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The inevitable transition of Insurance Institutions from legacy systems to innovative solutions is a complex process with many branches
The insurance industry, traditionally cautious and heavily regulated, is faced with a radical shift in the age of automation. Automation can be the ultimate game-changer strategy for insurance companies. While most insurance institutions have started to embrace the technological revolution by utilizing AI and machine learning automation systems, there are still challenges that need to be overcome.
The radical shift that the insurance industry is undergoing is driven by changing business models and legacy infrastructure, large chunks of unstructured data, the evolution of cybercrime and mounting regulations regarding fraud, the changing of customer demand to round-the-clock personalized service, and manually intensive back-end processes.
Legacy Infrastructure
While the core systems of insurance companies have started to modernize to an extent, the true competitive advantage lies in the total transition from legacy infrastructure that slows down routine processes. These SOP's require the interaction within multiple systems built on different technologies. The re-engineering required to digitize such tasks remains high.
Big Data use
Insurance companies have just recently started to realize the power their unique data have in increasing customer satisfaction while reducing costs and mitigating risk. Sorting through torrents of unorganized data for useful information requires powerful data analytics technology. Insurance companies must leverage automation for achieving an efficient segmentation of both data and customers.
Manually-intensive SOPs
Standard operating procedures (SOPs) consist of routine processes that when administered manually take lots of valuable time from the insurance executives, and sometimes even result in errors. The insurance industry runs on vast repositories of data, dealing with mixed data formats which include both paper and electronic records that are asynchronous in handling.
Unstructured data
Insurers are faced with a vast number of repetitive tasks challenging to organize, prone to error, and difficult to put in order. These time-consuming back-end processes, such as policy quotes and servicing, drafting receivables/payables, conducting compliance and legal/credit checks, and so on, must be optimized to add value to both customers and insurance executives.
Anti-Money Laundering (AML)
According to PwC’s 2018 Global Economic Crime Survey, 62% of firms reported exposure to financial crime within the previous 24 months, making money laundering in the insurance sector a growing global problem. Although governing authorities have introduced anti-money laundering (AML) regulations to detect and prevent such activities, insurance companies need to capitalize on technological innovation.
Evolving customer expectations
Customer demand is shifting to greater personalization and easier access to services. Technological advancements, such as artificial intelligence, is the key to rendering customized services and enhancing client retention, but these highly sensitive private data and security institutions must learn how to benefit from the power of AI, without being victimized by it.
Automation in the insurance industry improves customer experience, cuts costs, and increases productivity
Real-life examples of how automation for the insurance industry works in action
Claims Processing
When processing a claim, the WayMore for Insurance would extract the information from the customer's online request form and automatically record it to the claims system. The claims system will validate or reject the specific request and will automatically send the payment approval or rejection. The built-in AI bot observes how the specific scenario is handled and "learns" how to handle future ones.
Contract Renewal
WayMore for Insurance helps streamline the procedure of contract renewal, relieving the insurance company from a highly time-consuming process that involves multiple communications with the outsourcing insurance brokers. The WayMore platform easily and efficiently receives and analyzes standardized data for trends and short-term opportunities that otherwise would be lost in legacy manual data entry models. WayMore automatically notifies customers and outsourcing brokers of the renewal of a contract.
Underwriting
WayMore for insurance can handle the data collection from multiple sources to analyze and determine the risks associated with a chosen policy. For example, the health risks (i.e., mortality charges, in case an applicant is a smoker of a certain age charges will increase), or the creditworthiness (i.e., the definition of the credit rating of an applicant as per external credit agencies). Based on the results, WayMore's AI bot will automatically send recommendations.
Customer Support via Chatbot AI
A conversational AI bot, built-in with NLP capabilities, can simultaneously handle most customer support queries from different customers. An insurance company can integrate a chatbot AI into customer touchpoints (i.e., Viber, Facebook, native app), so when customers request information about their insurance contract via direct message, the insurance company’s chatbot will efficiently handle this routine query with no need to take time from a live agent.
Do more with WayMore Automation for Insurance
The intelligent destination for efficiently automating standard procedures, enhancing customer experience, building trust, and much more.
- Acquire New Customers & Sell More
- Personalization & In-depth segmentation
- Μanage Risks & Enhance Security
- Create Great Customer Experience
- Increase Productivity
Acquire New Customers & Sell More
Process automation combined with customer segmentation and personalization can improve the customer acquisition process, drive sales, and strengthen customer retention. Insurance institutions can create new business lines and improve targeting by using triggers to offer relevant products or services (i.e., reward regular customers at risk of switching to a competitor).
Personalization & In-depth segmentation
Accenture estimates that workflow automation reduces the time to perform tasks by up to 90%. Automation allows the efficient streamline of validation processes and several repetitive tasks normally tended to by humans. Work routines can be easily labeled as simple and complex and accordingly allocated. Process re-work and errors are reduced by eliminating human touchpoints, resulting in speeding up innovation and the time to market.
Μanage Risks & Enhance Security
Marketing automation empowers risk management as it removes subjective interpretation, capitalizing on the technological innovation to boost the effectiveness of anti-money laundering checks and fraud detection practices. As data breaches become prevalent and privacy concerns intensify, verification services such as a Cloud IVR service for handling customer issues (i.e., fraud, declined payments, or other related problems) that require quick responses from a trusted source, come to the rescue.
Create Great Customer Experience
Insurance institutions can capitalize on WayMore's comprehensive automation platform to automatically segment their customer database and create personalized products, services, and offers, that will be delivered at the right time to customers through their preferred communication channel. Proactively providing customers with relevant information enhances their experience and satisfaction, builds trust, and creates long-lasting relationships.
Increase Productivity
WayMore Marketing Automation Platform for insurance institutions leverages technological advancements, such as artificial intelligence and powerful analytics, that enables the easy, secure design and delivery of customized workflows and services. Insurance executives free up valuable time, and can make better-informed decisions, powering up their productivity levels.
Do more with WayMore Automation for Insurance. The omnichannel powerful automation platform that enables the strategic digital transformation of insurance institutions.
Based on Routee, a true omni-channeled communications solution
WayMore is an intelligent omnichannel communications platform powered by Routee that enables a business to gather insightful customer data for developing business growth tactics, to deliver personalized marketing messages. WayMore carries a powerful functionality such as:
Forms and landing pages
Two-factor authentication
Trackers and short URLs
Virtual numbers
Automated workflows
It also lets you maintain seamless communication with your customers through the following channels:
SMS
Communicate your message and company mission all over the world using the advanced SMS services Routee provides. Craft interactive and engaging campaigns easily and efficiently through an advanced marketing platform.
Email messages inform your clients discreetly and efficiently about things you want them to know. Discover which Email service suits you, customize it and make it happen with Routee.
Viber
Break through to a global audience with Viber business messaging.Viber makes it easy for people to search and find the brands that they want to interact with.
Push notifications
Using Push Notification to engage with your customers is a powerful marketing tool to boost your ROI. Easily and instantly view comprehensive reports that provide insight on the effectiveness of your campaigns.
Messaging apps
Messaging Apps to engage with your customers is a powerful marketing tool to boost your customer loyalty. Easily and instantly connect with your customers on their preferred messaging app.
Voice messaging
Speak your message, loud & clear with Voice services, designed to complement your communication and support transactions across your business. Captivate their interest with voice messages in 16 languages.
