Automation in Insurance

Here is a simple perspective of automation in the Insurance Industry.

Where automation should be started in insurance?

The insurance industry has a wide range of areas of automation. However, it always gets to a good start.

Here are some of the areas where I have personally seen insurance companies gain automation momentum.

1.??????Data extraction and entry.

2.??????Claims processing.

3.??????Reconciliation.

4.??????Report generation.

5.??????Policy management/servicing.

Forms like ACORD 125, 175 etc., are coming in heavy volumes. Are traditional data extraction helping them to scale? Certainly not. It is in fact holding them back.

These forms are pretty standard and some policy administration systems like Guidewire, Duck Creet etc., do provide the ability to extract the data through XML. However, it lacks the end mile automation of pushing the data to various systems, applying additional logic, processing it etc.,

Think about inflow of emails, it clocks in 100s per day for a typical mid-market insurance provider. There are ways to monitor the mailboxes, categorize the mailbox, pick actionable work from emails and perform specific tasks like policy updates. Think about a situation where your underwriting team is free of the cluttered mailboxes. When they start their day, the mails are already addressed and lined up for their action.

We’ve got a ready to use module that you can use to monitor mailbox targeting ACROD forms.

Intelligent Automation is already reshaping the insurance sector.

Intelligent Automation is a way forward that can help you perform tasks seamlessly without errors, scale without borders.

It has the potential to improve customer experience. If you haven’t thought about it, start your thinking towards this.

Let’s talk about it.?

#insurance #rpa #intelligentautomation