HoduSoft

  In 2023, many large insurance companies such as Prudential Insurance, New York Life Insurance Company, Sun Life, among others were targeted by cybercriminals. That’s because many insurers are not sufficiently protected against cyber attacks. According to the Munich Re Cyber Risk and Insurance Survey 2024, 87 percent of respondents (decision makers across the world) say their company is inadequately protected against cyber attacks.  In the insurance industry, maintaining the highest standards of security and compliance is of utmost importance. That’s because insurers and insurance contact centers are soft targets for cyber criminals. After all, insurance companies are a storehouse of data for millions of customers. A single lapse in security can have severe repercussions in the form of legal actions, lawsuits, fines, miscellaneous fees, and fraud monitoring costs. But the good news is that there is a way to prevent all the repercussions. And that’s by leveraging the right tech tools

  Claims processing is one of the most critical aspects of the insurance industry. In such a competitive sector, the ability to process claims and deliver exceptional customer service determines the success of insurers. This article discusses the challenges insurance companies face when they handle and process claims by using traditional methods and how the right contact center software can ease their burden. Deep dive into the article now and thank us later. Challenges Insurance Industry Face In traditional claims processing methods, insurance industry faces a wide range of challenges such as: 1. Manual Processes A McKinsey study found more than a third of claims processing and underwriting tasks could be efficiently automated. Historically, claims processing has always been a quite labor-intensive task that requires huge manual efforts. Apart from being an excruciatingly slow and time-consuming process, the manual claim processing method is highly prone to human error. That’s the