Insurance Technologies and Intelligent Automation: The New Standard for Insurance Companies

The insurance industry has seen a rise in competition over the last decade, and with ever-rising costs and outdated data infrastructures, there’s an impending need to adopt the latest technologies to stay relevant. When it comes to these technologies, Intelligent Automation is a clear winner. Intelligent Automation is a crucial technology that can help the insurance industry reduce costs, improve customer service, and make timely decisions with improved data accuracy.

What is Intelligent Automation?

Intelligent Automation has been around for some time now. Big tech companies have adopted it as the new standard and coined it Business Process Automation (BPA). With Artificial Intelligence and Robotic Process Administration evolving day by day, Intelligent Automation has made its way into more industry sectors – especially those who need precise calculations with a low tolerance for human-made mistakes.

BPA uses artificial intelligence technologies to help streamline common processes and centralize data for companies that manage multiple systems and large amounts of sensitive data such as insurance companies.

Intelligent Automation and Insurance Companies: A power duo

When clients hear the word insurance, the first thing that must come to their minds is the word “safety.” Clients rely on their insurance to take care of the unpredictable. So, what best investment for an insurance company than a tool that minimizes mistakes by taking care of the seemingly unpredictable?

Insurance technology emerges not only as a solution but as a powerful asset that can determine the evolution of the insurance business. Intelligent automation provides insurance companies with a competitive advantage that helps the industry work more efficiently and reduce costs. Intelligent automation also promises to increase revenue, improve risk management and decision making to become better suited to protect and serve customers in a business that works with high-risk analysis and sensitive data.

Intelligent automation is also driving the following changes in the insurance industry:

  • Automating claims help reduce medical reimbursement time by 50%, which can save insurance companies millions of dollars.
  • Intelligent Automation reduces the human error percentage leading to fewer delays and faster payment (e.g., Intelligent Automation’s technology can help find better doctors for their customers)
  • Helps respond to policyholder demands faster than before. While auto-renewing plans don’t require much attention, most policies need to be reviewed and modified regularly to effectively serve the policyholder, and Intelligent Automation can be programmed to do so.
  • Managing claims becomes easier with Intelligent automation. This way employees need to only take care of rare or unique claims and settlements. The claims process, from adjustment to payment, can also be streamlined through automation.

Solving the Insurance Industry problems

Insurance is a $4 trillion industry with an average 3% growth rate yearly, and these margins can only be expanded further with the help of Insurance technology.

Intelligent automation relies on artificial intelligence (AI) technologies that can improve customer service, reduce costs, and make more precise decisions with improved data accuracy. Intelligent automation helps the insurance industry by streamlining common processes and centralizing the data of insurance companies through Robotic Process Automation (RPA)

An insurance company can increase its ROI through Intelligent Automation by reducing error margins and consolidating customers’ trust. This, in turn, gives employees assurance and confidence to work in other more meaningful tasks. Intelligent Automation automates the tasks that are error-prone and require human judgment, such as claims processing and underwriting. In addition, Intelligent Automation can help with policy management, billing, and administration.

Intelligent Automation provides businesses with a competitive edge by reducing cycle times and delivering data-driven insights that increase productivity and customer satisfaction.

Mitigating risks in the Insurance Industry through Intelligent Automation

The insurance industry’s main purpose is to mitigate and deal with risks. Intelligent Automation can help mitigate risks by automating claims, calculating, and adjusting premiums, and deducting which new products could revolutionize the already consolidated insurance market. By automating these tasks, companies are cutting error margins and accelerating crucial decision-making.

While Intelligent Automation may help businesses improve all parts of their operations, it can also help insurers save time and money by performing several industry-specific activities. Overall, Intelligent Automation frees up human resources to focus on more valuable tasks than data entry or review, allowing them to prioritize issues requiring direct client involvement.

Other ways Intelligent Automation is already changing the Insurance Industry:

  • Big Data: Risk managers and insurers are better able to uncover previously unknown risk variables and correlations by merging personally generated and owned data with bigger data sets, resulting in intelligent and informed decision-making.
  • With the use of the Internet of Things and Visual processing, insurance technology can accurately prevent and take care of risks beforehand. This proactive approach gives customers an extra layer of value, consolidating customers’ trust.

Get a jumpstart today

Most insurance companies nowadays have already started their digital journey. With improved efficiency, new perspectives, and new tools, these companies are to become leaders of their sector. But that doesn’t mean other insurance companies are supposed to stay behind.

With Intelligent Automation, RPA, and Insurance tech, insurance companies can jumpstart their digital transformation in no time. With the adoption of Intelligent Automation, insurance companies can offer more customized policies, better plans, and better risk assessment, in a more dynamic and more organic standard.

At OZ, we specialize in providing businesses with cutting-edge Intelligent Automation services such as process automation, artificial intelligence (AI), analytics, enterprise application integrations, and digital solutions. We will collaborate with your company to discover the best solution for your company’s needs. Contact us today and bring your company to a new level today.

 

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