Will Intelligent BOTS Assist Traditional Insurance Agencies To Make a Mark in the Digital Age?
Intelligent chatbots, Machine Learning, Artificial Intelligence, or Robotic Process Automation, – these are some common terms which have been associated with the insurance industry in recent years.
A good part of the Insurance Brokerage industry continues to be heavily manual.
What has changed?
The recent global pandemic can be presented as an apt example. The insurance sector has suddenly been bombarded with a plethora of claims, settlements, and other insurance formalities. .
With a limited workforce, the insurance sector was not engineered to cope with such massive numbers. Lack of efficiency, delays in settlement, and incomplete customer experience, all combined to create a stumbling block in terms of revenue management and achieving business goals.
Insurance agencies which operated on legacy infrastructure shifted to technology to find instant solutions in this digital era. Hence, comes intelligent bots, AI, and more.
Will traditional insurance agencies make the most of cutting-edge technology?
Decoding the Major Challenges Faced by Traditional Agencies
The modern digitized landscape accounts for quick actions and seamless experience, which is a daunting mission to accomplish considering the age-old infrastructure.
Here are some of the major challenges faced by traditional brokers and agencies:
Efficiency – There is no denying the fact that efficiency is one of the most critical parameters. Unfortunately, this is where traditional systems are lagging behind. In a typical insurance set-up, there are limitless processes to take care of, many of which are tedious and time-consuming. Add large volumes of data to it, and suddenly the manual workforce is short-handed leaving tremendous gaps for basic errors.
Full-scale Support – Emergencies do not come knocking and who knows it better than the insurance sector. Customers expect prompt actions and quick resolutions. Anytime and anywhere support model is very difficult to provide with manual support. This is one of the primary disadvantages of traditional infrastructure.
Analytics – There is a popular saying that data is king and this statement is really apt for the insurance industry, jam-packed with so much competition. It is impossible to survive in this highly competitive market without leveraging data. Data can be collected through digital footprints.
Customer Experience – We live in a digital era. Millennials prefer their handheld devices for work and play and the same implies for insurance. People expect a full-scale digitized experience where legacy infrastructure fails to deliver.
Traditional vs Next-gen: What is Intelligent Automation?
The insurance industry is going through a transformation base. The word ‘Intelligent Automation’ is the new headline-maker.
Do we really need Intelligent Automation?
Insurance is a very intensive process. Given the legacy ecosystem, it comes as no surprise seeing insurers bragging about the mammoth effort that goes behind each policy.
In the tech-driven insurance ecosystem, automation is utilized to take care of repeatable tasks based on a structural flow of information.
Certain activities such as logging customer information, capturing information, sending timely notifications can be easily automated.
This is regarded as Wave 1 where the basic and initial phases of insurance processing can avoid human involvement.
The next wave deals with unstructured information. It included intermediary interactions. In a legacy infrastructure, all the communication is done by the workforce. It consumes a lot of time.
More than 50% of the calls that come in are generic enquiries and account-information related. The enquiries are very basic and simple.
In the modern setup, insurance agencies deploy intelligent bots to address basic customer queries. This can also be extended to the email channels where BOTS can be utilized to provide timely response and initiate notifications for basic policy-related reminders.
Insurance is a competitive market and it is very important to decode the basic needs and preferences of the prospective target audience.
This is where AI can help by deciphering important analytical information based on the customer journey. Furthermore, the proper implementation of BOTS also helps in delivering a seamless user experience across all customer touchpoints.
What Should Traditional Brokers Do?
Traditional Agencies and Brokers are not tech-savvy and are generally known to shy away from the algorithms of automation technology. This is just a notion which can be sorted at ease.
One doesn’t need to be a tech guru to adopt technology. With very little input, everything runs in an auto-pilot mode when it comes to regular business procedures.
Under these circumstances, agencies need to carefully evaluate their choices when it comes to adopting the right InsureTech partner.
Evaluating the Exdion Experience
Exdion assists insurance brokers and agencies to embark on automation by resorting to a structured framework for defining the roadmap. This accounts for timely and proper identification for a streamlined workflow aided by a holistic automation approach.
An AI-powered automated platform aimed at mitigating agency-wide E&O risks.
- Eliminates Human Involvement – Eliminates 383 decision points
- Fast, accurate, secure, and scalable
- Bring down operational, administrative, and recruitment expenditures
- Weaponize data, insights, and analytics to bolster performance.
An AI-powered automation solution for the annual policy renewal process.
- Optimize customer response time
- Auto-update renewal exposures
- Drives improved AMS adoption
- Eliminates information management need
An AI-powered automation solution to address comprehensive contract compliance.
- Quick user access and validation
- Centralized library for all essential documents
- Easy contract creations and document approval
- Dashboards with automated alerts and renewal reminders.
To discover more about Intelligent Automation that’s built specifically for Insurance Agents, reach out to us.
Get in touch with our experts.