The need for better results—accessed through digital tools and processes—is changing insurance. Businesses absorbing the impact of a disruptive market are now leveraging data collected from every aspect of operations to profit increases. Fueled by rising competition, Property and Casualty Insurance (P&C) industry management teams are rethinking how they work, and data is the gold that is sparking the adoption of Intelligent Process Automation (IPA).
Some automated functions that businesses can access once they adopt intelligent process automation are:
While having the ability to improve all aspects of a business, IPA can also perform many industry-specific functions for P&C insurers, saving them time and money. Overall, intelligent process automation provides humans with the bandwidth needed to prioritize issues requiring direct customer interaction and gives them the opportunity to focus on tasks that offer a higher value than data entry or review.
Delivering these processes faster with a broader scope and fewer errors can reduce business stress and make things more efficient and satisfying for customers and employees. And happy customers are loyal customers—who love to share their experiences with other colleagues and friends. What’s not to like in this picture?
There are many aspects to beginning this process. Four tips will get you started, as you gain a complete understanding of the automation process and how it will impact your team before you pick up the phone.
One thing many P&C insurers are responding to is a leaner resource pool. Traditionally, fewer workers on the job (whether in-person or remotely) has meant more work and longer hours for remaining team members, not the case with IPA. File management, appointment scheduling, and repetitive tasks can all be automated. If this describes your P&C insurance company, IPA could bring a massive burst of momentum to your staff.
An experienced digital software consultant can take you and your team through the process of intelligent automation, surfacing pain points, and determining the right approach. Stakeholders can include staff and, in some cases, even suppliers and business partners. It is essential to address the end-to-end challenges you face each day.
No issue is too small or insignificant. At times, the more minor challenges can raise flags on larger, unseen problems. That is why your entire staff needs to be involved in the earliest stages of the IPA implementation process.
Take a survey among your staff as to what improvements they’d like to see first. Here is a list of priorities that frequently come up in the insurance industry.
Once your management team has identified the highest priority, it’s time to prepare for the automation.
When this is complete, it is time to reach out to a digital consultant with the expertise to take you through the process of getting your P&C insurance business automated.
Once you automate, be ready to track your progress with solid metrics and celebrate success along the way. You will undoubtedly have more time to do it. Take the automation process from the drawing board to implementation.
OZ is a leading consulting company whose services and solutions leverage Intelligent Automation to accelerate processes and provide detailed business insights. With specialties in data analytics, artificial intelligence (AI), robotic process automation (RPA), and more, our experts can enhance technology infrastructures to provide accurate reports, inform decision making, and improve job satisfaction. Also, be sure to follow us on Twitter, Vimeo, and LinkedIn to stay up to date on our solutions.
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