Insurers are challenged to grow market share as well as retain profitable business. To do that, they must be able to swiftly and accurately produce quotes for both new and renewal business.
Many businesses have looked to new solutions to streamline this process, but tearing up legacy systems carries with it significant risks and is no guarantee of a long-term solution.
Technologies like RPA can be implemented with the systems you already have, but can open up features not currently available, can automate processes using different software and find information from different silos. Automation can also be applied to these different areas:
Customer prioritisation: Incoming customers can easily have automated rules applied to them prior to being sent to underwriting, its also possible to apply customised demand criteria to form some form of work prioritisation, thus ensuring that more desirable risks are dealt with first.
Instant quotation: A bot can take information for a customer and use it to populate a quotation query. When Proservartner have done this for clients the bot is on average 4 times faster than a person would be, and where a person has an average error rate of 5-8% when handling 500+ request, a bot has none. What’s more because each action the bot carries out is logged within its code, this makes it very easy to show processes to auditors.
Agent and Broker communication: Most email software allows you to automatically segment case files into the same folder. You could potentially use automation to store these virtually or attach them to the note in an ERP or CRM. You could also automate updates to all participants so that everyone is aware of which stage a particular case or customer may be.
For more info on insurance and automation and the services we offer be sure to get in touch with our friendly team today.