Where Is Print Going? Unraveling the Future of Print in the Insurance Industry
Do people even print anymore?" "Where is print going?" I was recently asked this by an executive in the insurance industry; you may be pondering these questions. Such inquiries push us to debunk certain misconceptions and highlight the evolution the printing industry over the years.
Before we unravel this, let's clear a common misconception. The evolution of print isn't merely defined by the device we use but essentially by the 'experience' we derive from it.
Printers: The Unconventional IoT Devices
- Printers and multi-function printers (MFPs) have evolved into Internet of Things (IoT) devices. Once connected to our networks, they shifted from standalone devices to integral components of our IT ecosystems. These devices present unique challenges, particularly in terms of security and visibility.
- In the insurance industry, with its essential need for data privacy and secure data management, understanding these devices' evolution is paramount. Our focus should thus transition from "managing printers" to managing non-standard IoT devices—a perspective where Managed Print Services (MPS) shine.
Navigating the MPS Journey
The printing industry has shifted from merely providing hardware and maintenance services to embracing a comprehensive MPS strategy. This transformation is not so much about the act of printing but leans towards enhancing processes, ensuring security, and boosting efficiency. These are crucial for the insurance industry, where efficient and secure processes can provide a significant competitive advantage.
MPS journey unfolds in several Maturity stages:
- Basic: Initially, MPS focused on supplying hardware, performing routine maintenance tasks, and providing necessary materials.
- Managed: With technological advancements, businesses implemented advanced MPS solutions, offering improved visibility into printing and document management processes.
- Optimized: Businesses embraced automation, AI, and analytics to optimize processes. Security protocols and sustainability practices took center stage.
- Innovative: Integration of IoT capabilities into systems, along with mobile printing options, led to significant process enhancements.
- Transformative: The final stage sees a complete transformation, with MPS becoming a competitive edge that fosters industry innovation.
Such transformation holds substantial benefits for the insurance sector, where agility, security, and operational efficiency are primely important.
Supporting Hybrid Working: The New Agile Experience
In this era of remote work, supporting hybrid work models is essential. The stages of transformation are:
- Basic: No remote access or mobile printing capabilities.
- Managed: Basic remote access and mobile printing capabilities.
- Optimized: Full adoption of remote working and mobile printing solutions.
- Innovative: Use of virtualization and AI.
- Transformative: Complete transformation of document management for remote working.
Sustainability: A Greener, More Resilient Future
Sustainability is not optional; it's crucial to any modern print strategy. The progression is as follows:
- Basic: Environmental impact is not actively considered.
- Managed: Rudimentary sustainability measures are implemented.
- Optimized: Complete embrace of sustainable solutions, including Business Resiliency facets.
- Innovative: Leveraging digitalization and renewable energy sources.
- Transformative: Cutting-edge technology propelling high levels of sustainability and Business Resiliency. As we advance, embracing technology for sustainability becomes an integral part of our strategies.
Embracing the Future of Printing in Insurance
While the number of physical printouts may be on the decline, the importance and complexity of print management continue to grow. Managing these unconventional IoT devices effectively while maintaining high-security standards is critical in the insurance sector.
So, when someone next raises a question about the relevance of printing, let them know - it’s not simply about whether we continue to print or not. The crux is how we are reshaping ourselves to adapt to advancing technologies while ushering in a new era of managed print services. It’s all about handling unconventional IoT devices in a digital-first era.
For sectors such as insurance, this means utilizing these technologies for process enhancements, heightened security measures, and gaining a competitive advantage. Print technology isn’t just alive; it’s evolving, fostering innovation in a digital-forward landscape.
Reverse engineering print - to help improve business processes
Experiences with print processes lead to unique mental models — or perspectives — about print. In other words, how each of us works with print shapes how we understand it. Most of our mental models of printing are limited to tasks that we can perform with multifunction printers (MFPs) and similar printing devices.
Navigating an evolving landscape in the Insurance Sector
In the insurance industry, automation plays a crucial role in streamlining tasks and optimizing workflows. The breadth of benefits from automation are huge; from improved fraud detection and risk assessment to customer segmentation and underwriting, it's changing how many insurers operate. Understanding how to make the most of this technology, with improved clarity and alignment around automation, is quickly becoming the key to success. Below are 3 Ways Insurance Leaders are Aligning Automation in the Insurance Industry