INSURANCE
In Insurance, accuracy is paramount. Get it right the first time and reduce human error with intelligent automation.
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WHAT INTELLIGENT AUTOMATION MEANS FOR INSURANCE
Similar to the Banking and Financial Services industry, the Insurance industry handles vast volumes of data and countless transactions daily, but faces distinct challenges. Issues with claims processing, risk assessment, and policy management make it ideal for intelligent automation.
By streamlining claims adjudication, accelerating risk evaluation with AI, and automating policy renewals, insurers can reduce processing times, improve accuracy in risk assessment, and enhance the customer experience.
ENHANCE CLAIMS PROCESSING
Accelerate the entire claims lifecycle, from submission to settlement, to reduce processing time, minimize errors, and boost customer satisfaction with quicker resolutions.
IMPROVE UNDERWRITING ACCURACY
Automate risk assessment and data analysis in underwriting to ensure precise risk evaluation, optimize premium pricing, and minimize human error.
INCREASE ADMINISTRATIVE EFFICIENCY
Improve administrative efficiency by automating time-consuming tasks such as data entry, claims processing, and customer communications.
IMPROVE CUSTOMER EXPERIENCE
Enhance customer interactions with personalized services and faster response times, increasing satisfaction and loyalty through efficient onboarding, policy management, and support.
areas to automate
CLAIMS ADJUDICATION
Automate the review and validation of claims, reducing manual effort and errors. Here are a few tasks that can be automated:
- Automatically verify policy details and coverage limits.
- Cross-check claim information with policy terms and conditions.
- Flag claims for further review based on predefined criteria.
- Generate adjudication reports and notify relevant parties.
CLAIMS SETTLEMENT
Ensure compliance with regulatory requirements and internal policies through the automation of tasks like:
- Calculate settlement amounts based on policy terms and claim details.
- Automatically issue payment instructions to financial systems.
- Generate and send settlement statements to claimants.
- Track and update the status of settled claims in the system.
POLICY ISSUANCE
Manage data entry, underwriting, and document generation tasks with intelligent document processing (IDP). This AI-powered technology can automate tasks such as:
- Generate policy documents based on customer information and selected coverage.
- Perform risk assessment and pricing calculations.
- Send policy documents to customers via email or customer portals.
- Update policy records in the insurance management system.
POLICY RENEWAL
Improve customer retention, enhance operational efficiency, and provide a seamless renewal experience for their clients with the help of automation:
- Automatically notify customers of upcoming renewals.
- Recalculate premiums based on updated risk assessments.
- Generate and send renewal documents to customers.
- Update policy records with new terms and coverage details.
CUSTOMER ONBOARDING
With intelligent automation, enhance customer satisfaction, reduce your operational costs, and ensure a smooth transition for new clients. Here are a few of the tasks you can automate:
- Collect and verify customer information through online forms.
- Perform identity verification and background checks.
- Create customer profiles and accounts in the CRM system.
- Send welcome emails and onboarding materials to new customers.
CUSTOMER DATA MANAGEMENT
Automate data entry, updates, and maintenance with automated tasks like:
- Automatically update customer records based on new information received.
- Sync customer data across multiple systems and platforms.
- Ensure data accuracy by performing regular data validation checks.
- Generate reports on customer data changes and updates for compliance and auditing purposes.
Case Study
0
%
REDUCTION IN INQUIRY SUBMISSION WORKLOAD
An insurance agency partnered with Greenlight Consulting to transform customer inquiry handling. Our robust RPA solution significantly reduced underwriters’ administrative burden, enabling focus on core tasks.
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