For one Insurance sector client, our automation program delivered annual cost savings of €1.4m, reaching time to value in just 4 months.
On a program to automate invoice processing, we reduced verification to < 1 minute and delivered a year one ROI of 466%.
By automating processes with > 96% Optical Character Recognition rate, 600 insurance customer service employees have been freed from repetitive, robotic tasks each year.
However, many Insurers find themselves faced with the challenge of cumbersome legacy systems. Automation technologies like low-code app development and RPA allow solutions to be built on top of antiquated systems, enabling providers to outpace change and outperform the market, today.
Respond to a changing landscape rapidly and cost effectively
Economic uncertainty, digital disruptions and increased competition has created a volatile operating environment for Insurers. Intelligent process automation holds the key. It enables the calculation of risks in real-time by automating workflows and creating an unbroken link between the customer experience and internal systems.
A customer experience that’s 100% accurate
Challenging the price-led nature of the sector requires peerless customer experiences that increase trust and loyalty. AI-powered automation integrates disparate systems, reducing the time taken to process claims, enquiries and applications and increasing the accuracy and quality of customer interactions.
A customer view that’s 360 degree.
Connecting disparate systems also provides a 360-degree view of the customer. Automating high-volume, low-risk claims liberates employees to deal solely with complex claims, focus on customers and provide a superior service that enables your enterprise to compete on experience, not on price.
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.
More and more connected devices such as cars and lifestyle trackers means 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.
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.
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.
Conversational AI can transform the customer experience with natural language interactions to triage and speed up standard processes such as claims and application enquiries, reducing wait times and increasing customer satisfaction.
Analysing data is one of the best defences 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.