The Case for Intelligent Automation in Insurance

The insurance industry is plagued with high regulatory oversight and an aging technology landscape. When you coupe this with rapidly changing customer expectations and new entrants that threaten existing business models, you get an ever growing need for organizations to rapidly transform. Intelligent automation using solutions like Robotic Process Automation (RPA), Machine Learning and Artificial Intelligence, offer transformational benefits that can be implemented without the need to change systems or business processes.

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Where Can Insurance Benefit From Intelligent Automation?

Customer Service
Leverage conversational AI to create engaging interactions with prospects and customers and develop a wow factor in your service. Automate customer data retrieval to speed up customer service productivity.

Compliance
​Automation creates a consistent audit trial of activities and allows for rapid data gathering in support of compliance overcoming often difficult technical and process challenges.
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Scalability
Insurance claims volumes fluctuate. Automation can create a consistent service experience even when volumes increase and allow for cost avoidance when the business grows.

Product Innovation
​Intelligent Automation creates an affordable path to incubating new products and offerings without the need to transition off existing technology platforms. This reduces the risk of investment with limited market validation.

Technology Transition
​A technology overhaul is a costly matter for highly regulatory environments like insurance. Intelligent Automation can bridge the gap and create a smooth transition path between current state and next-gen.

Improved Processing
Managing large amounts of data in different formats requires a significant amount of labor. Intelligent Automation can handle this more effectively with reduced cost, faster and straight through processing and far less errors.

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Common Use Case of Intelligent Automation in Insurance

• Automated document processing
• Agent onboarding
• Fraud detection
• Payment processing
• Calculate insurance quotes
• Claims processing (from image analysis to system updates)
• Underwriting processing
• Market & competitive analysis

• Mine customer intelligence for sales opportunities
• Customer compliance validation
• Customer notifications 
• Digital customer interaction (email, chat, sms, mobile)
• Managing broker communications
• Accounting
• Reporting

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Insurance Companies Are Seeing Transformational Results Leveraging Intelligent Automation

✔️ ​Reduce processing time by 40%.
✔️ Reduce administrative efforts by up to 45%.
​✔️ Incubation of new products and services.
​✔️ Peak demand management and business scalability and resiliency.

Break Free From the Complexity

Reach out to INVOKE’s specialists to see how intelligent automation can transform your practice.

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