RPA & Intelligent Automation for Insurance

Frictionless insurance is difficult to achieve. While it’s often achieved in the pockets of the organization, it’s rarely scaled across an entire business. By focusing on streamlining the buyer journey with IA, you can make a real impact on your bottom line while providing better experiences for your customers and your staff.

Quote and bind/underwriting

Whether you sell directly to customers or via brokers, a digital workforce can help with both the frontline "quote and buy" process and the more complex  underwriting  process. As a result, you can generate faster quotes and policy documents with more accurate pricing.

Midterm adjustments

No matter how you service midterm adjustments, a digital workforce can help to standardize this process, extracting data into a single source of truth, processing changes to policies faster and ultimately providing the customer with a seamless experience.

Customer service

Delivering great customer service means ensuring your agents have the tools they need to focus on your clientele. Intelligent automation helps agents work more efficiently with systems, connect channels, standardize customer data and process documentation more quickly. As a result, you can reduce the volume and length of calls to customer service agents and waiting times for customers.

Renewal

With the many manual tasks involved in the insurance renewal process, as well as different elements such as pricing and policy documentation, deploying a digital workforce is a smart move that can streamline all of these activities and enable your staff time to focus on customer retention.

To say we make claims simple would be misleading. Even straightforward claims involve multiple touchpoints, both with people and systems. What we can help with is connecting and improving your processes with claims automation. A digital workforce can help you process customer claims faster while reducing your cost per claim and ensuring customer happiness. We think that’s a great outcome for everyone.​

FNOL

At this critical stage of the claim, a digital worker can ensure that the right data and documentation are collected and processed from the start, with the customer fully informed of progress. IA helps to truly digitize FNOL and speed up the claims process on the cloud.

Claims adjustment

Whether adjusting a straightforward life insurance claim or a complex catastrophe claim, a digital workforce can take manual data-related tasks off your adjuster’s plates, giving them more time to focus on customers.

Settlements

Once a decision is made, digital workers can step in to fulfill the settlement stage of the claim. They can also work between your claims and finance teams and the customer to ensure payment is made quickly.

Interoperability

Since digital workers use applications in the same way as your human staff, there’s no need for APIs or repetitive, manual data entry. SS&C Blue Prism digital workers operate alongside both legacy and new systems and software, ensuring speed, consistency and accuracy.

When planning an insurance contact center transformation, it’s important to consider both customer and agent experiences. In an environment where staff turnover and operating costs are high, and a poor customer experience can damage your reputation, creating efficiency with a digital workforce is critical.

Agent experience

By employing a digital workforce, you can reduce the number of applications and systems your agents need to access, automate simple inquiries and coordinate communications channels. As a result, your contact center agents can take more time with customers who need it, and you and your customers benefit from reduced call volumes, lengths and waiting times.

Customer experience

Customer experience is the sum of several front- and back-office activities involving your agents, customers and business. And digital workers can help with both. Automate processes like simple inquiries, MTAs and quotes and create a single source of truth for customer data. Reduce human error and improve brand reputation. Manage customer data safely. Agents are free from time-consuming tasks to focus on customer needs and growing the business.

Insurers are seeing a steady rise in fraud and, in a highly competitive market, mitigating losses from  fraud  can make a big difference. IA uses AI and data analytics tools to implement robust fraud detection and prevention processes. Staying on top of compliance standards and new regulations is also critical, and digital workers are a valuable resource to keep regulatory costs down and standards high.

Fraud

AI-enabled automation detects fraudulent documents and data associated with quotes, purchases and claims. Specifically, automation helps prevent fraud by checking claims histories, personal data and other sources, as well as anomalies in application forms at the time of purchase.

Compliance

Digital workers can automatically cross-check multiple systems for compliance assurance and automate time-consuming compliance steps in collaboration with your team. Digital workers can also prepare and deliver compliance reports such as Solvency II.

The back-office is the beating heart of any insurance organization. So, while you’re working on your transformation plan and IA roadmap, don’t forget to include your support functions in your business case. They’re a great source of ROI and often in great need of the extra pair of virtual hands.

Finance

There are a myriad of  financial processes  that can be picked up by digital workers, from invoice reconciliation to supporting the claims settlement process. Automation in finance generates solid ROI.

HR

The  human resources function in insurance is often under-resourced but must still meet increasingly high expectations from the board, from employees and in recruitment. A digital worker is an invaluable addition to helping HR teams meet critical performance goals.

Actuarial

Insurance is driven by data, but inputting, extracting and collating all that information takes many human working hours. A digital worker can support your actuaries by picking up manual data tasks.

IT

IT departments often have a backlog of projects to deliver to the business in addition to providing support for business teams. A digital workforce can help to better manage this workload.