How the Insurance Industry Is Reaching Digital Maturity

Search = Cost

Data searches cost companies cash – to the tune of about $5,700 per employee per year, according to market intelligence firm IDC. And that’s for unsuccessful searches, which may not last as long as successful ones.

Digital info locked away

A whopping 90 percent “of all digital information is unstructured content locked in a variety of formats, locations, and applications and is made up of repositories that do not communicate with one another,”

Andrew Borgschulte writes in a piece for CMSWire...

“Workers, on average, spend 36 percent of their day looking for and consolidating information. But 44 percent of the time, they can’t find the information.”

 

36% of day lost searching

Workers, on average, spend 36 percent of their day looking for and consolidating information.

However...

44% of the time, they can’t find the information!

Greg Milliken writes in a piece for Wired.com:

Simply moving the same old bad habits into the cloud and trying to find a document buried in a chaotic mess of folders on a tiny smartphone screen probably isn’t the sort of future we’re all hoping for.

Paper files moved to cloud

Canopy will mean that by the end of the company’s second year as a Ripcord customer, more than half (55 percent) of its boxes of paper files will have gone into the firm’s own, secure, cloud-based instance in Canopy.

Once digitized, the millions of data points and pieces of information held within your insurance company’s records will be eminently searchable within mere fractions of a second using Canopy’s search engine.