Investment in technology by insurers will increase to USD 634 million by 2024.
The digital boom, data explosion, and change in customer behavior have steered the insurance industry towards modernization and evolution.
Intelligent automation (IA) is empowering industries to improve operational efficiencies by addressing unpredictabilities in business volumes and offering a better customer experience.
In 2015, a McKinsey study claimed that the insurance industry had generally been slow to adopt new digital approaches, but times were then changing.
However, with the new normal, the need for automation in the insurance industry has reached an all-time high.
The implementation of intelligent automation — robotic process automation incorporated with artificial intelligence, will help in the large-scale processing of data and offer flexibility with complex insurance processes on account of its self-learning behavior.
So, how is Intelligent Automation being implemented in Insurance in the Asia Pacific?
Industries that have enabled intelligent automation profess an increase in efficiency, a reduction in process cycle time, and a high ROI, based on their relevant use case.
Some of the use cases for insurance companies are:
- Underwriting: It is the process where information from various sources is collected to assess the risks associated with the given policy. It is a long, tedious, and tiring process where intelligent automation can reduce TATs and mitigate risks, paving the way for user acquisition.
- Data Entry & Claims Processing: These are data-intensive tasks that require a great deal of information from diverse sources. They are time-consuming, exhaustive, and can slow-down other operations and services. Implementing intelligent automation automates these rule-based processes, enabling faster and error-free processing.
- Legacy Applications & Regulatory Compliance: Existing legacy systems and ever-changing regulations pose a serious threat to the efficiency of core insurance processes. But intelligent automation introduces state-of-the-art technologies, superior speed, and efficiency to operations while assisting in ensuring regulatory compliance.
- Registration & Cancellation: Intelligent automation fast-tracks registration and cancellation requests with end-to-end automation, without delays that affect customer experience. It minimizes AHTs and cuts down the need for manual intervention in half.
Which factors drive the success of Intelligent Automation in Insurance?
- 1. Fragmented Processing:
- Insurance is one industry where the proceedings happen in an orderly fashion. Information is processed at several departments individually, resulting in multiple touchpoints and handoffs. Intelligent automation regulates and efficiently structures this information to ensure streamlined processing across departments and processes.
- 2. Lack of Transparency during work handoffs:
- Different departments in the insurance industry often work in silos, without much information flow within their compartmentalized ecosystems. This leads to a lack of visibility and potential delays in operation. Intelligent automation centralizes workflow and keeps all stakeholders in the loop, in addition to delivering real-time analytics.
- 3. Workload Balancing & Effective Resource Utilization:
- An effective intelligent automation management platform is required to ensure uninterrupted work handoffs between the human and digital workforce. Bots can work on simple, repetitive tasks, while humans can step in at any point to handle exceptions and tackle complex tasks in the end-to-end service cycle.
To take advantage of this technology to the fullest, organizations need Robotic Process Orchestration (RPO).
How can Robotic Process Orchestration (RPO) boost Intelligent Automation in Insurance while addressing the above factors?
Enate's Robotic Process Orchestration (RPO) is a Lite Workflow, BPM, and Work Management platform to run lean, well-managed processes against an optimally utilized team of humans and/or bot technologies. 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 offers case management, ticket management, email management, and workforce management capabilities.
Here's how RPO will address the aforementioned factors:
Fully Integrated Processing: RPO enables end-to-end service delivery with seamless work handoffs across people & teams. The platform helps you run a lean, efficient, and productive workforce with excellence in process execution.
Unified View: The task-based design framework simplifies processes by subdividing them into simple, actionable tasks based on human and/or bot workforce competency and activities. With better workflow & simplified process management, all stakeholders have a unified view of their transactions.
Real-Time Tracking and Workload Management: RPO paves the way for real-time visibility of the entire service. Managers can make sure the work is allocated to the most appropriate and available resources at any given time, adjusting wherever necessary.
Wondering if Enate's RPO is the right fit for you?
Enate's RPO has proven effective in increasing operational efficiencies for the middle office function of a leading global insurer. The platform has demonstrated successful vendor-customer partnership from strategy to pilot to production through strong project ownership and a focus on the human side of processes.
Download Enate's whitepaper: Decoding Insurers Digital Transformation Challenges through Robotic Orchestration to know more about how Enate is facilitating intelligent automation in Insurance.
Enate is a UK-based enterprise software company. Its Robotic 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.