Insurance Automation: Better Processes, Better Experiences

Insurance automation revolutionizes customer experiences. Discover how technology reduces wait times, increases accuracy, and delivers better service.

What is causing customer dissatisfaction with insurance services?

The current customer experience in the insurance industry has many limitations. Customers often face long waiting times for processing requests and claims, complex and time-consuming information retrieval processes. Service quality is also inconsistent, leading to uneven responses and problem-solving. These factors have resulted in a high rate of customer dissatisfaction. This not only affects the reputation of insurance companies but also suffers significant costs related to handling and managing customer records, as well as lost business opportunities.

Statistics from Deloitte show that the rate of dissatisfied customers with their current experience with insurance companies reaches 35%, mainly due to long processing times and inefficient processes. The costs associated with handling and managing customer records are also significant, with the average cost of managing a claim being as high as $200, according to a report by McKinsey & Company.

These challenges can lead to customer frustration and may affect their overall satisfaction with insurance companies. (Source: Prospects for Agents)

Advanced technology is improving insurance services

A revolution is underway in the insurance industry. Insurance companies are increasingly adopting modern technology to optimize processes and enhance customer experience. Insurance automation is not just a trend but a groundbreaking solution that helps reduce waiting times, increase accuracy, and create transparency in the claims process. With the support of technologies such as artificial intelligence (AI) and robotic process automation (RPA), the insurance industry is becoming smarter and more efficient than ever before.

Automated processing of claims using OCR and AI

In the insurance industry, processing claim forms always requires high accuracy and is time-consuming. However, with the remarkable advancement of technology, especially OCR and AI, this process is being significantly automated, bringing high efficiency and a better experience for both businesses and customers.

  • OCR technology helps ‘read’ handwritten and printed text on forms, converting them into digital data for computer processing. This eliminates manual data entry, saving time and reducing errors. 

  • AI is used to ‘think’ like an expert, deeply analyzing the information in the forms. AI can detect anomalies and make accurate decisions, assisting humans in handling complex cases. 

  • The combination of OCR and AI creates a fast and accurate automated document processing system, improving work efficiency and providing a better customer experience.
Automated processing of claims using OCR and AI significantly speeds up the process, reduces errors, and enhances the accuracy of claim handling, leading to a better customer experience. (Source: Damco Solutions)

Research by Deloitte has shown that automating processes helps insurance companies reduce operational costs by an average of 15%. A leading automation services provider has assisted a major European insurance company in optimizing its claims processing procedures. By leveraging advanced technologies such as RPA and AI, the insurance company has automated 80% of manual tasks, resulting in reduced errors, significant cost savings, and enhanced customer satisfaction.

Automated search and result delivery with AI

Automating the insurance claims process not only helps businesses save costs and increase efficiency but also provides customers with an entirely new service experience. Thanks to automated systems, customers can easily track the progress of their claims through notifications sent directly to their email or mobile app.

  • Access claim information anytime, anywhere: Customers can access an online portal or mobile app to view detailed information about their claims, including the submission date, provided documents, current processing status, and update history.

  • Receive automatic notifications about important events: The system will automatically send notifications to customers via email, SMS, or push notifications on the mobile app when there are any changes related to their claims, such as claim receipt, request for additional documents, claim approval, and compensation payment.

  • Track claim processing progress transparently: Customers can easily follow the progress of their claims through visual charts and forms, helping them better understand the steps their claims are going through.

Companies like Lemonade have applied AI technology to create a seamless customer experience, allowing customers to submit claims, track progress, and receive notifications about results within minutes. A study by Forrester shows that providing such self-service options has increased customer satisfaction by up to 30%.

AI-driven automated search helps customer service reps quickly find accurate information, resolve inquiries efficiently, and boost customer satisfaction. (Source: kmgus.com)

Automated customer portal leveraging chatbot and virtual assistant technology

In addition to receiving notifications, customers can proactively access the online portal to manage their claim information. Integrating chatbots and virtual assistants allows customers to receive 24/7 support, quickly and conveniently answering all their questions. This not only enhances the customer experience but also reduces the workload for customer service staff.

Studies also show that providing updated and transparent information about claim status helps increase customer trust in the company. Customers feel respected and valued when they can clearly understand all information related to their claims. This not only improves the customer experience but also minimizes complaint calls and disputes.

Automation Insurance: The driving force behind insurance industry growth

Insurance automation is revolutionizing the financial services industry, bringing positive changes in both operational efficiency and customer experience. By applying advanced technologies such as AI, RPA, and OCR, insurance companies have successfully shortened processing times, minimized errors, and increased accuracy. Customers can now easily track claim progress, receive automatic notifications, and quickly resolve inquiries through online portals. Furthermore, automation helps businesses save significant costs and focus their resources on more innovative activities. Clearly, insurance automation is an irreversible trend that will continue to grow strongly in the future, providing immense benefits for both businesses and customers.

akaBot (FPT) is the operation optimization solution for enterprises based on the RPA (Robotic Process Automation) platform combined with Artificial Intelligence, Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 21+ countries, across 08 domains such as Banking & Finances, Retail, IT Services, Manufacturing, and Logistics…, akaBot is featured in “Voice of the Customer” for Robotics Process Automation” by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, Everest Group’s RPA Products PEAK Matrix® 2023, etc.

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