Most insurers have highly manual processes in place that are time consuming and costly and prone to errors. Disparate and outdated legacy systems can also stand in the way of digital transformation efforts and delay customer service.
Companies able to offer {an improved customer experience} while maintaining strong security standards will gain customer loyalty. An experience-driven secure journey can even become a competitive advantage.
McKinsey & Company, Building security into the customer experience
Insurance Industry challenges and opportunities
Customer expectations
Customers have come to except instant results and continual insights, which is difficult to deliver given the realities of time-consuming and labor-intensive insurance processes.
Environmental considerations
Insurers across the globe are continually looking for ways to reduce their environmental footprint and migrate towards a zero-print ecosystem.
Legacy systems
Legacy IT systems and infrastructure require costly maintenance and support, and lack the integration needed for digitization, automation and integration efforts that insurers require.
Security concerns
Security continues to be a top concern for insurers, as issues arise from both traditional paper-based avenues as well as digital. Meanwhile, the cost of security at financial institutions is higher than any other industry at a time when customer confidence in their insurance partner is paramount.
Compliance and Regulatory Concerns
Insurers face ever-changing compliance and regulatory requirements, and also must meet various state-specific rules in addition to federal guidelines.
Uncompetitive operating models
Manual, paper-based processes including underwriting, claims and policy changes often contain errors and take valuable time away from other critical tasks.
Simplify print infrastructure
Whether your goal is cloud migration, easing burden on IT resources, boosting print security or enabling data analytics, Lexmark simplifies every aspect of print infrastructure across the enterprise.
Enable Cloud Services
For institutions looking to streamline print infrastructure via the cloud, Lexmark Cloud Services for Financial Services delivers an efficient, economical path to print management success. This advanced solution delivers a secure, on-demand cloud-based offering that eliminates the expense and headaches of a traditional print management infrastructure.
With Cloud Services, you can securely manage, configure and analyse your print ecosystem, all with an acquisition model that fits your institution’s unique requirements. It’s infrastructure management that flexes with your business while enabling greater redundancy and scalability, enabling a true print-as-a-service experience.
Eliminate IT burden
Your employees should spend their time focusing on the needs of your customers, not managing printers. That’s what Lexmark Managed Print Services is all about: using cloud services, IoT and interactive analytics to help financial institutions save IT resources, increase uptime and gain new business insights.
Leverage IoT: Lexmark printers and multifunction devices are loaded with always-on sensors that continually monitor device performance. The Lexmark Global IoT (Internet of Things) system harnesses the power of data to analyze performance data for usage trends, waste, security risks and more, while boosting security with automated device settings.
Fix it before it breaks: Lexmark’s algorithm-based predictive support delivers benefits that others can’t. We anticipate disruptions before they occur and contact you to resolve the problem—often remotely—before you know it exists. Plus proactive notifications for service requests, supplies shipment status and more are displayed right on the device panel so users are in the loop.
Transform your print processes
For financial organisations looking for new insights into fleet performance, greater security and sustainability or help with their digital transformation, Lexmark devices and solutions for insurance are designed to simplify every area of print management
Incumbents carry a huge burden of IT operating costs...legacy systems may be limiting your ability to roll out new competitive features or service offerings, and they are also limiting the ability to compete on cost.
PWC, Financial Services Technology 2020 and Beyond
Security
Protect your Insurance Company’s most valuable assets
Protecting sensitive information is a critical consideration for the insurance industry, as no business wants to find that a security gap has landed them on the news. But while big data breaches make headlines, preventing them isn’t your only task: there are many points on the network where information can be compromised to create risks for both insurers and their customers.
Lexmark’s expertise as an industry leader forms the backbone of our technology. This Secure by Design approach delivers key benefits to insurance and financial services customers: the confidence to efficiently and cost-effectively run their business, knowing devices and customer information are protected every step of the way.
Sustainability
Reducing impact on the environment is important to both insurers and their customers. Lexmark provides sustainable solutions throughout the entire product lifecycle—from sustainable design to efficient use to responsible reuse and recycling.
Financial Institutions face unrelenting pressure to boost productivity through the digitization of the business and the workforce.
PWC, The Future of Financial Services
Print Solutions
With deep experience in the insurance industry, Lexmark partners with headquarters, branch and agency locations, and processing centres around the world to simplify print and paper-based processes. Whether you’re looking for new, more efficient ways to manage your print ecosystem, or eliminate time-consuming IT tasks, Lexmark delivers innovative solutions to advance your digital transformation while improving print and document security.
Digital Solutions
Data is only as valuable as its application. Lexmark advances your company’s digital transformation journey by making data easily and securely available across your organization.
