The traditional process of manual and semi-digital claims handling is holding back the insurance industry from achieving true operational efficiency. Across GCC, MENA, Egypt, and Africa, insurers are still grappling with outdated systems that contribute to delays, errors, and frustration among policyholders.
The Global Challenge of Manual Claims Processing
- According to Accenture, 85% of insurers globally still experience significant delays due to manual claims processing.
- 35% of claims in Africa are delayed or rejected due to inefficient systems and manual handling, leading to millions in potential revenue loss (Frost & Sullivan 2024).
- In MENA, 35% of claims take more than 10 days to process, which severely impacts customer satisfaction and loyalty (PwC 2024).
These challenges are becoming increasingly urgent. As customer expectations evolve and regulatory pressures rise, insurers must modernize their claims processing to keep pace. By integrating AI and automation, insurers can significantly reduce cycle times and improve the customer experience.
Digital Transformation in Claims Processing:
- 30% reduction in operational costs is achievable for insurers adopting automated claims workflows.
- 40% reduction in fraud is possible through real-time fraud detection and AI-driven analytics.
- 50% improvement in claims cycle time can lead to quicker resolutions and higher customer satisfaction.
Insurers globally are realizing the importance of digital transformation in claims management. The integration of smart tools, such as those provided by Cubic Systems, offers insurers a seamless path to automate and optimize their claims handling processes, ensuring they meet evolving customer expectations.
🔗 Explore the digital shift in claims processing here → https://cubicsystems.com/insurance/
📩 reach us at info@cubicsystems.com to get started.