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Current status of claims processing
Insurers that do not have RPA technology in their daily operations (Robotic Process Automation) are doomed to constantly suffer the challenges of competition. Processes such as FNOL (FirstNotice Of Loss), in which the reporting of incidents has been imposed via Apps or Chatbots are increasingly implanted in the insurance sector.
This vertical has had to know how to evolve rapidly in the face of the avalanche of unstructured data that it has to manage to resolve a claim, also coming from the most diverse sources of information. For this reason, Intelligent Document Processing (IDP) powered by technologies such as Artificial Intelligence (AI), Machine Learning (ML), ComputerVision or Deep Learning, is increasingly deployed to respond to large volumes of information, of which 80% is found in unstructured formats (printed and digital documents, emails, images, etc.).
What are the advantages of your automation
· Accessibility and simplicity. Process automation driven by Artificial Intelligence (AI) technologies is one of the doors to omnichannel without this implying a reduction in response times. Since RPA technology applied to claims centralizes all information in a single repository, the channel (telephone, Email, app, web, WhatsApp...) through which the customer interacts, being able to jump from one to the other during the same incident without having to repeat the information.
· Cost savings. Studies by consulting firms such as McKinsey reveal that the savings derived from automation in the insurance sector and, more specifically, in claims management can exceed 30%. Despite the not-negligible amount of savings, the growth in efficiency and productivity is even more interesting as a result of freeing up agents' time to manage the most complex claims and which may entail higher costs for the insurance company.
· Quickness. LosBots software programs allow the collection of information from different sources (police reports, expert reports, photographs of the insured, etc.), much of it unstructured, automatically. In the case where the claim for the accident clashes head-on with the terms of the policy, human intervention is not even necessary, as the system will deny it in real time.
· Increased security. One of the big problems that insurance companies have to face is fraud, which not only hurts them, but also the rest of the insured. Thanks to automation and AI, the detection of this type of criminal activity is easier to identify, doing so at the beginning of the life cycle of the claim and preventing it from becoming a de facto claim. Automatic validations of information and the crossing of data with history or, even, with open sources from social networks, avoid this type of situation.
· Quality of service. An increasing number of customers are betting on digital service. The automation of processes in claims management paves the way to such digital customer service; but, in addition, even in cases where the service is still telephone or in person, it represents a qualitative leap. It simplifies the collection of information for agents, moving towards what has been called the 360º view of the customer, while the insured feels more supported and with real-time attention.
· More sales. It tends to be thought that the insurance sector is suffering from a large loss of customers and it is difficult to retain them. However, this is not quite the case, since despite being a very competitive market, thanks to the automation of claims, it is possible to know the customer better. Depending on the number of parts managed at the end of the year, it is possible to offer policies tailored to the needs or, even, to suggest additional products and services in the form of personalized cross-sales.
Success stories in claims automation
· The Czech insurance company Direct, part of the VIGO Group, managed to integrate up to 14 separate systems into a single application, optimizing workflows to the point of accelerating claims management by 25%. During the definition phase, the technological partner identified that up to 15,000 tasks failed within the flows established until then.
· Some companies such as the Spanish company Bdeo have gone a step beyond the automation of business rules, incorporating sophisticated digital image processing software with which it is able to detect if the images included in an accident file are true or correspond to the data of the insured vehicle. Backed by AI and RPA technology, insurers can make better business decisions faster.
· In line with the above, the company Tractable is able to process purchases and acquisitions of vehicles valued at more than 2 billion dollars a year thanks to its system, in which it incorporates techniques Computer vision with which it simplifies decision-making based on photographs sent by policyholders through the app.
· The Startup American Snapsheet was born by and for the cloud, something that would not be possible without the help of RPA and AI technologies, with which it selflessly executes policy contracting and claims management, including expertise. As a result, it has been able to process more than three million claims in which human intervention has not been necessary in 70% of the processes.
· The Latin American market is another one that has been able to take advantage of the bonanzas of automation. This is the case of Dominicana Seguros Universal, which after implementing a claims automation project has seen a 30% reduction in the returns of parts from vehicle workshops that repair accidents, representing very significant savings in both time and money. Ultimately, the company was able to increase the number of claims processed without having to exponentially increase its workforce, resulting in a 45% growth in revenues.
Adea process automation service
As we have seen throughout the article, many actors and a wide variety of documents are involved in managing claims in an insurance company. Technology matters, but so does experience. Adea is able to combine both to execute complex process automation projects. The company's experience has led it to carry out exhaustive analyses in which it discovers inefficiencies, delays in processing claims or losses due to fraud.
From that point on, Adea deploys its technology and, based on the best practices it treasures, optimizes processes to reduce inefficiencies and boost productivity, with lower and faster disbursements, which translates into more satisfied policyholders.
