Automation in insurance is proving to be the game-changer for your insurance workflows, as it enables you to stay profitable despite the challenging regulatory norms.
Our cloud-based API-enabled automation system acts as the seamless interface that helps you manage complex portfolios in a persistently low-interest-rate environment. So, forge better rapport with your consumer base and stay competent by streamlining your operations for automation.
Although there exists plenty of functional complications, the born-in-tech offer great innovations to eliminate these roadblocks and to scale up insurance work processes.
Automated Claims Intake, Assessment, and Settlement
Automated Policy Issuance Updates and Management
Automated Research, Compliance Checks, and Data Security
Automated Health Risks, Creditworthiness, and Policy Checking
Dealing with colossal data for processing claims manually is tedious and time-consuming. And such repetitive tasks hamper insurers’ concentration, leading to erroneous actions and creating inconsistencies. However, with artificial intelligence, documents could be processed precisely by extracting data and classifying them.
Technical advancements such as ERP and BPM systems deem replacement of existing hardware, besides employee training, that most insurance companies resort to their traditional means of operations. However, by automating the processes in existing legacy applications through RPA bots, you can link legacy and the new systems sans code. Automation in insurance makes it feasible to carry out underwriting, onboarding, claim processing, and many others by seamlessly switching between different systems and applications, all at the same time.
The successful implementation of the intelligent systems assures a 90% improvement in the accuracy while saving thousands of hours of manual labour. It speeds service delivery by up to 80% and increases the overall productivity and profitability of the organization by up to 50%. All this promises a 100% ROI in the first year itself, which is bound to increase in the following years.