Innovation in the insurance industry has become a key catalyst to win market share. In the past, insurance providers have been slow adopters of technology disruption. Recent studies, though, have shown that the tides are changing. Today, many of them have understood the importance of unlocking the power of emerging technologies such as AI, machine learning, and cognitive tools.

“8 out of 10 customer interactions will happen without manual touch by 2022” – Gartner

Intelligent automation (IA) is enabling new levels of personalization and convenience in the insurance industry. Today, great insurance experiences are all about bridging the gap between insurers and customers. First, it is pertinent to understand that when customers submit their claims, they may do so under stressful circumstances. If the process is complicated and time-consuming, you may be exposing customers to higher stress levels.

It is why insurance providers are competing to keep pace with technology advancements. From going paperless to digitalizing customer engagement, they are very focused on providing memorable insurance experiences for customers.

Advent of ‘intelligent’ customer service

Intelligent Automation continues to rule the technology stack roost as one of its most successful disrupters. It can speed up the multiple processes relating to claims processing, compliance checking, or user on-boarding. IA ensures not just operational efficiency in the back-end; it frontends great experiences for customers, as well.

“1 in 3 customers who endure a bad claims experience switched insurers within a year” – Forrester

Intelligent automation systems can detect and produce vast amounts of information, which automates the entire workflow process and helps streamline operational costs as well as achieve higher efficiencies. It further allows organizations to transcend conventional performance and achieve unprecedented levels of productivity and quality, as well as enables professionals to focus more on value-added functions and approach holistically in contributing to the overall objectives of the organization.

Considering that insurance businesses deal with vast amounts of data, your journey to effective IA starts with extracting information from multiple silos. By then, you must have identified the processes that need automation – based on factors such as expected cost savings, integration complexity, and scalability.

  • Personalized and proactive experiences
  • Self-service when possible
  • Interaction when needed
  • Speed of response
  • Automated data protection
  • Consistency in message across channels

Automated Underwriting Solution

You must assess, through an automated system, if a machine can handle a submission or renewal or if human intervention is required. Predictive models and machine learning algorithms can evaluate and provide a price for submission. However, in some cases, human intervention may be required – in addition to the insights provided by the system.

Through Intelligent Automation, you can also extract data on key risk factors and mechanize identification of product trends – relating to demand and profitability. In short, a regulated system for underwriting processes leads to increased operational efficiency and improved customer engagement.

Claim Processing Analytics

In the paper-intensive insurance industry, measuring several parameters – including the number of requests and transactions processed – is elementary. Any discrepancy may result in hefty losses – including financial, legal, and reputational risks.

Intelligent automation makes it viable for organizations to measure transactions as well as to conduct a regular audit trail to check compliance. Such measures streamline processes, from processing claims to spotting and analyzing fraudulent activity, thus enhancing customer satisfaction.

Automating Claims Processing in Auto-Insurance with RPAClick here to Watch Demo

Chatbots, Virtual Assistants and Automated Conversations

In the age of Alexa and Siri, there is no debate over the direction where the service world is heading. Using Intelligent Automation, you can add a layer of powerful DIY simplicity to the whole insurance experience. It empowers you to unlock the power of chatbots, virtual assistants, and other voice recognition software to raise the bar on service levels.

You can quickly provide services such as estimates on auto insurance quotes or actionable advice on home insurance queries. What it means for the customer is a swift and straightforward resolution to their queries. Going beyond mere queries, complex questions that require calculations like premiums or retrieval of personal information can be automated too. The machine requests information via the interface, which is connected to the insurance policy’s administration system.

The Time is now

A derived and sound insurance market is beneficiary to the economic development of a county. In today’s experiential economy, customers – no matter which part of the world – are bound to have zero patience to wait in line to get the right experience. Even if it is a potentially life-changing decision such as purchasing insurance, they do not have the tolerance for slow experiences. With nimble InsurTech start-ups breathing down the necks of larger carriers, there is no room for slack when it comes to innovation.

What better time than now to adopt AI-powered automation and intelligently transform their customer service strategies?

Aspire’s  RPA Insurance Services helps insurers to intelligently automate all their repetitive, rule-based & mundane tasks and enable their users to focus more time on customer services. To learn how to identify a process and build an automation journey, please drop us a mail to [email protected]

Automated business process discovery

Raghu Raghavan

Awarded 2017 Most Influential MarTech Leaders, World Marketing Congress. Experienced Team leader with a successful track record in Product-Market fit, Product Marketing, Field Marketing, Digital Marketing, Monetization, Business Strategy, Business Development across Technology industry. Expertise in both Products & Services oriented segments.