Digitalization is gaining traction in every sector, and the insurance industry is no exception. Advanced technologies such as artificial intelligence (AI), machine learning (ML), and process intelligence are leading the charge.
Considering the behemoth size of the insurance industry, hyper-automating operational processes and routine tasks can save time, dimes, and energy.
Before you proceed to the article, here are some figures to put things into perspective:
- As per Gartner, the market for hyper-automation enablement software will be around $860 billion by 2025.
- McKinsey forecasts that about 25% of the insurance industry processes have the potential to get automated by 2025.
- Data about the US market indicates that more than 65% of insurance companies are either in the process of testing or adopting AI.
How can hyperautomation revolutionise the processes in the insurance industry?
To set the context, here’s a look at a few of the core processes.
- Claims Processing
- Underwriting/Risk Scoring
- Customer Service
- Policy Administration
Claims Processing
Claims processing has various stages.
Review of claims applications > Investigation about the incident > Adjustments to be made, if any > Remittance or denial of the claim based on the results.
Every stage is a document-heavy process.
Policyholders file a claim in the wake of untoward incidents, and they hope to receive the claim amount as soon as possible.
However, scanning heavy volumes of documents is a tedious process for insurers. Combining it with identifying fraudulent claims through the papers, insurers have a herculean task.
Deploying hyperautomation enablement technologies can expedite the process. How?
The cognitive abilities of a hyperautomation enablement platform like EvoluteIQ can learn continuously as it handles handling the large data volume of data. It will process the data, filter out the fraudulent records, and validate claims that do not breach policy requirements.
Underwriting/Risk Scoring
It is arguably one of the most time-consuming activities in the insurance sector. As a result, the drop-off rate is high if people can find a better alternative. The insurers walk a thin line while assessing risk points and then asking for a price to provide coverage based on the risk score.
How can insurers take less time to complete the underwriting process ?
By deploying ML models and modern analytical techniques, underwriters can quickly comprehend how risky a client’s profile is. Based on the collected data, these models can predict the risk profile of any new client and improve the overall process time.
Customer Service
Customers and employees look for a self-service portal, a knowledge base to find answers and resolve issues. Design and automate a self-help portal for customers and insurers to access information, pay bills, file claims, check application status, and use resources to resolve tickets that help optimise the experience.
How can customer service automation help the insurance sector?
Hyperautomation enablement platforms can seamlessly integrate with the existing workflows. As a result, the insurance companies can stay a step ahead of the customer requirements by providing seamless experiences across channels.
Policy Administration
A policy administration solution facilitates insurance companies to launch new, viable products. The process needs to be simple, easier, and effective while delivering high operational efficiency.
How will hyperautomation come into play in policy administration?
Insurers can get a better sense of consumer needs based on analytics and reporting capabilities of the hyperautomation enablement platforms. As a result, launching a new product and scaling it at a pace will not take less time.
They can also expand their digital footprint and meet the customers where they prefer to interact.
The Bottom Line
Business process automation is not a nice-to-have but a necessity in today’s digital world. Pacing the insurance company’s growth to compete well in the market becomes inevitable.
Hyperautomation is the ideal end-to-end solution for transforming insurance service providers and revolutionising the growth cycle.
Do not fall behind the race; take charge, transform, and take the lead.