INSURANCE
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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.
STREAMLINE NEW BUSINESS QUOTING
Accelerate the quoting process with automated data collection and risk assessment, ensuring faster, more accurate insurance quotes while improving conversion rates.
OPTIMIZE POLICY RENEWALS
Automate renewal workflows to proactively notify customers, adjust coverage based on updated risk factors, and generate policy renewal documents, reducing manual effort and improving retention.
INCREASE ADMINISTRATIVE EFFICIENCY
IMPROVE CUSTOMER EXPERIENCE
areas to automate
CLAIMS ADJUDICATION & SETTLEMENT
Streamline claims processing by automating key adjudication and settlement tasks, reducing errors and ensuring compliance:
- Verify policy details, coverage limits, and claim information automatically.
- Flag claims for further review based on predefined criteria.
- Calculate settlement amounts and issue payment instructions.
- Generate adjudication reports and settlement statements.
- Track and update claim status in the system.
POLICY CANCELLATION
Create efficiencies for administrative staff performing policy and billing related cancellation activities, speeding up the process for policy cancellation and document distribution to Insured, Brokers and Mortgagees:
- Policy lookup and check outstanding notes or to-do's on file prior to cancellation.
- Identify mid-term / flat term cancellations and handle commission adjustments.
- Generate required policy documents in the policy administration system (PAS).
- Perform equivalent cancellations in the billing 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
- Automatically notify customers of upcoming renewals.
- Recalculate premiums based on updated risk assessments.
- Update insurance schedule with new terms and coverage details.
- Generate and send renewal documents to customers.
CUSTOMER ONBOARDING
- 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.
ENDORSEMENT REQUEST
Reduce friction for customers needing to make mid- or pre-renewal adjustments to existing policy schedules, by automating a wide range of policy changes and distribute documents to relevant parties:
- Carry out one or many endorsement changes on a policy.
- Automate most endorsement types; additional/named insured, mailing/risk address, risk renovation/construction, mortgagee, oil tank.
- Apply endorsements to the correct risk address for multi-location policies.
- Confirm the effective date is within the term of the policy.
Case Study
REDUCTION IN INQUIRY SUBMISSION WORKLOAD
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