Insurance policy administration and monitoring comes with a huge cost. As the data pile gets heavier with records of old and new customers and policies, the necessity of updates, endorsements and renewals, and the inflow of claims means a lot of paper work and cost. Many insurers and brokers manage this process manually and as any manual process this is prone to errors and loss of data due to human negligence or oversight. With more policies added each year, the probability of errors occurring, time consumed, and their associated risks increases.
This is where, technological solutions including standardizing and automating the process using RPA and other tools bring multiple benefits. These tools reduce the resources required for various activities like policy checking, certificates issuance, quote and proposal management etc, and eliminate data entry and associated exposure.
Applications such as Agency Management Systems (AMS) enable processing of high volume of customer records with speed and accuracy. They provide a seamless interface for CSR’s without any technical skills to enter data or to find information to serve customers. With a system in place, activities such as data validation, generating quotes, policy formation, generating documents, etc., can be customised by brokers and MGA’s to suit their client requirements. Rule-based algorithms can summarize and present quotes accurately and costly errors may be avoided. Mid-term adjustments to the current policy or staggered adjustments can be made by editing necessary details. Automatic alerts can be generated for compliance issues. The billing and invoicing processes can be made more efficient as well with the use of Robotic Process Automation technologies. Renewal call outs too can be built into the system so that alerts are automatically generated before the due date.
To drive more efficiencies for brokers’, companies are developing innovative & smart Insurtech platforms built using cloud, AI, ML and other advanced tools. On an average, a client manager typically spends 40 minutes to many hours to just compare and check policy documents in an attempt to eliminate the possibility of carrier errors. With rule-based BOTs, Artificial Intelligence, Machine Learning, Deep Learning and Robotic Process Automation, brokers can now completely automate their entire policy checking process and cut down costs involved in resources to do the same. These BOTs can auto-learn new scenarios and mimic human actions on the go. With the ability of Cognitive Science, brokers can get realistic data insights. These platforms can be integrated with leading Agency Management Systems to help brokers keep their customers’ data updated and eliminate revenue leakages. Most importantly, brokers can manage their businesses efficiently and attract new business opportunities as their bandwidths get broader.
By leveraging technology and rule-based BOTs, the following insurance processes can be automated efficiently:
- Application processing
- Underwriting/Marketing submissions
- Reporting and analytics
Artificial Intelligence, Machine Learning and Deep Learning techniques can be leveraged for reducing risks and enhancing revenues. Exdion, a smart Insurtech company, uses its proprietary ePLMM® framework, which is extremely scalable, to configure business rules for brokers in a cost-effective manner. Exdion’s AI/ML/DL enabled products offer comprehensive solutions for Insurers, Brokers and MGA’s.
Exdion is driven by design experiences and the smartest brains working to deliver industry-leading Insurtech products and solutions for next-gen insurance brokers across the globe.