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In a recent survey done by a leading research firm, they discovered that only 61% of respondents [home insurance customers] were satisfied with the level of communication during a claims process, while the other 39% were highly dissatisfied. Another study has also revealed insurance companies lose nearly $ 80 billion annually [USA alone] due to fraud & inaccuracy of data.

We have been talking about how valuable automation and claims is to the business of insurance and our blogs on Robotics in claims and Neutrinos claims submission solutions call that out in earlier posts. In this post, we shall discuss more on automation and claims.  

Insurers & Claims 

While insurers are ready to implement automation into the system, scanning PDF documents or automation of the entire workflows, these do increase complexity of claims processing, among other challenges. The output from this automation largely depends on the quality of automation incorporated into the system, including the technologies used. 

Another challenge is that some of these systems rely on human intervention to complete the process.  This again leaves the system exposed to errors and delays. 

Automation, the game changer

The emerging markets have given customers the power to take charge and so, they have been demanding better services, personalized products, flexible premiums and faster claims processing. This adds to the pressure faced by the insurers to adopt new advanced technologies such as conversational insurance, rely on connected wearables for insights, and data analytics. 

The top two factors influencing the transition towards complete automation are: 

  • Changing customer expectations: The smart phone, and digital technology has dramatically changed customer expectations across products and services.  Customers are demanding solutions at the click of a button or with few simple steps. This extends to insurance, and claims processing as well. A study has revealed 61% of UK policyholders are willing to switch insurers if they are offered better “ecosystem” services  
  • Competitive markets: The growing pressure of the insurance market is another factor influencing adoption of technology, automation and optimization of resources. This has in fact led to automating claim processes to reduce cost in claims and boost customer satisfaction levels, thereby increasing business. 

Forrester research indicates that up-sell/cross-sell can account for 30% of total sales value, and upselling during the claims process could increase revenues by 10%-30% of claims value. 

Insurers have come to rely heavily on automated solutions to help assimilate, analyze the data gathered and use the final output to help serve customers better. Today all businesses, including insurance, are available on web platforms and mobile apps, which can be accessed from anywhere, anytime and any device. All this has increasingly pushed the insurance industry towards the “touchless” process.

Key Benefits 

The significant benefits to both insurers and customers through automation- 

For policy-holders:

  • Simple and fast submission/processing of claims – through their smartphones or other devices.
  • Self managed claims process
  • Information related to discounts, special offers available instantly  
  • Instant response for queries and clarifications with minimal human intervention.  
  • Relevant & targeted communications  
  • Strong engagement and trust in their insurer, which leads to long term association. 

For insurers:

  • Create a differentiating factor from their competitors
  • Better customer satisfaction and faster claims settlement.  
  • Increased customer engagement
  • Optimized costs and increased efficiency 
  • Robust processes that reduce claims leakage
  • Ability to offer better underwriting services and personalized products to customers 
  • Unparalleled customer engagement & experience

Automation, AI/ML Capabilities and data analytics helps address the various issues insurance companies are facing. It focuses on eliminating the various customer pain points and growing the business. With the implementation of cutting edge innovation that is possible through telematics, Neutrinos sees it emerging as the single most effective driving force in improving the bottom line for insurers and rewarding safe drivers while at the same time irrevocably and positively revolutionizing both the claims process as well as the claims experience. 

Success Stories

1. AUTOMATED INVOICE PROCESSING AND CLAIMS DISBURSEMENTS

A leading insurance company in South Africa – Telesure Investment Holdings, wanted to implement an automated solution to extract attachments from the emails sent by repairers.

CHALLENGE & SOLUTION: The emails sent by repairers to Telesure Investment Holdings, contained attachments with invoices in many different formats. The time and effort spent in extracting the information in the invoices for processing was long and tiresome. Neutrinos brought in a solution for this direct-to- customer channel based on a UiPath RPA Tool where once the MBR submitted the final invoices and statements, the allocator would then pass on the relevant documents to the Payment Operator Diary. The operator then accessed the AS400 Diary Entry to view the corresponding documents, move on to Payment Release and finally authorise the same to clear the amount payable.

BENEFITS: There was a reduction in human intervention and it’s corresponding cost benefits. A faster processing of invoices with a smart output was achieved and analytical insights were enabled.

2. INTELLIGENT AUTOMATION FOR ENHANCED CX AND FASTER TURNAROUND TIME

A leading life insurance company was battling with Manual Process [or Missed Opportunity] as their underlying legacy technology still carried rising maintenance and upgrade costs. Neutrinos introduced process automation that was designed to maximise productivity between systems and users/customers. This extended to their data sync capabilities driven by user behaviour and business need patterns.

CHALLENGE & SOLUTION: Customers of the company were demanding better products, service and experience, which continued to remain a challenge for the insurer. With the introduction of newer marketing channels and targeted campaigns based on customer profiles in this direct to consumer approach, the customers found they could obtain insights and make informed decisions. In turn, they provided cross-selling opportunities to insurers. The customers experienced visible transformation with the new app lifecycle management system, integrated digital platforms, automation with RPA and connected services across multiple channels which enhanced overall service levels.

BENEFITS: The client gained operational transparency, optimised cost of operations, better lead management and improved customer experience (CX).

Our solutions have helped quite a few insurance leaders redefine their businesses. When processes become efficient, it reflects on various other elements, including employee satisfaction, which leads to more sales and new business opportunities. Ready to get started on your transformational journey with automation?  Connect with us now…

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