Benefits of automation in claims management

The insurance sector is considered to be one of the most regulated and, at the same time, one of those with the highest volume of documentation for its activity. These circumstances led to a perfect storm because, to a large extent, the first one greatly limited the room for maneuver to resolve the second. That has changed. Insurance companies embrace automation and the benefits are quick to show.

The importance of automation in the Insurance sector

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One of the areas in which RPA (Robotic Process Automation) technology can bring the most benefits to the Insurance sector is precisely in one of the most critical areas for your business: claims management. So much so, that firms such as McKinsey believe that the processing of these claims will become the most important function in the sector by 2030.

An insurance company cannot afford to carry around errors or inefficiencies in managing claims, as poor experiences in this area can jeopardize around $170 billion in renewal premiums worldwide over the next five years, according to Accenture.

One of the key factors in insured satisfaction is the speed in resolving their claims. The implementation of automation, accompanied by Artificial Intelligence (AI) technology and machine learning, drastically reduces these times, boosting productivity.

Associated benefits

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· Low initial cost. If an insurance claim file is characterized by something, it is because it draws on different sources of information, often associated with different systems. Despite this complexity, generating an automated flow for managing that information is not expensive, thanks to the incorporation of APIs and Low-code, with which it is not necessary to dispense with legacy infrastructure, but rather it is possible to modernize it and give rise to a centralized system that lays the foundations for management optimization. In addition, according to the McKinsey study, automation can reduce the cost of processing a claim by up to 30%.

· Centralized system. Talk of claims automation is synonymous with standardizing processes and centralizing data. This depends to a large extent on the company's speed of response when resolving incidents. Adopting RPA technologies in claims management eliminates risks of data duplication, loss of information and other inconsistencies typical of information silos.

· Adaptability to peaks of activity. Especially at times when the number of claims is multiplying exponentially, such as a vacation trip or the arrival of a snowstorm, the volume of claims and the speed at which they arrive can be unaffordable if you try to manage them manually. The incorporation of RPA and AI into an omnichannel strategy (telephone, email, app, WhatsApp...) can incorporate efficiency improvements of up to 45% in the real-time management of this avalanche of claims.

· Better data quality. The year-on-year growth rate of data exceeds 50%, combining structured and unstructured data. With the adoption of AI and automation technologies, this is no longer a barrier, being able to incorporate them into the system without human errors in their capture, indexing them and keeping them always accessible. This level of quality and availability is very beneficial in the face of increasing auditing and regulatory compliance requirements.

· Team productivity. Recent studies conducted by Accenture show that those insurers that took advantage of hyperautomation billed 20% more each year between 2015 and 2020. Thanks to the automatic processing of claims, agents' workload is alleviated by reducing their manual burden, providing them with more and better information and being able to spend more time on the most complex cases.

· Harnessing talent. Finding qualified personnel is increasingly expensive and difficult. Once captured, it's not only important to keep it but to get the most out of it. In this regard and considering that about 40% of incoming calls in a Call-Center These are basic checks of the status of complaints, why not leave this task to a Chatbot to take advantage of the implemented automation and thus be able to explore all the talent of the hired agents?

How Automating Claims Processing Can Help an Insurance Agency

· Data Collection. With the rise of telematic data and IoT (Internet of Things) sensors, the data that needs to be processed in a claim has grown in volume and complexity. By implementing automation, reinforced with algorithms, it is possible to classify and consolidate information received through any physical or digital channel, even when it comes to unstructured data.

· Fraud Investigation. Fraud detection is essential for an insurance company, since there are estimates that about 10% of claims are fraudulent, causing millions of dollars in losses. Thanks to having automated information flows and enriching them with AI, the system can unattended verify and validate the data received, cross-referencing them with geolocation data, social networks, weather conditions... reducing fraud by rates greater than 25%.

The capacity Big Data (more volume and more speed) of this digitization makes it possible to implement more sophisticated fraud detection methods. In addition, during the processing of a verified claim, this same machine learning is capable of adjusting compensations with up to 30% more precision than if they were done manually.

Adea RPA Service

Thanks to Adea's experience in implementing automation initiatives in sectors such as insurance, a project of this nature acquires a strategic character. The consulting offered by the company transcends objectives such as mere cost savings, incorporating others such as customer retention and improving the insured's experience.

Adea's team of professionals identifies automatable processes and creates business rules with RPA technology, supervising the operation of the work in progress and being able to change the configuration of the Workflow using its Adea E2E Platform technology. The result is improved efficiency with a quick return on investment.

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