Insurance Automation For Automating the Business Processes of Insurance Companies

The insurance provider companies manage colossal amounts of monotonous clerical jobs every day. To manage day-to-day insurance operations, companies need to engage with higher levels of repetitive and operational tasks.

Automation in the insurance industry is a modern technology trend that can help insurers design a high-growth business strategy while minimizing costs.

Intelligent Process Automation for Insurance helps simplify clerical and transactional tasks, which are often rules-based and do not necessarily require strategizing and decision-making.

Challenges Faced by the Insurance Companies:

  • Extracting data from a wide array of documents and claim verification

  • Lack of cohesiveness an governance

  • OExtended processing time

  • Risk of manual intervention during reconciliation

  • Managing vast data sets

  • Promptly responding to customer queries

  • Determining cross-selling prospects

How Automation Will
Impact Insurance Companies

According to a new forecast from Gartner, Inc, the hyper-automation market will reach around $600 billion in 2022.

While companies involved in banking and financial services have already adopted automation, the insurance industry is still lagging. However, with the increasing popularity of automation solutions in insurance, insurers are now slowly incorporating intelligent automation in their businesses.

Due to the several advantages it offers, the impact of intelligent process automation for insurance is expected to be enormous.

How Will Automation Impact Insurance?

Impact on employment in insurance:

Automation in the insurance industry will reduce many jobs while also creating new ones. Also, employees involved in hectic copy-paste and data-entry tasks will be able to provide more personalized and higher-quality customer service.

Technological transformation:

Automation solutions in insurance will be incorporated into existing IT infrastructure, which will help provide better integration between different systems.

Enhanced customer service experience:

Intelligent process automation for insurance will help cover the gap between employees and customers and allow more personalized service.

Advantages of Including Eicore’s Automation Solutions in Insurance

Enhances Staff Efficiency:

Automation in the insurance industry helps streamline companies' existing workflow. This means that your employees don't have to worry about tedious copy-paste work since there will be programs to capture the data in each necessary system, allowing them to focus on more significant tasks.

Encourages Companies Growth:

Insurance companies can have difficulty keeping up with the requests coming in, especially if their processes aren't automated. Automation solutions in insurance can help automate various company areas, including human resources, claims processing and customer service.

Automation Encourages Accuracy:

Nowadays, most insurance companies recognize manual processing of claims and document management as a necessary evil. Incorporating automation solutions in insurance not only reduces the processing time but also minimizes the likelihood of errors.

Increased Customer Satisfaction:

Intelligent process automation for insurance isn't just focused on reducing repetitive work. It also allows making sure that your customers receive excellent service from the very start of their experience with you.

Identifying Up-Sell Opportunities:

The job role of an insurance company does not end with the selling of the policy. Automation solutions in insurance help identify the right opportunity for cross-selling and up-selling. In addition, automation can also help trigger omnichannel communication with policy renewal or policy upgrade SMSs/emails.

Eicore offers comprehensive software services and products for brokers, insurers, HMOs, insurance TPAs, self-funded schemes and retail users. Eicore’s health insurance claims management software is an end-to-end and client-focused software providing solutions for claims handling, delivering significant benefits to insurance organizations with its wide-ranging functionalities. The claims management software integrates seamlessly with the existing policy administration system and external entities, thus digitalizing the claim process and saving resources, operational cost, and time, increasing efficiency, and preventing fraud.