Where there’s smoke, there’s usually fire. And across the business landscape, where there’s paper, there tends to be countless inefficiencies, higher costs — and even fraud.
This holds particularly true within the insurance industry, which has long been known for its reliance on paper, manual processes and slow transaction times. But as the sector grapples with rising costs, driven by factors like complex claims and climate change, digitization offers a promising solution.
“There’s been a rise in what the industry calls nuclear verdicts. In other words, huge verdicts for policy holders, whether they be auto or especially home,” Ian Drysdale CEO at One Inc., told PYMNTS.