Minimize manual work for human operators
The core problem with the insurance industry’s continued reliance on legacy systems comes down to the fact that they cannot seamlessly interact with modern systems, and in turn, require support from human operators. But this isn’t just inefficient, it’s also unsustainable.
Nearly 80% of millennials say they have limited knowledge of the insurance industry; in the next 15 years, 50% of the current insurance workforce will retire. With a talent shortage looming and the next generation of employees not only unfamiliar with the industry but also unwilling to engage with outdated tech, insurers must take steps now to minimize human operators’ touchpoints with legacy systems.
By leveraging solutions like WLA&O and robotic process automation (RPA), insurance companies can significantly cut down the manual work associated with legacy systems, thereby ensuring the processes that rely on them will continue running even if skilled IT staff retire.
While automating processes related to legacy systems quells long-term talent shortage anxieties, there are more immediate benefits of minimizing these manual touchpoints, too. When human operators carry out complex processes, they’re inevitably less efficient and more error-prone than machines; at scale, this problem compounds. Errors further drag down efficiency and send costs soaring.
Rather than relying on IT staff to carry out daily tasks in legacy systems, insurers can dependably offload them to an automation platform. For example, Noridian Mutual Insurance Company automated 800+ complex daily processes previously handled by IT staff. As a result, errors dropped, efficiency rose, and the IT department found bandwidth to take on new business objectives.