Technological advances in the insurance industry have exploded in recent years through creative insurtech tools. Customers demand faster, more innovative experiences delivered through digital solutions. Insurtech solutions are changing how traditional insurance companies do business by using low code business process automation and low code robotic process automation (RPA) to reduce expenses and improve processes.
Staying competitive in a dynamic industry like insurance means using digital tools to improve the process. Business process automation in insurance is improving efficiencies at every step of the value stream. But this can be an expensive proposition for many traditional insurers. After all, legacy systems house critical data and provide necessary services every day – destroying legacy systems in search of something new is costly and risky.
Low code business process automation is a solution that works with your existing systems to improve them – this means you can be up and running much faster and with less disruption and risk to your valuable legacy systems. Low code business process automation allows businesses to automate processes quickly with little to no coding. Because of its simplicity, low code business process automation can help organizations improve workflows and become more agile.
One significant advantage of low code business process automation is its speed. It is faster than traditional development – often by a wide margin – and it doesn’t require any coding experience to use. Faster development means less cost, and your resources can go to other projects. The speed of low code business process automation means you can get to market quickly with innovations and new initiatives.
Read on to learn why insurance companies should use low code business process automation and business process RPA then contact us to get started!
Insurance carriers enjoy several benefits by using low code business process automation.
Customers and employees use less effort to achieve results. When customers have to expend a lot of effort to work with their carrier, they are less satisfied. A recent Gartner study found low-effort, high-performing companies had NPS scores 65 points higher than their high-effort competitors, with low-effort interactions costing 37% less than high-effort interactions. Low code business process automation reduces customer and employee effort by handling repetitive transactions and anticipating the customer’s needs.
Claims and policy administration costs can be reduced. Chatbots can handle many routine inquiries, such as a request for a status update, payment details, or an adjuster’s contact information – questions that don’t need to be answered by a human. Machine learning and AI can help with document processing by scanning records and transferring relevant data into the claims and policy system.
Legacy systems can be integrated with external vendor systems. With so many different vendors providing critical services to carriers throughout the insurance life cycle, finding ways to exchange information can save time easily. A claims system could integrate with rental car companies and autobody shops. The carrier’s billing system could work together with an external electronic funds transfer provider to add flexibility. Building a bridge to new technologies is an effective way for carriers to use low code business process automation.
Low code business process automation can grow your customer’s satisfaction. Technology solutions can proactively help carriers predict customer’s future needs, offering help and guidance – leading to potential upsells as well as customer satisfaction.
By employing low code solutions, carriers can solve common challenges they face.
Bottlenecks caused by wait times can be eliminated. There can be a lot of waiting time built into workflows. Waiting for customers to sign releases, return calls, or submit documentation costs time and creates workflow bottlenecks. Low code business process automation can help reduce or eliminate wait times. Sending customers releases and applications to sign through electronic means faster turn-around time – and less postage spending, too! It can take about a week for paperwork to be returned through traditional means – and then your legacy system has to process it. But documents can be electronically signed in minutes and returned to your system, so your workflow can continue uninterrupted. When you consider how many documents are signed every day, this is an area where traditional insurance carriers can find significant efficiencies.
Low code business process automation and business process RPA can help solve these common insurer challenges and many more.
Integratz makes everything simple. We work with you to liberate your workforce by choosing the right processes to automate. We’ll build automation to bridge the gap between your existing legacy systems and the new technology you need to drive your business forward. Then, through a combination of human and robotic efforts, your processes will run intelligently.
Using low code business process and robotic process automation to handle routine, low-value activities gives your team more time in their days – time to work with customers and manage the more complex claims that demand their focus.
Reach out today to to book a preview call. Let us show you how Integratz makes everything simple!