus on value-add work and reduce manual tasks through robotic process automation (RPA). Through deploying paperless workflows, you can reduce errors, costs and timelines, and increase your ability to meet policyholder expectations for timely service. Drive even greater value via an agile, open digital transformation platform, and ensure your compliance processes can meet regulations today and in the future.
We were the first insurer in our market to launch this kind of mobile app, which gives us a valuable first-mover advantage. Without a doubt, Kofax solutions are helping us to adapt as customer demands and market conditions change, and maintain our leading position on the market.
When you eliminate repetitive manual tasks from your workflow and automate your processes, you reduce errors and mitigate compliance risk.