Changing market dynamics are driving an automation revolution within an insurance marketplace that competes on two factors: cost and customer experience. Insurers work to mitigate costs and risks, while savvy consumers demand faster service, increased transparency, and greater control over the products they purchase and how personalized their plans are. The ability to deliver on this begins with data – the critical step zero of any business process.
Insurers today succeed or fail based on how they process data and use it to make swifter and smarter business decisions. Yet, the insurance industry continues to struggle with the first mile of data processing. If you were to peek under the hood of most major insurers, you might find a complex patchwork of outdated, legacy technology and cumbersome, manual workarounds. This creates an informational and operational bottleneck that prevents customers from getting the experience they demand – and have come to expect – and puts an insurance organization’s position in the market in jeopardy.
Our Chief Operating Officer, Charlie Newark-French, sat down with Business Reporter UK to discuss automation’s impact on the insurance industry:
A Better Way: AI-Driven Automation
Insurance leaders everywhere are rethinking how they operate to reduce manual burdens, modernize existing processes, and unlock a more agile, customer-centric approach. Intelligent automation technologies that leverage the latest advances in AI and Machine Learning (ML) will become the critical driver to greater data, fewer errors, and faster and more reliable insurance processing – whether that’s processing a life insurance application or handling a medical claim.
One Global 200 insurer we work with receives over 20 million pages within its life & retirement business alone each year. Relying on people to manually index, route, and key the information was unsustainable and prevented the firm from responding to customers in a timely manner and maintaining a competitive advantage. After testing legacy, rules-based technology that failed to deliver accurate data, the firm adopted our Intelligent Document Processing solution, soon realizing a 70 percent reduction in manual entry – almost 30 minutes saved per transaction. This enabled a smoother experience for brokers and customers alike, freeing up critical resources to focus on delivering more innovative products & services and staying ahead of market conditions.
By investing in innovative automation technologies, insurance leaders can reimagine workflows and processes and build a new digital assembly line that seamlessly orchestrates work between software and people based on the needs of the task and the strengths of each. By enabling the free flow of data, insurance companies can increase the quality of their business decisions, build a workforce more prepared to meet the future, and facilitate a performance-driven organization with superior outcomes.