Three Ways Automation Will Impact Insurance

From Insurance Age Magazine:

  • Self-service portals can allow your customers to do routine things for themselves, such as downloading documents, upgrading their cover or even renewing their policies. This isn’t just about the generating cost savings – there’s a generation of consumers out there who expect to be able to interact with you in this way.
  • Does the 80/20 rule apply to your customer portfolio (with 80% of the work being generated by 20% of your premium)? If so, you should look at automating the processes that set up and maintain lower value policies. A smaller proportion of larger or more complex risks could drop out into a workflow so that a trained member of staff can review them and make a quick decision. You then hand it back to your software system to issue the documentation and take payment.
  • Are your payment processes taking up a lot of time? A surprising amount of insurance businesses still manually reconcile payments, or manually set up direct debits. It doesn’t have to be that way. A modern policy admin system will connect with third party payment systems and automate pretty much all your low-level accounting. Payments can be taken and reconciled and direct debit schedules adjusted, all while you sleep comfortably in your bed.
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