Insurance companies witness a pool of hefty paperwork needed to accomplish daily tasks. Numerous tasks, such as data entry, insurance claims and underwriting, are prone to inefficiencies from manual errors.
According to a recent study, the global Intelligent Process Automation market size was valued at USD 6,723.02 million in 2021 and is expected to expand at a CAGR of 17.46% during the forecast period, reaching USD 17,654.32 million by 2027.
What is Intelligent Automation?
Intelligent automation uses a blend of Robotic Process Automation with advanced technologies such as process mining, intelligent character recognition (ICR), optical character recognition (OCR) and artificial intelligence analytics to design end-to-end business processes.
Benefits of Using Intelligent Automation by Insurance Companies
The insurance industry has witnessed significant growth and operational efficiency owing to incorporating intelligent automation in their businesses. Outsourcing companies have also started implementing intelligent automation to help insurance companies maximize their efficiency. ARDEM is a Business Process Outsourcing company that offers end-to-end solutions such as Insurance BPO services aimed at reducing costs and improving scalability.
Here is a study on how insurance companies are benefiting from intelligent automation:
Advanced Application Processing
Onboarding new customers can be a cumbersome process, which can be very time-consuming and error-prone. Handling such processes manually can take considerable time, causing delays and inaccuracies. Insurance companies use Intelligent Optical character recognition to scan through paper forms to identify relevant data and text and efficiently enter it into the database. ARDEM uses advanced tools such as OCR and ICR data capture to manage its processes.
Seamless Data Collection and Aggregation
Most business processes are heavily data-centric. Businesses may experience inaccuracies resulting from erroneous data. On the other hand, efficient data management leads to well-informed, timely decisions increasing the operational efficiency of the process. Intelligent automation helps insurance companies with swift data collection and aggregation. ARDEM uses tools such as advanced automation to help insurance companies with efficient data entry services, data processing services and data extraction services.
The underwriting process for insurance companies typically takes considerable time. Intelligent automation has made the task much faster by providing suitable recommendations. Additionally, intelligent automation helps in enhancing operational efficiency by reviewing previous claims and using internal systems to populate data fields effectively.
Accelerated Policy Issuance
The policy must be issued and updated accurately after the underwriting decision. Customers must also be informed about the benefits of the specific policy. Intelligent automation helps customers stay updated with all the relevant information.
Fast Claims Processing
Claims processing is one of the most critical tasks led by insurance companies. Advanced technological tools such as Machine Learning and Robotic Process Automation facilitate efficient claims processing by facilitating proper claim classification, removing redundancy and offering real-time insights. ARDEM manages efficient outsourcing services using a mix of RPA and Machine Learning in its processes.
Effective Customer Management
Insurance companies can enhance customer communication by using virtual assistance, chatbots and other voice recognition tools to serve their clients efficiently. Additionally, insurance companies can trigger omni channel communication to customers for policy upgrades or renewals.
Insurance companies increasingly depend on intelligent automation to take over a considerable segment of their processes. The implementation of intelligent automation supports businesses in enhancing their efficiency and attain higher growth.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information please reach out to us at email@example.com or call us at 908-359-2600.