The latest Process Automation technology is not just for insurance disruptors. The trick for traditional insurance companies, underwriters and brokers is how to use the technology at scale in order to compete with insurtechs and more agile smaller firms. What larger insurance companies do better is taking a 'big picture' point of view and they have the resources to apply this to implementing a powerful tool like intelligent automation. Doing so means harnessing the ability to deliver competitive pricing, work within new customer channels, streamline claims and accounting, manage data efficiently between suppliers and improve customer engagement - all without changing legacy systems or hiring lots of new people. In the search for better ways of working, insurance organizations are winning with AI, analytics and Intelligent Automation.
Using sensors, AI, automation and analytics — digital industry disruptors are changing the game. How? Simply, they can deliver accurate premiums to customers based on data and, as they don’t have legacy systems or the same size overheads as bigger organizations, can do it almost instantly. What’s more, by using new technologies many have opened up new channels and customer experiences that many older and larger organizations haven’t. They are providing the flexibility and modern methods of communication for the today's consumer, and the accurate premiums to match. In response, many larger organizations are starting to look at using technologies such as Intelligent Automation to bridge the gap.
Let’s look at a couple of ways that leaders in insurance organizations can use Intelligent Automation to stay ahead of the game:
In many businesses, claims processing is handled by large teams of people — from First Notice of Loss (FNOL) through to paying out. In large organizations this can be challenging to handle, and it can also be magnified seasonally. In order to manage the cost of claims and to reduce overheads, many are turning to automation and real time data. For example, following notification of a car accident, digital labor is able to look up the value of the car, estimate the cost to fix the damage, or write the car off, all from a photo provided by the customer. Once a decision has been made using the data and photos, payments can be automated. This removes the delay and cost of storage involved in a car being written off. This is creating a model of flexibility whilst keeping the costs down for insurers, retaining happy customers and taking on agile digital market entrants.
Opening up new channels of communication
By building applications using digital labor, with chatbot and self-service functionality, organizations have found they can open up new digital channels for communication, whilst having the staff there for outliers or if someone wants to interact with a person instead. The digital offering of services gives a host of benefits such as 24/7 delivery, instant system updates and the potential of hundreds of hours saved. What’s more, all of the real-time data and new ways of delivering insurance used by disruptors can easily be woven into these services.
Insurers are moving at a rapid pace to keep up with the digital disruptors. Whilst many of the tools and new techniques for insuring are still in their infancy, traditional insurance companies are becoming well prepared to deal with any challenges, or upheavals in the future. By deploying Intelligent Automation, you have a tool you can trust to help you expand service delivery, delight customers, be more efficient and innovative, whilst keeping you compliant. Which in a world with new competition, new ways of working and an evolving market, is essential for your business to succeed.
Find more Intelligent Automation use cases for the insurance industry in our Ebook.
To map out your own tailored business case, identifying your own ideal processes to start your automation journey, including what ROI you will achieve, request a business case workshop.