From finance, tax, HR, and IT to supply chain, regulatory compliance, and customer service, every organizational function is continuously being made more efficient and streamlined by robotics. We’re not talking about companion or industrial robots here; rather, we’re talking about software robots that act as virtual employees and efficiently automate tedious, time-consuming jobs on a large scale. Intelligent automation results from the integration of robotic, intelligent, and autonomous systems, expanding the range of potential jobs and processes that can be automated. All aspects of new technologies, including artificial intelligence, blockchain, and the Internet of Things, are transformed by this potent mix.
Intelligent Automation In Insurance: Why Should One Consider It?
Put simply, Intelligent Automation (IA) is the convergence of robotic process automation (RPA in Insurance) and artificial intelligence (AI) technologies, which combined enable quick end-to-end business process automation and expedite digital transformation. Intelligent automation (IA), often referred to as hyper-automation or Robotic Cognitive Automation (RCA), is changing how businesses operate in every sphere of the economy. Businesses are using it to effectively help them overcome conventional performance trade-offs and reach new levels of quality and performance. As transformational leaders look for new approaches to achieve hyper-automation, scaling the advantages of AI and automation to every part of the company, 2022 has so far been remarkable. A global 2019 survey found that about 39% of participants stated their firm had embraced intelligence automation (IA) at the functional level. The value of the worldwide AI market as of 2022 is $136.6 billion. This is mostly due to the rise in real-world applications of AI technology. It goes without saying that as each day passes, this number continues to soar.
One of the key sectors that Intelligent Automation has fully embraced is insurance. The banking and financial services sector adopted this trend long ago, while the insurance sector has adopted automation considerably more reluctantly. Robotic Process Automation and Intelligent Automation pilot projects are now being introduced by insurance firms, but they are likely to significantly influence the industry. For as long as anyone can remember, the insurance business has been drowning in never-ending paperwork. There is always a chance that human mistakes will lead to process errors in all areas, including data input, underwriting, and claims processing. However, by utilizing intelligent automation in insurance, we can eliminate this danger. Insurance companies are seeking methods to automate their most tedious and repetitive yet vital tasks as automation becomes more prevalent in the industry. Intelligent automation is a crucial tool for insurers as it goes beyond merely eliminating repetitive activities like merging process mining, artificial intelligence (AI), and other cutting-edge digital technologies. For insurers, this translates into quicker response times, lower operating costs, and more productivity. The chance is one that insurers cannot ignore. Listed below are a few reasons why people consider automating their insurance firms:
You might like to know about the rise of hyper-automation and how it is redefining the future of work.
Accurate Intake Of New Business Quotes
Brokers regularly submit risks for quotations, and when they do, they frequently do so with insufficient information. Any information provided, in any format, can be uploaded into the systems by intelligent automation, which can then triage the risk and quote it to the right underwriter. This is especially important for commercial insurers as they may enter data even before deciding whether or not to quote the risk using expensive resources like underwriters.
In the context of life insurance, insurers may acquire medical data in a variety of formats from medical specialists. Intelligent automation can take this data, process it, and ensure the underwriting team receives it in the right way. This makes it possible for the team to decide on prices swiftly and efficiently. In a similar vein, the same strategy may be applied to claims judgments in which medical professionals evaluate claimants.
Smoother Claim Processing
Recent research reports that 82 % of insurance businesses indicate that claims innovation is either their most important project or a major project on their priority list. However, claims are a particular source of pain for the insurance industry. To enhance customer experience, 44% of respondents seek to modify the claims journey, while 41% see it as a method to boost operational effectiveness. Adopting automation can extract data from a claim form or other document, send it to the proper department, and then categorize and organize the documents by kind (such as a vehicle, house, or renters) or claim cash amount.
Release of payments to claimants and service providers is the responsibility of insurers. To handle payments, they often need receipts and invoices. The processing of invoices and receipts can be easily handled using both conventional OCR and ML-based digitalization technologies. Insurance claims nowadays can be of any size or form. They may be pictures of a sick pet or a wrecked motorcycle, printed paperwork, or handwritten doctor’s notes. Intelligent Automation can create an AI model that can analyze any human message and determine its intended use. Additionally, it can organize photographs according to their contents. The platform then uses this data to automatically respond to the request or direct it to the appropriate department. Automation can also speed up every stage of claims administration, including document categorization, data extraction (including OCR for images and handwritten text), routing, data input, fraud detection, and invoice payment. Intone’s InsurAI makes faster claim processing and easier policy cancellation possible.
Avoid Data Lapse
The length of the coverage period determines how effective an insurance policy is. Insurance brokers and agents are aware that there are key windows of time before and after coverage expiration during which they can take action to stop a policy from lapsing. It now takes a room full of personnel days or weeks to manually check the status of each policy in a CRM application, sometimes at dozens of carrier firms. Each agent is required to exit the CRM, sign into a carrier website, and manually extract each policy’s expiration dates and specifics. Intelligent Automation can significantly speed up this procedure, saving insurance firms days of work and up to seven figures in income.
It is regularly too late to try to keep a customer once they have decided to “cash out” on their life insurance policy. But by warning the salesperson or broker of the danger before a customer cancels their policy, an intelligent automation flow can assist in preventing the loss. In addition to other triggers, the software may evaluate client behaviour, such as increasing involvement with a website or account, and notify the relevant agent. Once the agent is aware, one may improve their subsequent actions to aid in client retention. That might entail talking with a client who missed a payment or proposing new or alternative insurance plans.
Ensure Data Quality
Teams of fact-checkers and grammar police are buried deep inside insurance corporations.
These substantial teams, who are not quite underwriters, focus on quality control, working with agents to ensure that data has been entered accurately before it is sent to underwriting and may be denied. Do all the names on the insurance have the proper spelling? Is the quantity of flood insurance by the minimum requirements and laws of the state? To verify that the insurance company’s records are accurate, data quality and data accuracy teams cross-reference policies against external sources, such as property records and other databases. With the use of an AI model that automatically compares the two data sources, one can eliminate this tiresome task. Intone’s InsurAI provides greater data security with a minimum of 256-bit encryption at transmission and rest. The business can then decide whether this quality control is observed or not, in which case a representative may still intervene to assess problematic situations.
Why then do we use modern technologies now? Most likely, your competitors have done so already. According to research, manual underwriting will be obsolete for personal and small-business life, property, and casualty insurance products by 2030. As the underwriting process is automated and aided by a combination of machine and deep learning models established inside the technological stack, it will take only a few seconds to complete. However, it doesn’t follow that humans will stop being involved. Even if automation boosts productivity, it also generates a lot of decision points where people may weigh in with higher-order thinking, value judgments, and quality checks. Not replacing, but assisting, is the aim. With intelligent automation that integrates screen capture, both structured and unstructured data sources, data processing, deep learning, and your human workforce, you can now outperform the competition. In the end, technology will assist and aid your people—not take their place—and return to their valuable time.
WHY CHOOSE INTONE FOR YOUR AUTOMATION NEEDS?
A recent survey suggests that over the next five years, the usage of intelligent automation will soar, with more than 65 % of operators implementing the technology by 2024. According to the survey, they will do this to reduce operating expenses and maintain their competitiveness in the face of flat premium growth. It might be challenging to meet increasing client needs, but not if you have intelligent automation working for you. It can assist you in keeping tabs on your potential clients and consumers, determining what they want and need, and launching pertinent measures to improve their experience. We at Intone are committed to providing you with the best RPA service possible, tailored to your needs and preferences.
This is what we offer:
- State-of-the-art front-end RPA, where we ensure that your customers have a superior experience and that they start to see your brand in a whole new light.
- Our back-end RPA can easily automate the most mundane, repetitive, and labour-intensive tasks to free up your employees to help them focus on higher-order tasks.
- Intone offers multilingual solutions as compared to the market standard of English only.
- Our advanced NLP understands customer requests and responds conversationally with a minimum accuracy of 85%.
- Intone offers efficient omnichannel support through easy integration with commonly used customer support channels like Gmail, Outlook 365, etc.
- Intone offers top-of-the-line enterprise-grade security with a minimum of 256-bit encryption at both transmission and rest.
- Intone’s RPA will anonymize your data management service to ensure greater protection of sensitive data and information.
- Intone offers end-to-end hyper-automation with our low-code engine.
Check out how Intone can help you streamline your manual business process with Robotic Process Automation solutions.