How to increase customer engagement in the insurance industry
The digital revolution is already underway in the insurance industry. Customers demand quick, responsive, multichannel services and products specially tailored for them.
Insurers face challenges in meeting these customer expectations, since current business models are not built for change. The increasing complexity of processes drives up operating costs, and at the same time the need for employees with deep insurance expertise is growing.
Increasing automation by adapting legacy systems is expensive and does not always build a positive business case for change… but alternatives are available!
Getting repetitive: RPA is the answer
Robotic Process Automation (RPA) revolutionizes how we deal with repetitive, time-consuming manual processes, creating the opportunity to increase efficiency quickly without major investment. It. It does not require changes to the existing IT infrastructure since it usually works on the presentation layer. The robots can capture and interpret existing applications for processing transactions, manipulating data, triggering responses and communicating with other digital systems. Deployment of the software robots can be completed within weeks, and at the same time the highest level of accuracy and compliance can be ensured.
RPA can be used along the whole insurance value chain; however, the degree of automation might vary from area to area. Within Life Insurance, for example, Policy Management and Claims Handling offer greater automation potential due to the quantity of information and manual interactions. In Product Development, by way of contrast, the automation potential is lower owing to the far greater need for creative responses.
The benefits of RPA go beyond cost savings because it also enables insurers to deliver a competitive advantage: it increases predictability, quality and responsiveness of processes. It also frees up employees with insurance expertise to focus on strategic initiatives and change projects. All in all it helps boost customer engagement!