AI-Powered Robotic Process Automation (Intelligent Automation) in Insurance

Whether selling directly to customers or through brokers, a digital workforce can facilitate both the “quote and buy” process and the more intricate underwriting process. This results in faster quotes and policy documents, with improved pricing accuracy.

Regardless of how mid-term adjustments are handled, a digital workforce can standardise the process by consolidating data into a single source of truth. This speeds up policy changes and ultimately provides a seamless experience for customers.

Delivering exceptional customer service requires equipping agents with the right tools. Intelligent Automation enables agents to work more efficiently by connecting channels, standardising customer data, and expediting documentation processes. This reduces call volume and waiting times for customers.

The insurance renewal process involves numerous manual tasks, including pricing and policy documentation. Implementing a digital workforce can streamline these activities, allowing your staff to concentrate on customer retention efforts.

During this critical claims phase, a digital worker can ensure the correct data and documentation are collected and processed from the outset, keeping customers informed of progress. IA truly digitises FNOL, accelerating the claims process in the cloud.

Whether adjusting a straightforward life insurance claim or a complex catastrophe claim, a digital workforce can handle manual data tasks, allowing adjusters to focus more on customer interactions.

Once a decision is made, digital workers can facilitate the settlement stage of claims, coordinating between claims and finance teams to ensure swift payment.

Digital workers operate applications just like human staff, eliminating the need for APIs or repetitive manual data entry. Digital workers function seamlessly alongside both legacy and new systems, ensuring speed, consistency, and accuracy.

By utilising a digital workforce, you can minimise the number of applications and systems agents need to access, automate simple inquiries, and coordinate communication channels. This allows contact centre agents to spend more time with customers who need assistance, leading to reduced call volumes, lengths, and waiting times.

Customer experience encompasses various customer-facing and back-office activities involving agents, customers, and the business. Digital workers can enhance this by automating processes such as simple inquiries, midterm adjustments, and quotes, creating a single source of truth for customer data. This reduces human error, improves brand reputation, and allows agents to focus on customer needs and business growth.

AI-enabled automation identifies fraudulent documents and data linked to quotes, purchases, and claims. Automation checks claim histories, personal data, and application anomalies at the time of purchase to prevent fraud.

Digital workers can automatically cross-check multiple systems for compliance assurance and automate time-consuming compliance tasks. They can also prepare and deliver compliance reports, such as those required by Solvency II.

Digital workers can manage various financial processes, from invoice reconciliation to supporting claims settlement. Automation in finance delivers substantial ROI.

The human resources function in insurance often faces resource constraints while needing to meet high expectations from management, employees, and in recruitment. A digital worker can be an invaluable asset in helping HR teams achieve critical performance objectives.

Insurance is driven by data, but inputting, extracting, and collating this information requires significant human hours. A digital worker can assist actuaries by handling manual data tasks.

IT departments often contend with a backlog of projects alongside their support responsibilities. A digital workforce can help manage this workload more effectively.