In an industry steeped in tradition, the insurance business, among the world's oldest, has historically approached business processes and operations with caution, inherently prioritizing proven outcomes. Delve into the statistical landscape as we unravel our insights in "The Future of Work: How the Insurance Industry is Achieving Digital Maturity" infographic, revealing the industry's transformative journey. Explore the pivotal findings below and witness the evolution of the insurance landscape.
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% 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. In an editorial for CMSWire, author Andrew Borgschulte shared that this leads to more time spent looking for the right data. "Workers, on average, spend 36% of their day looking for and consolidating information. But 44% of the time, they can’t find the information.”
On average, employees spend 36% of their day looking for and consolidating information. However...
Organizations have frequently transitioned their filing systems from paper to digital, yet continue to grapple with persistent hindrances to productivity, wrestling with the challenge of recalling the specific folder where a crucial contract is stored. "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," wrote Greg Milliken in a piece for Wired. "Organizations with an effective system in place to manage their information — whether in the cloud or in on-premise systems — operate at a vastly superior level of efficiency compared to those that still rely on an approach that harkens back to the days of physical file cabinets and traditional network folders."
Canopy will mean that by the end of the company’s second year as a Ripcord customer, more than half (55%) 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.
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