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Hyper automation – unlocking maximum potential for insurers


Neutrinos - June 19, 2020 - 0 comments

Have you been reading about hyper automation across every article on the Internet? Well, it is no wonder then that Gartner has listed ‘hyper automation’ as the #1 in the “Top 10 Strategic Technology Trends for 2020” report. We have written a few posts on hyperautomation on our blog earlier.

“Automation” refers to using technology that performs tasks that were traditionally done by humans [highly manual in nature] or one that requires human effort.

On the other hand, Hyper Automation is a new technology that brings together various components of process  automation; integrating the tools and technologies that boost the automation systems. While it all begins with Robotic Process Automation (RPA), the core idea is to automate more and engage all those who are part of the digital transformation from the business.

By 2024, organizations using Hyper Automation will see over 30% drop in their operational costs. – Gartner

Like every other technology, hyperautomation too poses a few challenges to the insurance leaders,

  • Training the insurers and others involved in the process plays a major role in implementing advanced tools such as AI, ML, NLP and others.
  • Creating business models is painstaking work that consumes time & effort, but while results are slow, they are visible.

Hyperautomation, the game changer:

Artificial Intelligence & Automation – Taking advantage of the AI capabilities such as  Natural Language Processing (NLP), Machine Learning (ML), Analytics, iPaaS, Data Ingestion, Process Mining, Intelligent Optical Character Recognition (OCR), and AI computer vision, the insurance companies are enhancing their processes and systems. With RPA tools, hyperautomation integrates various automations thereby automating pretty much every system across the organization to ensure high levels of efficiency are achieved and AI capabilities are utilized to the maximum. 

Workforce Engagement – For every organization, the one way up and forward is through their workforce. In case of insurance companies, they are looking to incorporate the entire resource pool to adapt and leverage on the automation tools. This includes the new generation of developers and analysts, all the way down to the business users.

Advanced Analytics – With hyperautomation, enterprises have the ability to enhance, measure and demonstrate the ROI of the implemented automation systems. They can showcase the impact on business outcomes as well using advanced analytics, such as predictive analytics. 

Customer Experience – With the entire world making a shift towards offering the highest level of customer experience, we need to think beyond automating only the back-office processes. RPA and hyperautomation can be implemented in the front office as well. Starting with marketing going all the way to customer service/support and more, insurance enterprises need to build strategies to bridge the gap that exists now. There needs to be connectivity with end-to-end business processes and similarly with customer experiences between the front and back offices.

Any customer facing automation is now a top priority and there lies the opportunity for insurers to offer value-added service and create the differentiating factor to stay ahead of competition. In addition to scaling or improving the business processes, hyperautomation opens up doors for experience based innovation.

While hyperautomation is still evolving, at Neutrinos we have a low code platform that is agnostic allowing us to facilitate an easy-to-deploy plug-and-play capability incorporating the highest levels of data integrity and security. Try Neutrinos Today!

 

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