“Hyper automation is an effective combination of complementary sets of tools that can integrate functional and process silos to automate and augment business processes. These technologies include the application of advanced technologies, such as artificial intelligence (AI), machine learning (ML), RPA, BPM, and data mining” is how Gartner defines the term. In fact they have mentioned hyper automation as the #1 trend in the Top 10 Strategic Technology Trends 2020 which shows how this concept is going to revolutionise the insurance space.
Apart from the above-mentioned technologies, there is also the speech, deep learning, data mining, advanced predictive analysis and other tools that are included in hyper automation. Integration of these technologies into the existing business model will enable end-to-end automation of processes, and the output therein would be higher level of service and impact. And this holds true across industries and markets.
Read our earlier blog Bots or Hyper automation in the BPM space, to learn more about Hyper Automation.
How is Hyper automation Transforming the Insurance Industry?
If you were to look at claims processing which is the most high volume and critical process for an insurance company, the company will benefit by implementing hyper automation technologies like chatbots and other automated systems. Here is an image giving an overview of the various aspects enhanced through hyper automation.
The digital solutions can complete tasks that are mundane and cumbersome much faster and with higher rates of accuracy as well. Automation also controls frauds and speeds up the claims processing. Utilizing predictive analytics allows insurers to gain insights into customer’s lifestyle and suggest products thereon.
Similarly, the connected devices, sensors and wearables also offer information and data that helps boost sales and build better a relationship with the customer. Underwriting, risk analysis, personalization of products are a few benefits of using automation across the journey. Artificial Intelligence & Machine Learning technology on the other hand are used to analyze and predict probability of claims.
Changes through Hyper automation
The areas where insurers gain an edge over others would be:
- Competitive pricing and providing personalized policies to customers using the information gathered with the help of NLP and other RPA related tools.
- Claims processing – Verification of the documents submitted, the claims authenticity, changing beneficiary related details are all done using automated systems and so the entire process is completed within minutes which speeds up the claims processing. Utilization of Intelligent Document Processing (IDP) is another benefit of hyper automation. It extracts, segregates, processes, and analyses the data gathered with accuracy.
- Dynamic experiences – Hyper automation increases the scope of automation, it is not just for repetitive tasks, but it is also a tool that helps solve issues- simple and complex.
- Data – The volumes of data gathered for each customer is no longer an issue. Processing unstructured data, making sense of the data, and generating reports helps the insurers work better, thereby boosting insurance sales as well. The predictive analytics tool also offers a high level of insights to the insurers.
- Customer experience – It is all about addressing the evolving customer demands and giving them an experience like no other. With the help of hyper automation, insurers offer customers well informed inputs and suggestions helping them make insurance policy purchase decisions that suit their needs. It also increases upselling opportunities.
There are however a few factors that affect the pace & extend of automation such as the ones listed below,
Inspite of all the challenges, hyper automation has today in fact become a mandate for every insurance business. It not only reduces human error, but also helps build better strategies and gain an edge in the highly volatile market. The overall benefits of hyper automation can be summarized as:
- Reduces the cost of automated job functions by 30–40%, with an increase in efficiency
- Achieve 80–90% accuracy
- Optimizes the resources and their time
- Provided faster delivery by nearly 80%
- Boosts overall productivity by about 50%, thereby achieving high profit
- 100% regulatory compliance
- Sounds exciting, right? The team at Neutrinos is constantly working towards adding more capabilities to the platform as the needs of customers are constantly evolving. Having understood the market and the demands, Neutrinos’ infrastructure is well equipped to quickly turn around client needs into market-ready products.
Embark on your digital transformation journey with Neutrinos, by adapting the latest technologies and embracing RPA, AI, Mobile, Web, Machine Learning, Big Data, BPM, IoT and Social Media Integration.