Automation for
Insurance


What is Automation in the Insurance Industry?

Automation in the Insurance industry provides operational cost savings and improved accuracy in many ways. Today, automation is performing tasks associated with data entry and extraction, claims processing, and other repetitive workflows with strong applications in the personal and commercial industries.

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Automation Use Cases for Insurance

The following are three of the top applications of automation in Insurance:

  • Data Entry
    One of the strongest applications of automation in Insurance is to improve the speed and accuracy of manual data entry. Automation can complete manual data entry tasks with 99.99% accuracy. Not only does data integrity vastly improve, but employees who are in these manual roles see notable increases in employee engagement metrics across the board.

  • Underwriting
    Underwriting is one of the most critical processes in all insurance companies. Automation can quickly and accurately pull data from multiple sources, run complex calculations, and provide outputs to your Underwriting team. Underwriting has historically taken several weeks to complete – automation can drastically cut this time down resulting in faster turnaround time for your customers.

  • Claims Processing
    Processing claims in one of the most critical functions in any insurance organization. Automation can efficiently streamline current processes, tackling even the most intricate workflows needed to process claims.

Automation Benefits in Insurance

The following are three of the top uses of automation we typically see for small and medium sized businesses in the Insurance industry:

  • Reducing Manual Labor Costs
    Implementing an automation solution can reduce manual labor costs by vast amounts. The CAQH’s study estimated that if administrative tasks were automated in the revenue cycle, $13.3 billion could be saved annually and as a result of this, there would likely be more resources available for other key areas such as care delivery, research, relationship management, and more.

  • Improve Employee Retention
    According to an insight study by Forbes in 2019, 92% of companies that deployed automation solutions saw an improvement in employee satisfaction. By reducing the number of manual, repetitive tasks that employees are asked to complete, job satisfaction can be elevated.

  • Regulatory Compliance.
    The insurance industry is held to a high standard for documenting work and creating audit trails. With so many error-prone processes, the risk of regulatory non-compliance can be a costly issue. Automation can help improve the accuracy of validating customer information as well as improve regulatory reporting.