Technology and innovations are changing the insurance and risk management ecosystem every day. Insurance software solutions, like self-service robotic process automation (RPA) models, are the next evolution in IT development.
Traditional IT projects were outsourced to developers, costing time and money. But once any new software is deployed, it needs to be maintained —and in traditional projects, this meant calling in the developers again. But self-service RPA models are changing all of that. IT projects can be done on-site by insurance company employees. Maintenance and updates are easily handled without the expense of an outside expert.
Read on to learn more about how insurance software solutions like self-service RPA can empower your insurance company and how Integratz can help you find the right solutions for your needs.
Insurance Software Solutions Can Empower Your Insurance Company
Insurance software solutions, like the self-service RPA model, can help you grow and empower your insurance company in several ways.
Self-service models are cost-efficient. One significant benefit to automating and digitizing your systems is saving money, and self-service models deliver in this area. Hiring developers to code new systems and processes is cost-prohibitive for many smaller insurance companies and agencies, especially when you consider the additional costs to bring developers back to make changes when you need to update your system. With a self-service RPA model instead, anyone on your team can make changes in-house without learning to code.
Retain control of your workflows and systems. Self-service RPA models are easy to use, so you can use your existing staff to manage and maintain your systems. Retaining control in-house means you know your workflows and systems well, and you can manage costs. There’s no fear of being upsold on other technology because your system is transparent and stays in your control. There’s another benefit to retaining control of your systems, too. When your staff knows your processes and technology inside and out, they can make suggestions for improvements and enhancements —and then implement their ideas.
The self-service model fits well with agile workflows. Self-service RPA means you can make quick updates and changes to respond to changing market conditions or trends. If you notice something isn’t working correctly, it’s easy to change it without calling in the developers. Or, if you want to try something new, you can make an update and fail fast without the expense of changing the code twice. This means RPA self-service models fit well into the agile and lean environments of many insurance companies.
Self-service RPA is faster than traditional development. One challenge of traditional IT projects —besides their cost —is the amount of time they can take. The speed of innovation in the insurance industry now means you have to move quickly to bring new ideas to market. It doesn’t help to have a great idea only to watch your competitor debut it while you’re still struggling through IT development. RPA self-service models let you move quickly to bring new ideas to light. Being the first to market can make all the difference with new insurance products.
Flexibility lets you explore new products. Self-service RPA models are flexible since you can make changes with little or no coding required. Are you considering offering a new product or service but aren’t sure how it will go? With a self-service model, you can explore your new ideas without the fear of commitment. If you don’t like the results, you can continue making changes or even go back to the way it was. With traditional IT, making a mistake when trying something new is costly. But making mistakes, failing fast, and continuously improving is often how insurance companies get better. Self-service RPA gives you the flexibility to do just that.
Employee morale is higher. Happier employees lead to happier customers. And your employees are not happy doing manual data entry tasks that bore them and waste their skills. Many people want to work with leading technology – and your employees have more options now than ever before. Employers compete to keep their top talent and investing in technology is one way to keep your people happy.
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Claims. RPA solutions can review data from various sources like police reports, medical reports, and witness statements and move it to a central location. Trends can be easily identified for fraud investigations. RPA solutions can help settle small low-value claims.
Product Development. RPA solutions can help you drive innovations and make new products possible. Chatbots can take advantage of upsell opportunities once products are available in the marketplace.
Underwriting. People can make underwriting decisions more quickly when they have all the information, and RPA solutions can help provide data and details.
Billing. Using insurance software solutions for billing helps reduce human error and improves consistency.
Policy Management. RPA systems can service customers more quickly. Chatbots can service many customers at once, but a human agent can help only one person on the phone and can handle a few chats via text.
Insurance software solutions are handy anytime you want to reduce errors, gain accuracy, and improve efficiencies in your workflows. Self-service RPA can take over data entry and other back-office tasks your employees are stuck with now. Automating these manual tasks frees your staff to do customer-facing work —or anything else to help your business grow.
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