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MARINE | Digital transformation In association with Noria Software
No gain without pain Ronny Reppe, CEO of Noria, the Norwegian specialist software and consulting provider to the marine insurance sector, advises to tackle the most challenging tasks first to truly bring the insurance sector into the full automated future and deliver significant efficiencies for all
The same situation applies on an enterprise-level scale in terms of driving efficiencies through automation. The areas where it hurts most – the most inefficient in-house processes – are often the areas which would take the biggest effort to automate, but also will provide the greatest return on investment. My advice is to start where it hurts most. Find the biggest inefficiencies, find a way to automate or otherwise make them more efficient, then move onto the next-most inefficient process.
INEFFICIENCIES IN INSURANCE What is the most painful task on your current to-do list? Perhaps it’s a challenging piece of writing, a difficult conversation with a stakeholder, or a project that you know will take weeks to complete. If you’re like most people, you will procrastinate by tackling the easiest jobs first; answering emails, organising your calendar and other small tasks that will provide a false sense of progress. Meanwhile, the bigger project remains unstarted. The Marine Insurer Americas Edition | June 2021
I would love to report that the insurance industry is leading the way in process automation, but unfortunately, this is far from the case. We are not even close to where we should be in terms of work process efficiencies, which has led to a decade of stagnating productivity. A 2019 report from consulting firm McKinsey report titled The Productivity Imperative in Insurance commented: “Unlike other industries, which have been able to capitalise on their investments in digital technologies,
