Implementing automation and embarking on digital transformation projects is hard, if you’re reading this, you have probably tried doing it yourself too. The fact is, the insurance industry faces extra challenges having established and needed processes that need to be factored in.
Let’s focus on the most important process – the way risks are processed. What’s consuming the most of time and consists only of menial tasks in this workflow is entering risk information into internal systems ie. clearance tools, policy admin systems, CRM and others. For the majority of organisations, it’s what requires a lot of manual work and it’s a perfect candidate for automation. It is tempting to start with optimising it through a low tech solution i.e. by using an internal team or Business Process Outsourcing (BPO) to enter risk information into many different systems.
That, however, doesn’t solve the need for automation and digitisation of this process, it’s moving that manual rekeying process somewhere else, and the gains which improve risk selection, unlock scalability (enabling more risks to be processed and bound without adding cost) and uplift conversion are not achieved. The reality is that only automation can really improve the process in a meaningful way and create a compelling business case.
To achieve high velocity and high efficiency, risk workflows need to go through a series of steps, and all those steps get an uplift of automation:
Insurers want to build efficient teams where underwriters can focus on the right risks while quoting and responding to brokers quickly – driving conversion and the volume of risks bound. This is only achievable by seeing digital not as the derivative, not as humans entering data into systems, but as the foundation by which risks are moved around the insurance company. The advantage of taking a holistic, digital approach helps insurers accelerate profitable growth and increase processing volume without adding operational cost.