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Automated insurance solution – Importance, benefits and use cases

December 6, 2022


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With the insurance industry still reeling under the impact of the pandemic, enterprises are trying to develop new strategies to thrive the challenges, and the competition as these play a significant role in reviving the economies.

Considering that the global health crisis and the market volatility have put immense pressure on the industry, it is focusing on the resurrection, profitability, and improved operational efficiencies. However, some complications can come in the process, including finding enough resources, managing shifting compliance requirements, creating fiercely competitive products, and more. Automated insurance solutions can resolve these challenges.

What is insurance automation?

All insurance processes, including marketing, renewals, and sales, can be streamlined with the help of insurance automation or RPA, one of the most widely used tools in this field.

Traditional software automation is known as Robotic Process Automation (RPA), wherein the robots perform time-consuming, repetitive tasks like extracting crucial data, providing pre-made paperwork to clients, navigating systems, speeding the underwriting process, filtering emails, and automatically updating the customer’s file, similar to actual customer service representatives. Utilizing robots to generate measurable economic benefits has become the new standard across various industries.

Importance of automated insurance solutions

In the last few years, insurance carriers have been able to understand the value of building durable relationships with customers to gain a competitive edge and harvest profitability. Hence, adopting automated insurance solutions is a great way to initiate digital connections with customers.

This can be validated by the fact that automation in insurance can significantly reduce the time around time and enhance data accuracy easily. According to a case study by EdgeVerve, by implementing AssistEdge, a connected automation platform, a leading insurance player attained approximately 95% accuracy in claims processing, thus taking the customer experience to a new level.

However, RPA is only the first primary move in insurance automation, companies also must leverage cognitive capabilities with Artificial Intelligence and analytics to operate efficiently. Cognitive software solutions such as Natural Language Processing can transform insurance businesses from a wholly human-reliant domain into an intelligent business landscape.

AI In Insurance Market to Reach USD 40.1 Billion With 32.6% CAGR from 2022 to 2030 – Report by Market Research Future (MRFR)

Benefits of insurance automation

Fast pre-qualification candidates’ assessment: Insurance automation can analyze candidates quickly and correctly during the pre-qualification process. Additionally, analytical engines and software employed by modern-day insurance carriers produce a unified view of their consumers’ profiles that infers that the robot is improving the insurance businesses smartly.

Enhances claims processing efficiency: Having fast and cost-effective claims processing is critical to an insurance company’s success. Thus, investing in AI-powered RPA insurance services can simplify the claims processing workflow by automating claim intake, assessments, and settlements. Therefore, automation will not only extract data available in a couple of minutes, but it will also process them accurately.

Increases policy management effectiveness: Policy updates and issuance are used throughout the policy management life cycle. Also, services such as pre-underwriting checks, renewing internal systems, and communicating with clients require substantial manual labor. This is where RPA insurance services can come into the picture and automate the steps of policy issuance, thus reducing the time and manual work significantly.

Helps improve regulation compliance: Insurance carriers need to stick to the policies and guidelines of the government. But, modifications to these policies frequently demand re-construction of the business processes to easily adapt to the changes, regardless of the financial and operational losses. Therefore, it becomes mandatory for insurance firms to apply an AI-powered solution to enhance and improve their compliance. Thus, insurance automation removes the requirement for agents to read the operations manually. Instead, it allows them to safeguard their data’s accuracy while examining real-time regulatory compliance.

Lower time-consuming underwriting tasks: Automation in insurance can include some improved features like gathering and analyzing important data from numerous sources to underwrite the risks associated with the opted policies.

Hence, by implementing RPA insurance services, labor-intensive tasks such as evaluating the customers’ claims history, assessing losses, collecting data, and generating recommendations can be accomplished in quick time.

Top use cases of automated insurance solutions

Some key technology trends in the insurance industry

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As the efficiency of back-office processes is critical in the insurance industry, companies are leveraging Robotic Process Automation to automate transactional, routine, rules-based operations. This allows capital and talent to be repurposed for more complex and strategic tasks.

RPA has a massive ROI. Thus, RPA can help insurers increase profits, improve compliance, maintain stable company growth, and provide excellent customer service while lowering costs and customer dropout rates. Moreover, because of the flexibility and benefits that RPA provides, automation in insurance is only expected to become inevitable in the coming years.

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