Industry analysts and market hype have identified automation as a HUGE opportunity for insurance organisations to re-imagine their operations and align better with changing customer demands. By streamlining and making efficient processes across the organisation, insurance companies can focus on enhancing customer experience to drive revenue growth in new and existing markets, whilst reducing operating costs in several highly manual functions. Here are the top 3 reasons for insurers to adopt Intelligent Automation:
- Customer demands are changing
Customers don’t only compare your service with direct competitors, they compare it with awesome experiences they’ve had from any company. When you consider many are customers of companies like Amazon, Uber and Booking for other aspects of their lives, why should they tolerate below par service from their insurer? Innovative companies like home insurer Lemonade are demonstrating the possibilities. Intelligent Automation can breathe new life into your existing processes and legacy systems to become more agile and faster at serving customers.
- Consumers need to trust their insurer
According to Insurance Times nearly half of customers don’t trust their insurer to pay out on claims. Low levels of trust result high churn. Acquiring new customers is expensive, and so is rework on claim decisions as well as other admin tasks where the outcome is incorrect. By implementing Intelligent Machines to consistently make accurate decisions based on data, you can eliminate human error, customers can trust the service delivered to be accurate every time.
- Your competitors are already doing it
“Innovate or die” couldn’t be truer when it comes to insurers adopting Intelligent Automation. Intelligent Insurer found 86% of insurance companies believe investment will increase significantly over the next 12 months. This technology will make insurance companies far more agile in entering new risk pools, helping to expand market reach and making more products available to customers.
Intelligent Automation is already transforming operations in many insurance companies, improving customer experience, employee satisfaction and company financials. The top 3 reasons compound the realisation that insurance companies need to invest in Intelligent Automation, or risk becoming obsolete to those that do.