Customers looking to insure their home or auto want insurance providers who can quickly offer the most affordable policy options. As a result, more casualty and property insurance providers are relying on automated underwriting to help streamline the process. This helps save time, reduce costs, and increase customer satisfaction. Companies are far more likely to stand out from their competitors by implementing automated insurance underwriting and risk assessment capabilities. To help companies understand how intelligent automated underwriting is transforming the industry, it is essential to define these terms.
Intelligent Process Automation (IPA) comprises a collection of advanced technologies to manage, automate, and integrate digital processes. The three primary technologies that form IPA include:
DPA is focused on automating tasks and optimizing workflow. Common corporate departments that are implementing DPA include marketing, sales, finance & accounting, claims processing, investments, new business processing, and policyholder services. Companies can use DPA to help end-users, third-party providers, and stakeholders.
Software robots can handle a large variety of tasks with more efficiency and precision. Common examples of RPA are data transfer, forms processing, email query processing, and customer order processing—but RPA can do so much more especially when combining with AI and ML
AI is the most advanced technology in IPA. AI enhances what humans are already doing. It helps elevate their role to focus on higher-level functions, such as pinpointing unknown patterns, analyzing past information, and making accurate forecasts, that they would normally not have the chance of achieving due to high workload, time constraints, and other repetitive tasks. ML is the process where algorithms improve (learn) through experience and data. AI adds an entirely new level of thinking for P&C insurance businesses, while ML provides sharpening and customization over time. It is a formidable combination.
The time-consuming and multifaceted process of traditional insurance underwriting can often pull your most gifted and knowledgeable people away from where they are needed—in direct contact with the in-house and external clients they serve.
Further, the complexities of the actuarial processes may bring with them the risk of human error when building policies, setting terms, coverages, and premiums. That can negatively impact customer satisfaction, cost efficiency and drain the energy of your staff.
The time-consuming duties of insurance underwriters that will benefit from AI and ML:
Your underwriters are the primary link between an insurance company and an insurance agent. Throughout the process, they can become burdened by filtering through the enormous amounts of paperwork required. The process becomes much easier when leveraging the advanced digital capabilities of AI and ML for steps like looking to determine an applicant’s eligibility. A small investment upfront in transitioning to AI and ML can save your company potentially hundreds of thousands of dollars in increased accuracy, productivity, and life balance.
Automated Insurance Underwriting combines RPA with AI software to underwrite the risk factors associated with potential clients. It uses advanced algorithms alongside the client’s financial and health data to accurately determine the amount of coverage they should provide as well as premium rates.
Advanced technology quickly sifts through large data sets using AI and machine learning (ML). Automated Insurance Underwriting can turn what takes humans hours to complete into minutes. The speed and efficiency of automated underwriting allow insurance providers to save time and money and allow underwriters to focus on higher-level functions.
Intelligently automated underwriting allows for versatile, quick, and accurate ways to deliver policy information to prospective clients while eliminating human error. To reap the most benefits from Intelligent Automation, partner with a digital automation expert who will work with you to get the best results.
At OZ, our passion is providing specialized IA solutions and our digital services are second to none. If you want to learn more about Intelligent Automation underwriting and how OZ can help your insurance company achieve its goals, we invite you to contact us today.
500 W. Cypress Creek Road, Suite 570
Fort Lauderdale, FL 33309
+1-800-443-5210 - International
+1-954-689-3984 - USA
Alvear 1670 - 4to Piso
Rosario, Santa Fe 2000
Tel: +54 34 1425-9172