The use of Intelligent Automation platforms is continuing to grow in the insurance industry, helping insurance providers deliver innovative solutions to streamline processes, adapt at scale and improve their customer service. But just why is automation so important for insurance companies? And how can it help you transform your business operations? Find out below:
Coping With Demand & Responsibility
For Insurance providers, it’s vital that they’re able to protect customers in times of duress and get their clients immediate help when needed. To cope with this responsibility under such a huge volume of requests, business operations should be digital by default – with human input strategically used as needed. An automation solution can help insurance companies meet this demand, and provide essential customer service where needed.
Rising Challenges in the Insurance Industry
In a post-pandemic landscape, the insurance industry has seen a number of rising challenges. Business priorities have re-focused, with an emphasis on customer experience, innovation and cost savings. Insurance businesses are looking for a software solution that can:
- Improve customer experience and enhance the buyer journey
- Improve the ability to innovate
- Reduce costs
- Align performance metrics with business outcomes
- Increase business agility
- Retain customers
- Modernise outdated procedures
- Implement faster digital delivery
How IA Can Help the Insurance Sector
IA plays a role in transforming the three core pillars of the insurance industry. These are:
- Highly effective transformational change that’s incremental, transitional and low-cost.
- Gaining efficiencies. Transforming existing operations and fragmented systems into highly efficient end to end processes, using an orchestration of systems.
- Increasing operational effectiveness. Capturing, refining and automating business processes to increase accuracy and reliability, allowing the business to scale flexibly.
The practical applications of Intelligent Application include claims adjudication, automated decision-making, claims processing validation, document matching, fraud detection and more. Learn more about automation within the insurance industry and its uses, here.
Why is Now the Time to Invest in Intelligent Automation?
In the current climate, RPA investment is cooling off as insurers struggle to shift from back to front office tasks. Get the advantage over your competitors by investing in an Intelligent Automation platform that will help your business remain agile and bounce back from the pandemic. By investing in infrastructure now, your business will have the automatic processes in place to scale at growth.
Make Intelligent Automation Adoption Easier With Digital Evolution
For an industry that is typically averse to risk, Intelligent Automation projects can be difficult to implement and achieve sign-off from key stakeholders. That’s why Cortex has developed an alternative, effective approach to IA: Digital Evolution. By working with our experts to identify areas of high priority for automation, businesses can make incremental changes to their infrastructure – guaranteeing a low-risk strategy without the high up-front investment. Learn more about Digital Evolution and our automation software, here.
Get Cortex Intelligent Automation for Insurance Transformation Today
At Cortex, we work with a wide range of insurance companies, enhancing a variety of processes including claims processing, managing and workload handling. Find out how we can help transform your insurance company with a free discovery session.