NEW PRODUCTS DEVELOPMENT Digital workers that can deliver 100% automated customer screening and onboarding make lower margin products viable. This paves the way for a new generation of bot-only customer-centric product innovation that drives revenue growth, increases market share, and builds loyalty.
EXPLOSION OF DATA More and more connected devices such as cars and lifestyle trackers mean a proliferation of data about customers and their risks. Building a solid intelligent automation foundation will make processing and analysing data quick and efficient, creating opportunities for personalised premiums and hyper-efficient claims processing, compliance, and underwriting.
INTELLIGENT DOCUMENT PROCESSING Insurance companies regularly handle an exceptionally high volume of processes involving legal and compliance documentation. Intelligent Document Processing, Optical Character Recognition and RPA can process large volumes of structured and semi-structured data, reducing time and costs spent on manual labour.
UNDERWRITING & PRICING Collecting and analysing data from a range of sources can provide valuable insights to insurers for risks concerning underwriting and pricing, from analysing claim history reports to providing information about previous losses, health, and financial data.
CUSTOMER SERVICE Conversational AI can transform the customer experience with natural language interactions to triage and speed up standard processes such as claims and application inquiries, reducing wait times and increasing customer satisfaction.
FRAUD Analysing data is one of the best defenses against fraud – RPA can bring more transparency, speed, and efficiency to the claim process, assessing and approving straightforward or low-risk events while flagging suspicious data and applications for human review.