Insurers can deliver more value with less costs by leveraging intelligent automation
The insurance industry is facing a period of unprecedented change when it comes to customer expectations, technological advances, and new business models. Emergn Client Partner Adam Goran recently sat down with Insider Engage to discuss the challenges insurers are grappling with today, and how automation presents many opportunities for leaders to lower the cost to serve, while delivering more value to customers.
The big question insurers are asking is, “How do I bring to market relevant and meaningful products that are intuitive and easy to use – all while offering the self-serve model that customers have come to expect?”
Automation has emerged as a leading solution to address the challenges insurers are facing by freeing up people and budgets, thus enabling them to deliver the flexible and innovative policies consumers want.
There are several benefits to introducing automation into an insurance business including:
- Speeding up outcomes and bringing deliverables to market, providing a better customer experience
- Identifying fraud earlier, reducing losses and costs to serve
- Creating faster and more accurate decision-making; in one case, automation helped an Emergn client reduce the time spent on new claims administration by 70%
While each insurance company is unique with their own set of challenges and desired outcomes, we often recommend initially introducing automation into the claims department, due to the highly repetitive, manual processes and significant margin for user error typically found here. Broadly speaking, claims automation is low risk, with a potential for high reward, and is easily scaled.
Learn more about how Emergn helps insurance companies adopt automation.