Delivering Future-Proofed Processing

Integrating a new feature, for example to provide dynamic quoting and pricing, usually takes months. Hyperautomation, such as low-code, provides robust solutions faster.

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The insurance industry is exploring ways to adopt technologies to minimize risks, provide personalized solutions, reduce costs and ensure compliance. Leveraging hyperautomation solutions is a game-changer.

With heightened customer expectations, hyperautomation technologies such as low code play a crucial role in delivering the speed and flexibility to resolve diverse customer requirements and provide personalized solutions. Because the technologies can seamlessly integrate legacy systems, they offer solutions at a nominal investment compared with traditional infrastructural upgrades that deliver similar results. 

Furthermore, hyperautomation technologies allow various departments to work together to improve processing speed and efficiency. Process improvements and changes can be implemented faster than ever, leading to higher flexibility and enhancing customer experience. 

High Levels of Accuracy

Automation in insurance and risk management allows multiple processes to be carried out simultaneously without risking errors while making processes, including onboarding, claims and verifications, error-free and fast-paced. Delivering solutions at speed while being accurate is crucial to elevating the customer experience and reducing operational costs. 

Introducing software robots to take over mundane and repetitive tasks enables the department to remain functional around the clock without increasing the workforce. Workflows for intelligent case routing can assign claims to the proper personnel easier. At the same time, carriers can bring efficiency into critical areas, such as document checking and compliance. The system can pull scattered and disparate datasets and store claims into one central repository. Thus, the system enhances reporting and expands access to critical information at the right time for verification.

Further, upgrading the digital workforce could seamlessly implement changes in processes. By harnessing the power of core automation, carriers can reduce fraud losses and cut operating costs while improving underwriting accuracy.

To deliver a connected experience throughout the insurance life cycle, it’s critical to enable teams to work together efficiently and make informed, data-driven decisions while remaining connected with clients. Because of disparate technology and lack of automated workflows, insurers face several preventable issues like gaps in transparency, manual process and poor customer experience. 

Hyperautomation brings together multiple technologies and their capabilities, including Robotic Process Automation (RPA), Artificial Intelligence (AI), API Integration, Machine Learning (ML), intelligent business management software (iBPMS) and Process Mining to augment and automate processes in ways more important than traditional automation.

Without hyperautomation, core policy and underwriting systems often require manual, repetitive tasks and result in a lengthy quote-to-bind process. This can hinder growth and result in customer dissatisfaction. With legacy systems, the underwriting process is time-consuming and at risk of human error due to its manual nature, resulting in inefficiencies and more liability. 

By bringing data together, integrating systems and automating workflows, you improve connectivity with unified claims, underwriting and agent-customer experience. Your staff has the technology they need to do their jobs more effectively and efficiently, empowering them to deliver the digital, connected and mobile insurance experience that today’s customers expect.

See Also: Insurers Turn to Automation

Seamless Adaptability

Fully optimized claims triage, straight-through processing and fraud management are the hallmarks of process automation. As the insurance industry launches business products and services rapidly, low-code platforms allow businesses to capitalize on the opportunity by empowering people with no previous software experience to build enterprise-grade applications effortlessly. Integrating a new feature, for example, to provide dynamic quoting and pricing usually takes months. Low-code provides feature-rich, pre-built templates and drag-and-drop elements so users can build robust applications and solutions faster.

Enhancing Customer Experience

The fast-growing insurance industry gives rise to ever-increasing amounts of data, and insurers face a considerable challenge in collecting and handling customer data. With automation and advanced data analysis technologies, businesses don't have to spend months on data preparation and model selection. Automation extracts, cleans and processes volumes of data—policy, claims, records—and provides meaningful information. 

Whereas legacy processing is fragmented, automation unifies data processing and provides 360-degree customer insights for effective decision-making. Automation empowers carriers to offer more targeted and personalized products. Automated insurance processing provides companies with better contextualization that allows for meeting individual customer needs, which is not possible with an outdated, one-size-fits-all model.

Customers can enjoy dynamic pricing and omnichannel customer experience. Ultimately, it all comes down to customer experience, and automation delivers the promise.

In the highly competitive insurance market, where the importance of convenience and efficiency is increasing, automation facilitates holistic, seamless claims processing. From noticing the loss to final claims settlement, automation platforms make the process easier for everyone. It can deploy rich solutions for claims and renewals triage, risk management, fraud identification and auto-retrieval of policy information. When automation is embedded in the process, instant claims reporting is possible through responsive solutions.

By automating the insurance landscape, carriers can remove high costs across the value chain, striking a balance between retaining customers and maintaining profitability. Embedding automation capabilities can reduce margins and help insurers reinvent their entire business with significant cost savings.

Ravichandran Thiruganasambandham

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Ravichandran Thiruganasambandham

Ravichandran Thiruganasambandham is the director of services at Vuram.

He has over 10 years of experience automating various organizations' business processes. With the help of hyperautomation technologies, he has designed over 100 business processes with on-time delivery. 

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