Insurance Professionals: How to Save Money, Maximize Time and Retain Customers

Insurance Professionals: How to Save Money, Maximize Time and Retain CustomersThe ultimate goal of any insurance company is to maintain a smooth, efficient and orderly claims process and, of course, save money at the same time. If done properly, that savings can then be passed on to the customer, which promotes long-term, loyal customer retention. Given the volume of transactions and subsequent mountains of data, however, this is no easy feat. That is, unless you have the right tools in place. Namely: robotic process automation. Here’s how RPA can help insurance professionals maximize efficiency, deliver exceptional service, remain compliant and, above all, increase profitability.

Fast and Quantifiable ROI

Because robotic process automation takes some or most of the many manual processes being performed in the modern insurance office and shifts them from human to machine, the output instantly becomes faster. The quicker work is performed, the more efficient the operation runs across the board. Everything from basic tasks to complex workflows can be automated and deployment can occur in mere minutes, which equates to almost immediate return on investment.

Eliminate Human Error

With people running the show there will always be errors. It’s just the simple truth. Unfortunately, given the nature of the insurance industry, one tiny mistake could easily lead to serious consequences – both financially and reputation-wise. Incorporating RPA into business operations, either on a basic level or to an advanced degree, can facilitate much more accurate output. When you eliminate the margin of human error, process efficiency goes up and operational costs go down, which means a much more attractive bottom line for your business.

Greater Customer Satisfaction

Without question, we live in an on-demand society in which consumers don’t just want fast, quality service – they expect it. When internal operations can be run like a well-oiled machine, it translates to the delivery of exceptional client service, which is rewarded with higher retention rates and more word-of-mouth marketing. And with things like self-service automation, the customer feels empowered and the entire process – from applications to account maintenance to claims – is more streamlined with fewer delays for a better overall experience.

Better Compliance

The insurance industry is wrought with complex regulations and mandates enforced by the government and other regulatory bodies. Remaining compliant at all times is absolutely critical to the success of any firm, but with humans at the helm, and the subsequent errors they’re prone to, there’s always a greater risk. Failing to comply can result in everything from fines to sanctions and could even put an otherwise solid company out of business. With robotic process automation, all rules-based activities can be handled electronically, without the risk of human error. This ensures that all processes are executed in strict accordance with policy, helping to maintain compliance at all times.

Competitive Advantage

Few industries are as competitive as the insurance field. Customers have the ability to shop around and select from any number of candidates for their insurance needs. Finding a way to stand out amongst the crowd is what will ultimately separate those companies that are most successful from the ones that fall by the wayside. Delivering faster service, offering better customer satisfaction and being forward thinking with technology, like robotic process automation, can help position your insurance company ahead of the rest.

Is your insurance agency running as efficiently and cost-effectively as possible? Could you use help eliminating costly human error, delivering better service and remaining compliant?

Getting started with RPA has never been easier. Simply click here to start your free trial today and put your company on the right path toward greater success.

Top 5 IT Process Automation Challenges in the Insurance Industry

Top 5 IT Process Automation Challenges in the Insurance IndustryThese days businesses in every field are struggling to stay abreast of all the rapid changes to technology, but given its fast-paced, highly-competitive nature, perhaps no industry is feeling the crunch more than insurance. Along with the widespread adoption of IT process automation has also come a number of unique challenges which savvy young forward-thinking IT professionals must find a way to overcome if they are to emerge successful in the long run. Here are 5 such challenges and how they can be met.

1. Bridging the gap between IT and operations.

In order for the benefits of IT process automation to be fully maximized, there cannot be a disconnect between the IT department and those in other areas of the business. Everyone must come together and work toward a shared goal of leveraging automation technology to improve business functions across the board.

2. Automated silos.

Another problem standing in the way of major progress for the insurance industry is that of automation being utilized as individual silos. While it’s true that technology has made it possible to streamline almost every function of business operations, the only way to truly benefit is when this is accomplished as part of an IT process automation strategy that encompasses all functions as part of a whole, rather than each on its own.

3. Integrating third party solutions.

Most insurance companies rely on the IT automation solutions provided by third party vendors, but many of these products still lack in the way of ability to integrate with existing systems. This results in a disjointed effort that can never fully achieve its potential. To overcome this, insurance firms must look for solutions that fully support seamless integration with legacy systems.

4. Data standardization.

With so much information available for the taking, many insurance providers are finding it difficult to narrow down what data they need so they can put it to use. Furthermore, because many insurance companies are still working with multiple systems and programs, having to mine for data in several location is causing time-consuming repetition. The solution is data standardization through fully integrated systems which will allow more seamless and effective use of IT process automation.

5. Scalability.

Last, but certainly not least, is the issue of scalability, or finding an IT process automation solution that can be adjusted to fit with insurance companies of any size. Adopting too limited a tool can lead to lack of functionality, frustration and eventually burnout. Taking on a system that’s much more complex than is needed can be equally as burdensome. The key is to choose a product that has all the features needed and can be scaled up or down based on changing needs and increasing demands.

Is your insurance company struggling with one or more of these common challenges? The answer to your problems is much easier than you may think. In fact, with the right solution, you can implement an IT process automation strategy that is efficient, effective and completely scalable to fit your growing needs. More importantly, with the right automation tool, you can position your firm at the head of the pack for years to come.

The first step is simple. Just click here to get started today for FREE.