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Leveraging Intelligent Automation Company for Streamlined Insurance Processes

Mar 21, 2024

Preview: An intelligent automation company can assist businesses in dealing with different challenges like evolving customer needs, fast-paced digital changes, increasing data, and the need for quick, smart decision-making. They can help them by devising strategies that focus on growth, new ideas, change, and improving customer experience, all at the same time. This blog uncovers all the aspects of intelligent automation companies and how insurance firms can leverage their expertise to scale their business. 

Introduction

The insurance industry has long been resistant to the changes brought about by advances in technology. Compared to related industries successfully advancing on the path of digital transformation, insurance services have so far often failed to meet modern customer needs.

To prevent the situation from worsening, carriers have begun to contact intelligent automation companies to adopt the latest technologies hastily.

Let’s understand with a stat –

As per Markets and Markets, the global intelligent process automation market is projected to reach over $25.9 billion by the end of 2027, exhibiting a CAGR of 13.8% during the forecasted period.

The insurance industry is now actively exploring intelligent automation options as artificial intelligence, machine learning, and cognitive tools are being combined with robotic process automation (RPA) to improve the efficiency of existing processes and reduce operational costs.

Insurance Industry: Obstacles and Possibilities

Historically, insurance carriers invested client premiums in a variety of financial assets to obtain good returns. However, in today’s low-interest rate environment, this source of revenue has dried up.

Online insurers with limited infrastructure are offering low rates, making the market considerably more competitive and constrained. 

Let’s now consider some of the challenges affecting insurers’ capacity to attain their goals:

  • Manually extracting information from massive amounts of data is not only time-consuming but also costly and error-prone.
  • Using multiple legacy applications and diverse technologies is quite complicated. This leads to operational inefficiencies and very high administrative costs.
  • Besides policy issuance and claims processing, there are several internal activities, like policy quotation and servicing, premium renewals, payment discrepancies, etc., that require extensive manual work that is time-consuming, repetitive, and prone to errors.
  • Scalability gets considerably more difficult during large-scale situations, as the claims procedure must be efficient and accurate in order to handle the enormous volume of claims.

5 Insurance Areas in Which An Intelligent Automation Company Can Enhance Productivity

Insurance claims automation

Claim processing is a time-consuming and document-sensitive process. Furthermore, gathering data in various formats from multiple channels requires excessive manual intervention.

By partnering with an intelligent automation company, the insurance claims process can be completed faster than human processing. Claims automation systems utilize OCR and NLP to extract data, input, and identify fraudulent claims and errors. Leveraging automation in insurance claims can help reduce multiple manual touchpoints, enabling businesses to accelerate timely payouts with a client-centric approach.

Straight-thru processing of underwriting

Manual underwriting processes can involve several bottlenecks like delayed turnaround time, factual errors, etc. 

Implementing  automation in underwriting with the help of intelligent automation company experts can aid insurers in performing the following easily:

  • Fill in the data fields like name, address, etc., that are required in the system
  • Client history and background analysis
  • Data access from external and internal sources
  • Fraud and risk identification
  • Loss run evaluation

Policy processing automation

Policy administration entails rating, quoting, issuing, and renewing. With so many processes, the carriers often struggle with the increased client base.

Intelligent automation in insurance can automate tasks like accounting settlements, credit control, etc. This leads to time efficiency in the entire policy process.

Business analysis

As an insurer, you definitely want to offer the best service to your clients. However, paper-intensive processes and several operational bottlenecks can slow down efficiency and hinder areas for improvement.

Bots built by any intelligent automation company can easily audit and help with analytics, which further improves the entire process, leading to better client response times and streamlined operations.

Resolution of customer queries

The insurance sector receives huge volumes of client queries waiting to be resolved. Resolving the issues on time is vital for customers, and that is where automation in insurance comes in.

Intelligent automation leverages a set of predefined rules and NLP technology to seamlessly interpret incoming emails and calls and resolve primary queries without any human intervention.

3 Tips to Consider Before Considering an Intelligent Automation Company in Insurance

Not all complex operations are deserving of automation.

It is crucial to determine whether automating complex operations would result in considerable savings, as automating a complicated process incurs large expenditures. It may be preferable to leverage the expertise of an intelligent automation company for medium or less complex methods that can yield large economic gains.

Begin with simple steps and progressively grow.

Begin with a small endeavor with clear goals while keeping the overall picture in mind. This will assist insurers in determining the efficacy of the procedure using the new solution. Once the outcomes satisfy your expectations, gradually scale up the solution.

Prevent over-automation.

Many firms might wish to automate the entire process, removing the need for human participation, which may be ineffective. This can result in substantial automation efforts and expenditures. However, it is significant to assess whether a hybrid method, which combines the benefits of automation with human intervention, can be employed to achieve the required results.

In a Nutshell

To conclude, an intelligent automation company offers numerous chances to increase customer interaction, such as quick settlement of insurance claims, optimization and customization of tariff plans, round-the-clock support through chatbots, and so on. Thus, partnering with such firms can help both consumers and businesses, resulting in competitive advantages and consistent demand.

Let’s have a detailed conversation.

If you’d like to partner with an intelligent automation company like KMG, please reach out to us at https://tinyurl.com/bdz9r6zp.

Let’s discuss your project. Connect with us.

sales@kmgus.com

+1 631 777 2424

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