With rapidly evolving changes in the insurance industry, it has become increasingly complex for the insurance companies to keep pace with the changing environment. Customers, Regulators and Top Company management have become more and more demanding. Streamlined processes, quicker responses, easier and faster processing have become the norm.
Insurance processes have always been very labour-intensive right from start. Sharing quotes with prospective clients, onboarding, issuance of policies, renewals of policies, claims processing and settlements are some of the processes that every insurance company has. Not to mention the rules and regulations that it needs follow and report to various regulators. This adds a huge amount of administrative burden, increases likelihood of mistakes and delays along with a need to maintain continuous customer satisfaction level. Low ticket size, high volume transactions.
Given the advancements in the IT industry, automations have no longer remain a luxury but have become a necessity. Automations help streamline processes thereby improving efficiency and accuracy along with reduction in the administrative burden and also help enhance customer satisfaction.
Automations have become a smart investment option not only for the insurance companies but also for health care providers. Identifying and automating labour intensive, time consuming, repetitive and rule based processes can help streamline and free up valuable time and resources for other value added tasks.
Prioritization of Processes for Automation- Considering this, some of the processes that can be easy potential for automations are –
- Policy quote generation
- Onboarding and verification of documents before new policy issuance
- Policy premium reminders for renewal
- Lapse policy renewals
- Claims processing
- Chatbots for customer queries
- Medical records verification
Depending on your organizational initiatives, prioritize process which gives the highest punch for customer satisfaction along with error reduction; cost saving & time saving
Based on your organizational goals, prioritize processes that deliver the greatest impact in terms of customer satisfaction improvement, error reduction, cost savings, and time efficiency.
Some of the factors to take into account while choosing the process for automation
Evaluate the above factors and many more which can be organizational specific so that informed decision regarding prioritization of processes for automation can be arrived at.
Factors to take into account when selecting tool to be used for Automation –
- Functionality, Compatibility & Integrations capability
- Ease of use, Customizations, learning curve
- Scalability, Flexibility and Security
- Vendor reputation, Costs & training and resources
Some of the commonly uses RPA automation tools –
- UiPath: UiPath is a leading robotic process automation (RPA) software company that offers a platform which includes tools for designing, deploying, and managing these software robots. The company provides a visual, drag-and-drop interface that allows users to create automation workflows without the need for extensive coding. These workflows can automate tasks like data entry, data extraction, form filling, report generation, and more.
- Automation Anywhere aims to streamline business processes, reduce manual efforts, and improve operational efficiency by automating repetitive and rule-based tasks. It’s used across industries to enhance productivity and allow human employees to focus on more strategic and creative tasks.
- Blue Prism aims to help organizations achieve operational efficiency, reduce errors, and enhance productivity by automating routine and rule-based tasks. Its focus on security, scalability, and adherence to best practices has made it a popular choice in industries ranging from finance to healthcare.
- Power Automate, formerly known as Microsoft Flow, is a cloud-based service provided by Microsoft that allows users to create automated workflows and business processes across various applications and services. It’s especially popular among organizations already using Microsoft tools and services due to its seamless integration with the Microsoft ecosystem.
Just a few examples of the many automation tools available. When selecting tools for your specific needs, consider the features, compatibility, ease of use, and scalability that best align with your organizational goals.
Our Approach-
To conclude, our approach to automation combines cutting-edge technologies, a structured framework like ReFramework, and a deep understanding of your business processes. By harnessing the power of automation, we aim to optimize efficiency, reduce errors, and enhance productivity across your organization. Our commitment to continuous improvement and customization ensures that each automation solution aligns perfectly with your unique needs and objectives. With our comprehensive monitoring and support, you can confidently navigate the digital transformation landscape, realizing the full potential of automation to drive innovation and growth for your business.
