Intelligent Automation for Insurance
What is intelligent automation, and why do insurance companies need it?
Intelligent automation (IA) combines artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and process automation to optimize complete business outcomes. Insurance companies use IA to improve efficiency and accuracy in various insurance company processes, from underwriting and claims processing to customer service and fraud detection.
AI-led tools "Focus more on context and adapting to people and less on task and process flows...[and] AI-led process improvement will take a people-first approach. Context will drive required actions within a single UI experience centered around the customer or employee journey.” - Forrester
Twelve Criteria Help Choose Among DPA, Embedded Process Support, RPA, And AI-Led Platforms, Forrester, October 2021
Intelligent automation offers tangible benefits
Intelligent automation has many benefits for insurance companies. Advances in natural language processing and machine learning enable insurance companies to move more work and operational processes to software. By automating processes, insurance companies free up staff to focus on more value-added activities. Doing so improves process accuracy and consistency and provides a path to achieve autonomous operations using artificial intelligence.
How AI enhances processes
Insurance companies have long used data and analytics to help assess risk and set premiums. More recently, they have begun to explore artificial intelligence (AI) to improve their understanding of risk further and sharpen their pricing decisions. Now, insurance companies realize AI enhances internal processes by using software to automate previously time-consuming tasks.
Intelligent Automation Use Cases
Insurance companies apply automation to several business functions to increase outcomes. Some examples include:
AI-led chatbots provide intelligent services based on your customers' profiles and needs enabling agents to focus on higher-value outcomes.
IA collects and structures data from claims to make informed decisions saving time and resources during processing.
IA generates real-time executive dashboards on various topics, such as customer behavior, financial performance, and compliance.
Accounts Payable and Procurement
IA reduces the time and resources required to manage back-office finance and human resource procedures.
Compliance Management and Reporting
IA automates compliance and regulatory reporting as it automates business processes.
Automate contract management. By automating contract management, insurance companies can save time and resources.
Other available resources
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