From Outsourcing to Automation – How Insurance Agencies Are Shifting Focus to a Technology Driven Experiential Economy
Insurance agencies, over the years, have extensively outsourced non-core processes and functions to more viable destinations. From back-office clerical tasks to customer service centers, they have made the most of the cost advantage and operational efficiency provided by outsourcing organizations who pride themselves at being process experts in their respective niche.
While outsourcing is a decade old story, insurance agencies are now shifting focus to automation. In this blog we will look at how the focus is changing from externalizing the problem to automating it.
The Automation Edge
Outsourcing has helped insurance agencies to clearly understand what it is that they are externalizing, how those tasks are performed, how confidentiality is maintained, and what outcomes they can expect. This has resulted in very strong SOPs, documentation and processes.
While a lot of this work requires human intelligence, there is a large chunk of work which is redundant and highly predictable. Thanks to the advancement in technology, most of the predictable work can be automated.
Modern tech platforms like RPA, AI and ML are helping to take the automation game to a whole new level. Not only can agencies automate processes but can optimize it based on common patterns, historical data, trends and more.
Here are some of the benefits of automation:
- Improved efficiency while reducing human errors
It has been observed that automation using BOTs can reduce costs while improving consistency of service. RPA BOTs can mimic humans and create a virtual workforce that can undertake tasks throughout the day.
No matter how large or small your workforce is, you can deploy more BOTs in a matter of days. Furthermore, you can train several BOTs without worrying about compromising on the quality of work.
1. Key Performance Indicators
Agencies can get better insight into the performance of their processes and functions. This helps in planning business strategies, delivery capacity and financial budgets.
Technology offers a cost effective way to enable a robust compliance strategy. By minimizing risks, you can improve both accuracy and quality of work.
2. Key Processes That Can Be Automated
- Policy Checking
Policy checking is one process which can be automated right away. It will help agencies in mitigating E&O risk, customer dissatisfaction, and inefficiencies in existing processes.
Exdion offers automated policy checking to insurance agencies. Learn more about this solution here.
- Annual Policy Renewal Process
Policy renewal is a labor intensive process which involves fetching exposure summary, communicating with clients, making amends to closure. Thankfully all this can be automated with an error free timely policy renewal operation.
Are you an insurance agency looking at automating your renewal process? ExdionRNU can help.
- Contract Compliance
Non compliance to contracts can cost agencies dearly. Having a full proof contract management system is imperative for agencies in today’s day and age. Automating the contract and compliance processes can help agencies to automate workflows, improve compliance checks and automate contract creation.
Take a look at Exdion’s Contract Compliance Solution.
Exdion uses a combination of human intellect and automation to cater to the growing operational concerns at insurance companies. However, in order to ensure that an insurance agency is able to function optimally, the extent of automation needs to be clearly understood.
Experts at Exdion can consult with you to provide a conclusive set of solutions that fit your automation needs. Click here to learn more about how we deliver efficiency through automation.
Looking for a technology partner who can help you automate and optimize your agency operations?