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Integratz 4 minute read

How Automation Software Solves 5 Common Insurance Industry Problems

Process automation offers a huge number of opportunities to ease those more difficult processes in the insurance sector. It resolves some of the common problems that have existed in the industry for many years. But choosing the right software to do the job can be a little confusing. Here’s an evaluation of common insurance industry challenges and software that can solve those challenges.

Problem 1: Manual Handling of Documents and Data Entry Redundancy

The Problem

Insurance processes involve a lot of data entry that has traditionally been completed through manual data entry and document processing. Important resources are locked into these redundant tasks. Temporary staff hired to cover busy business periods increase the operational cost of your business. Also, manual document handling and data extraction can result in multiple errors.

How Does Automation Software Help?

  • Several customer documents are submitted during the underwriting and claims processes. Information from these structured and unstructured customer documents can be extracted automatically.
  • With the help of Artificial Intelligence (AI) technologies such as NLP (Natural Language Processing) and ML (Machine Learning), the content of the documents (including images) is read and interpreted.
  • The extracted data is then classified and categorized.
  • Data is validated and automatically pushed into the various internal systems using RPA.
  • Data is made available to staff members and customers right away.
  • Notifications can be sent automatically to the team members who need to take the next step in the workflow process.

Our Recommended Solution

Automation Anywhere’s Intelligent Document Processing (IDP)

IDP by Automation Anywhere captures unstructured and semi-structured data from a variety of document formats and converts it into usable information. IDP is key to unlocking the value of RPA. When combined with RPA, IDP provides a simple yet effective tool to automate enterprise business processes.

What is Digital Transformation for Insurance Companies?

Problem 2: Lost Sales Opportunities

The Problem

New customer requests and sales inquiries are not fulfilled quickly enough due to a lack of sufficient resources. This results in missed opportunities and lost revenue.

How Does Automation Software Help?

You need instant quoting tools to address new customer requests. The automation software must pull relevant data from legacy systems and present it to the end-user through an online application.

  • Online tools get relevant information from the potential customer.
  • Automations push it into the system(s) needed to create a quote.
  • The quote is created and the information is automatically sent back to the online customer display.
  • Various policy options can be created and presented at once.
  • When a purchase is made, online payment is initiated and accepted securely.
  • The customer is brought on board, and the policy documents can be issued automatically.

Our Recommended Solution

UiPath Enterprise RPA Platform

UiPath’s Enterprise Robotic Process Automation Platform frees your workforce from redundant tasks. It decreases the processing time by over 50% and saves a lot of money. This implies that you can quickly take care of the increasing demands from policyholders, agents, and partners through transparent, multi-channel experiences.

The solution is easy to use, compatible with your existing systems, extremely secure, and the best way to connect with the largest ecosystem of machine learning and AI platforms.

Problem 3: Customer Service Is Lagging Behind the Data

The Problem

Addressing customer queries in a timely manner is paramount for any business. And, more than 60% of American consumers expect that there will be a self-service option for simple requests. Because the insurance industry is so highly competitive, the customer experience you provide can make or break the organization.

The challenge is to be able to build good relationships with customers by fulfilling their demands in all the various ways they prefer to access their information and other data.

How Does Automation Software Help?

  • Automation improves customer service through making self-service options interact with the internal systems of the company.
  • Personalized interactions through the website can be enabled. This allows the business to be connected day and night, as needed by the customer.
  • Interaction with customer service can be offered through bots, live chat, email and phone calls – with all information collected immediately added to the customer record.
  • A customer knowledge base can be set up. It’s used to address customer questions without requiring help from a customer service rep.
  • Customer service and other team members can be proactive when interacting with a customer because they can see the entire customer record on a single screen, even when data is stored in other systems.

Our Recommended Solution

Microsoft Dynamics 365 Customer Service

Microsoft Dynamic 365 can perform four important functions for your insurance business.

  • It provides self-service support through direct customer access to the knowledge base, AI-powered virtual agents for support, and sharing of knowledge through community portals.
  • Personalized customer service engagements by offering a 360-degree view of the customer.
  • Empowers the team with tools for enhanced productivity.
  • AI offers actionable insights about customer behavior and customer sentiments to optimize service.

Read more about improving the insurance customer experience in our blog: What is Digital Customer Onboarding for Insurance?

Digital Transformation with MicrosoftProblem 4: Delayed Underwriting of Simple Policies

The Problem

Underwriting of simple policies and quotes can be done instantly. However, tedious, manual processes slow down underwriting and delay revenue flow.

How Does Automation Software Help?

  • Underwriting of simple quotes and policies is automated.
  • In the case of commercial policies, additional data is gathered, and risk is assessed before being put in front of an underwriter who will then have all (or nearly everything) they need available to make decisions quickly.
  • A robust underwriting risk model is available to automatically generate different scenarios.

Our Recommended Solution

Microsoft Azure

Microsoft Azure uses internal data as well as information from multiple external sources to deliver an improved risk model. Since data collection is automated, a lot of time can be saved. The business can use the conserved time and resources for improved analysis and the creation of policies.

Learn more about Microsoft products and how to use them for an insurance digital transformation.

What is Digital Transformation for Insurance Companies?

Problem 5: Long and Tedious Claims Review Process

The Problem

Claims processing can take several days. The process is frustrating for the customer and insurer. It involves the insurer, customer, and third-party vendors. Keeping up with the different demands of the three entities and handling the data requirements can be tedious.

Yet, fast and efficient claims processing can give your business a competitive edge.

How Does Automation Software Help?

  • The software allows automated data collection from different sources.
  • Customers benefit from easier submission of relevant data and faster resolution of the claim request.
  • The insurance adjuster can upload information from the field and it will be automatically populated in the necessary software systems.
  • The insurer benefits from faster identification and validation of fraudulent claims, easier collaboration with third-party vendors, and lower staff involvement.

Our Recommended Solution

Blue Prism Cloud

Intelligent Automation from Blue Prism Cloud can transform the claim processes as follows.

  • The solution collects accurate data through different communication channels during the FNOL stage (First Notice of Loss).
  • It expedites the processes between the insurer and outsourced services and technologies such as fraud detection and bill review.
  • Quickly creates an accessible pool of historical claims data that can help with fraud detection and risk analysis in the future.
  • Fraud detection technologies can be complex. Blue Prism Cloud’s intelligent automation solution uses machine learning and AI to integrate the different data.
  • Allows the efficient and smooth movement of a claim through the different third parties.

Learn more about insurance process automation tools in our blog:  4 Best RPA Tools for Insurance Automation.

Which Automation Software is Right for Your Insurance Company?

To digitize your insurance business efficiently, you may need a few or all the above tools. You may have some of them now, but perhaps they aren’t communicating with one another. If you would like a free consultation on what could work for you based on your current systems and your company goals, we can help. Schedule a consultation with one of Integratz’s insurance automation experts today.

Get started with a digital transformation

Published by Integratz