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Industries that are benefiting from RPA

Initially, process engineering sought to adhere to lean design principles. Processes would be documented, reviewed and improved by removing wasteful steps and adding scripts where possible to eliminate human intervention and potential errors. Upon process improvement Robotic Process Automation(RPA) started largely as a tool to mimic those repetitive, rules-based front-end workflows. 

After the success in many sectors, RPA  is being rapidly adopted across industries because of the multiple benefits it offers. These are some industries which are already benefiting the most from Robotic Process Automation(RPA):

Financial Sector

Operational Efficiency

RPA plays an important role in operations. In order to automate activities, RPA can do high-frequency tasks while reducing processing time and 50-70% cost will be saved. Since RPA is easily implemented into the existing administrative infrastructure, It helps increasing productivity by reducing human cost and gives more flexibility and control over the financial workflows and business processes.

Risk Management

Compliance and Risk management is automatically taken care predefining process and every step is logged which is not in case of human interaction with applications.

HealthCare Sector

Higher Throughput

With the help of RPA, healthcare will be better equipped to deal with the growing volume of patients that are difficult to deal with when managed entirely by humans. While automation handles a  larger number of patients, medical personnel can focus on other important areas or work.

Improved Quality and Consistency

Robots can do laborious repetitive work 24X7. They can provide consistency in care activities. An automation in the areas of medical records, order entry, claim processing and decision support is linked with a reduction in complications and costs in order to improve quality and provide consistency.

Insurance Sector

Underwriting

Underwriting involves collecting all of the necessary information from all of the various sources in order to properly evaluate the risks associated with any specific policy, and it’s generally a process that takes quite a long time, one that, in fact, causes millions of people just to give up before the process is even complete. Since RPA can automatically collect and process accurate data as it relates to the applicant from both internal and external sites very quickly, the entire process is dramatically expedited. 

Claim Processing

The claims processing is completely dependent on process speed and accuracy to meet customer expectations. It requires the collecting of data from various sources, which is also typically a long and manual customer service operation, RPA is there to reduce the process steps, amount of time spent on performing repetitive processes  and human errors. 

Drop us a line, If you are willing to know more about RPA and how we are helping these industries to automate their processes.

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

Chart, line chart

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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