Skip to main content

How Intelligent Automation will Improve the Customer Experience

Gaining loyalty from insurance customers is quite hard. A recent survey by Accenture found that as many as 41 percent of customers are likely to switch insurance providers soon after they make a claim.

The onus is on insurance agencies and brokers to innovate and stay creative by retaining existing customers and attracting new ones. One way to do this is by automating processes to save time and enhance the customer experience. 

The trick to providing great insurance experiences lies in bridging the gap between insurers and customers. Ensuring a memorable customer experience will go a long way in improving the reputation of an insurance agency, and in turn enhancing it’s revenue. Intelligent automation will take brokers and agencies closer to achieving both these goals. 

Benefits of Intelligent Automation

Intelligent automation can speed up multiple processes in insurance related to claims processing, policy checking, client onboarding and more. Automation doesn’t just ensure operational efficiency at the back-end, it also creates great front-end customer experiences. 

Intelligent automation systems can detect and process vast amounts of information, which will automate the entire workflow, help streamline operational costs and also achieve greater efficiency for insurance agencies and brokers. Automation is now possible across all insurance processes. 

What key processes under AI can RPA be applied for?

AI enabled Robotic process automation (RPA) can help insurance brokers and agencies with:

Underwriting and Pricing

Policy underwriting is a long and tedious process. Data has to be collected from different sources for underwriting. Automating the collection of all this data and storing it in a centralized location will not just reduce the time spent on gathering this information, but will also help in auto populating important data fields. This saves time for both the insurers and customers. 

Quote comparison 

Comparing different policy quotes and suggesting the best one manually can be both tedious and time-consuming. RPA can easily quicken this process. BOTs can refer to important policy data by taking inputs from business intelligence (BI). They can then compare various quotes using the source data, and suggesting the best quote to the customer.

Policy Checking

Policy checking is also a very redundant and time-consuming process. Using intelligent automation to automatically check documents for E&Os, spotting discrepancies and creating a checklist will reduce the transaction time to one-thirds the current time. 

Policy Renewal

The renewal process can also be intelligently automated. AI-driven BOTs can be used to extract current policy details, add potentially missing Lines of Business (LOBs), collect missing details from customers and use all the updated information to renew existing policies.

Customer Service

Legacy systems make it harder to maintain and change when it comes to processes such as policy checking, quote checking, comparison or policy renewal.

When customers have doubts and issues for which they need assistance, chatbots can assist them in addressing these queries, to a great extent. The best insurance chatbots will be able to hold a conversation using Natural Language Processing (NLP) and help the customer through a step-by-step process, by giving personalized suggestions where needed. 

Digital insurers like Lemonade use Maya, a digital chatbot to complete the entire new client sign up process for simpler policies like home owners and pet insurance. This will continue to expand and handle more complex interactions in the coming years.

Wrapping up

Intelligent automation through RPA will definitely reduce the workload of agents and enable better customer experience. 

Exdion has the capability to automate processes across the policy lifecycle. Our AI-driven policy checking tool, Exdion Policy Check was in fact named the Top InsurTech to watch for by the Leader’s Edge Magazine in 2020. 

Get set to wow customers with our intelligent, AI-driven automation solutions. Consult our experts today.

Leave a Reply