Let’s assess some key components of the insurance value chain to get a glimpse of the intelligent automation fit.
· Claims Management: Major scope is seen in automating the process of extracting relevant unstructured data from a claim submission, spot potential fraud and analyze trends in fraudulent activity
· Commercial Underwriting: Critical benefit is identified in automating the process of data extraction from a thousand pages of documentation — reducing the customer response time and thus improving customer satisfaction. It can further automate identification of product trends focusing on demand & profitability
· Product & Pricing: Intelligent data analysis can price risk more accurately by involving a wider range of risk factors
· Sales: AI can send an automated alert to agents indicating the readiness level of prospects to buy a particular product — thus leading to higher conversion rate
· Regulatory Compliance: Insurance providers can develop Natural Language Processing (NLP) queries to automate processes such as retrieval of a provision or a term definition. Intelligent Automation can also be used to automate similar query responses based on historical responses.
· Customer data protection: In today’s era, where customers seek confidence on digital trust, Intelligent Automation can help insurers in differentiating their service by ensuring avoidance of data leakage from manual data handling.
· Customer Experience: As per a global study, 45% of consumers have explicitly said they give more importance to the experience of purchase cycle than the insurance product itself while picking an insurer. Intelligent Automation promises to unlock whole new levels of personalization & convenience in customer service. For instance, an insurance provider in UK can give its customers an automated insurance estimate after answering just 4 questions from a chatbot on Facebook messenger.