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Integratz 3 minute read

How Automation for Insurance Processes has Changed the Industry Forever

Insurance and risk management is a traditional business filled with opportunities for improvements. Automation for insurance is influencing the ecosystem from end to end. Innovations in underwriting, product development, sales, claims, customer service, billing, and policy administration have changed the industry forever.

Customers want to do business digitally, and insurance companies who can meet this desire will perform better. By looking at your processes from start to finish and mapping each step, we can help find where automation can save you time and money based on your existing workflow.

Automation comes in many forms and is applied in different ways to insurance processes. Read on to learn how automation for insurance processes is changing the industry, then call us to talk about how to automate your processes.

Automation for Insurance Processes

Automation for insurance is affecting many different parts of the industry.

A more personalized customer approach. Automation takes away data entry and other manual, repetitive tasks, leaving insurance employees able to focus on providing a more personalized experience to customers. Instead of spending time retyping information in a legacy system, your staff can answer questions and proactively service customers, giving plenty of time to exceed expectations and learn more about your customer.

Improving the customer experience through this more personalized approach is one main benefit of automation for insurance processes. It can cost five times as much to find a new customer as to retain your current one – making a compelling case for providing personalized customer service.

Robotic process automation, or RPA, is a tool you can use to reduce or eliminate manual, error-prone processes. Consider how much time you could save if your staff didn’t have to enter the same data in multiple legacy systems – and how many typos and other human errors could be eliminated if the systems could speak to each other and transfer details seamlessly. That’s what using RPA can do for your processes.

The handling of documents is streamlined. Insurance companies deal with lots of documentation. Before imaging systems, paper files took over the adjuster’s desks, and warehouses storing old records filled the rafters with claim files. Now with imaged mail systems, adjusters and other insurance company employees still manage tons of digital documents.

Cognitive, AI, and machine learning solutions can save time and money when automating document processes. Visual recognition plus machine learning leads to a system that quickly and efficiently can process documents, scanning them for critical details and transferring information to legacy systems.

Outgoing documents can be sent electronically for signature, and forms can be filled in digitally and returned to underwriters and claims adjusters immediately. Saving mailing time alone can shorten claims cycle time by several days when it could take an entire week or longer for forms to travel to a customer and back to the carrier.

The federal government codified the use of electronic signatures in 2020, allowing the expanded use of digital signatures in all kinds of commerce and business transactions. Insurance companies can take advantage of this to expand their use of electronic signatures.

Chatbots take over customer interactions. It seems every website has a chatbot now, designed to pop up if you hover over certain parts of your screen or take a long time scrolling the site. Insurance is no different – mobile apps and digital dashboards can utilize chatbots to answer customer queries and offer tips and advice as customers use the system.

Chatbots answer some questions that would have come through your call center, reducing the amount of call center staff needed to handle inquiries. Customers can get an answer immediately, even when the business is closed, or CSRs are busy helping other people – this could lead to greater customer satisfaction and reduced cycle time and customer effort.

You can also employ chatbots as virtual assistants or trainers for your CSRs and staff. For example, when adjusters are researching coverage and reading policies or case law for help, your chatbot can give tips or guide them to additional resources. CSRs chatting in text programs with customers or agents may get asked questions they can’t answer – the chatbot can act as a search tool or provide pre-programmed responses to help the CSR. Some bots can notice when conversations escalate and customers become frustrated and can provide tips for CSRs to help manage the conversation.

Carrier and vendor systems integrate easily. Many carriers are deeply tied to their legacy systems, and it can be cost-prohibitive to replace them. But sometimes, these systems are difficult or impossible to integrate with new vendors who use current web-based technology – leaving a gap your employees need to fill.

Carriers can use low code business process automation to integrate with various vendors like body shops, rental car companies, evaluation systems, Copart, and more – instead of replacing legacy systems. Fraud alert systems can integrate between your medical, auto, and claims systems and link to external databases to search red flags and notify the NAIC of potential issues. Vehicle inspection reports can be uploaded directly from body shops, with details prefilling into claims systems.

These integrations help save time and reduce effort, increasing customer satisfaction scores and decreasing claims cycle time. Integrating with your current legacy systems saves development costs and time, so we can get you up and running quickly with automated solutions – you’ll begin to see benefits quickly.


Learn How to Automate Your Insurance Processes With Integratz

Which of your insurance processes is ready for automation? We’ll work with you to map your workflow and identify the right processes and steps to automate – helping to bridge the gap between your existing legacy systems and new technology and innovations.

Automation for insurance processes is the future of the industry and is changing insurance forever.

Let us show you how Integratz makes everything simple. Start getting benefits from automation today!


External Links:

  1. https://www.mycustomer.com/experience/loyalty/infographic-customer-acquisition-vs-retention-costs
  2. https://www.govinfo.gov/content/pkg/PLAW-106publ229/pdf/PLAW-106publ229.pdf
  3. https://eapps.naic.org/ofrs/ofrsHome.jsp
Published by Integratz