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    Improving Operational Efficiency in Insurance

    By Nevethithaa | February 8, 2021

    Overview:

    "The demand for insurance plans has seen a significant increase over the last few months, with the percentage of buyers and people intending to buy rising to 55% and 60%."

    - Insurance Agencies Global Market Report 2021: COVID 19 Impact And Recovery To 2030

    In the past few months, the pricing of insurance policies (especially health-related) has witnessed a phenomenon that was erstwhile restricted to stock markets. Volatility in coverages, premiums, and exclusions was demonstrated every week.

    There has also been a paradigm shift in people's needs and expectations towards the industry. Long, drawn-out paperwork, prolonged handling times, multiple touchpoints for every process and request are some of the elements that customers these days no longer want to endure.

    The pandemic has further tested insurers by reducing human-to-human contact in times of rising demand and shorter processing time. In a study by Deloitte, 48 percent of the 200 responding insurance executives agreed the pandemic "showed how unprepared our business was to weather this economic storm". Only 25 percent admitted "a clear vision and action plan to maintain operational and financial resilience".

    To cope, progressive insurers are investing in a fully integrated, real-time solution that provides operational transparency to customers, agents/brokers, intermediaries, and insurance company employees.

    The industry is focusing on product innovations targeted towards improving customer experience. And the uniqueness of the Insurance market is reflected in the extent of digital adoption at the point of sale and claims management.

    Customers, on the other hand, are actively moving to digital channels for researching and buying products. Case in point, Indian insurers saw a significant uplift in new business through digital channels during March and April of 2020. This trend is only a reflection of the larger digital maturity and adoption in the industry. Digital transformation is revolutionizing the entire lifecycle of insurance operations.

    But several companies are finding themselves facing a new set of challenges for which they are completely unprepared.

    The insurance companies desperately need assistance in their digital transformation to realize their entire workforce capability and operational capacity. And tools like Process Orchestration can end up being just the right fit in current times.

    Insurance operations that benefit from improved efficiency through Process Orchestration 

    Here's a list of use cases in insurance where digital transformation is ideal:

    • Invoice processing for processing multiple vendor invoices: Manual invoice processing involves multiple touchpoints, resulting in longer processing times. It distracts employees from their core activities, aside from increasing errors and discrepancies in data. Process orchestration automates this process increasing operational efficiency and minimizes the effort that goes into this process, allowing employees to focus on customer service initiatives.
    • Employee onboarding: Insurance firms frequently handle business with multiple stakeholders – TPAs, customers, agents, and brokers. This calls for an institutionalized onboarding process in place to create a good impression and establish business credibility. Process orchestration can streamline your company's onboarding process, bring employees and partners up to speed, and build loyalty.
    • Task scheduling of employees for the customer service department: Insurance agents often make sales visits to the customers' place. But managers often find it difficult to stay on top of these meetings. Similarly, when a new claims request comes in, it needs to be effectively triaged. So, unless companies integrate process orchestration into their operations, they will not be able to efficiently organize their employee tasks and harness their full workforce potential.
    • SLA adherence in contact center for customer queries, complaints, etc.: Generally, companies find it strenuous to manage and prioritize policy updates – major changes in policies need the intervention of many departments, while a minor change request does not require much probing. Process orchestration helps standardize this process in accordance with SLA priority, reducing TATs, AHTs, and therefore, betters customer experience.
    • Integration of new-age technologies with legacy systems: The biggest technical challenge the insurance industry faces is the integration of up-to-date technologies in existing processes, such as underwriting, claims processing, etc. But process orchestration supports future-of-work technologies and deploys over existing systems without obliterating core configurations.
    • Intelligent Automation in Insurance: With the introduction of technologies like AI and RPA into work cycles, there comes the problem of lack of visibility and control of the digital side of operations. Bots run rampant with exceptions, work handoffs get affected, and expensive bot resources get mismanaged due to lack of proper technical expertise. To top it off, bot vendor incompatibility hinders operations and scalability, causing more trouble than it's worth.

      But this can be rectified with the implementation of the industry's best process orchestration platform.  

    About Enate's Process Orchestration

    Enate's Process Orchestration platform blends BPM, Work Management, and Lite Workflow to run lean, well-managed processes against an optimally utilized team of humans or bots. Enate's no-code SaaS technology can be deployed in a few weeks. It can reduce processing times by 80 percent and cut back on end-to-end cycle times by 70 percent, thus enabling maximum resource utilization, boosting productivity, and fine-tuning process management. 

    It also features cutting-edge case management, ticket management, email management, and workforce management.

    How Enate's Robotic Process Orchestration handles the aforementioned processes in Insurance

    • Invoice Processing: Enate automates invoice processing through the end-to-end service cycle. It directly gathers invoice requests from inbound channels, breaks up the process into actionable steps, assists them with subsequent data entry, and assures compliance with high industry standards. It supercharges the process and imparts visibility throughout the process cycle.
    • Employee Onboarding: Enate streamlines and homogenizes the onboarding process. It is adept at redressing data and information silos in operations to ascertain the smooth flow of data between departments. It maintains transparency in operations, keeping the customers and the employees informed about the progress of the process.
    • Task Scheduling: Enate offers seamless work handoffs, pre-prioritized worklists, minimal context switching, workload balancing, and other benefits. Managers can see what each person is working on in real-time and for how long from the dashboard. Similarly, Enate's 4 types of reports – Operational, Productivity, Utilization, Automation Potential, and Custom reports give valuable insights on the key metrics.
    • SLA Adherence: Enate is adept at helping employees manage SLAs while complying with regulatory requirements. It automatically collects service requests from emails and allocates them to the individuals or teams most suited to complete the activity. SLA prioritization and deadline tracking are carried out by Enate, with metrics available to oversee the process as well.
    • Integration with new-age tech: Enate is a technology-agnostic platform that can be integrated on top of existing legacy systems. It can be set up in a few months and requires little to no coding knowledge. Enate can be introduced into your work cycle without making extensive changes to your core processes. It merely upgrades your processes for increased efficiency and enhanced productivity.
    • Intelligent Automation in Insurance: Enate centralizes human-bot governance, renders multi-vendor bot compatibility, and improves exception handling. It automatically suggests activities for automation along with the technology type, the savings potential and presents you with a personalized automation roadmap.

    Wondering if Enate's Process Orchestration platform is the right fit for you?

    If you are looking for furthering operational efficiencies in Insurance, Enate is the perfect solution. We offer a leading-edge platform that can be optimized to suit your business needs, adding value to your insurance operations. 

    Download Enate's whitepaper: Improving Operational Efficiency in Insurance through Process Orchestration to know more!

     

    Schedule a Demo

    About Enate:

    Enate is a UK-based enterprise software company. Its Process Orchestration technology combines lightweight Workflow, BPM & work management into a no-code quick SaaS offering. The technology delivers end-to-end process automation by connecting human workers & digital bots (RPA, OCR, AI/ML, etc.) into one hybrid workforce and managing operations across them.

    The platform enables organizations to save 20 to 30% operating costs by scaling automation & streamlining operations to improve efficiency. Enate manages nearly 10 million transactions annually, across users in more than 60 countries.  

    The platform's customers include global brands like Mizuho Bank, Capgemini, EY, Utmost (erstwhile Generali Link), and many more.