New technologies are dramatically changing how insurers operate, especially when it comes to optimizing their operational processes. Today most insurers have multiple siloed systems of record which are not easily accessible and make it almost impossible for workers to makes sense of the complex information on which they rely to make informed decisions. New enabling technologies make complete end-to-end Intelligent Automation (IA) possible.
Intelligent Automation is the convergence of several innovative technologies that are used to orchestrate frictionless end-to-end process automation. AI, IoT, Digital Twins, Big Data, Cloud, Process Automation, API and Low-code technologies provide the foundational tools needed to deliver Intelligently Automated insurance solutions.
Business Use Case – Integrated Quoting for Agent Recommendation Support
A simple example of IA applied to the sales process leverages big data, AI, digital twins, API’s and process automation to identify and discriminate between “real” buyers and casual shoppers, and then either automate an accelerated digital offer directly to the customer or support agents to maximize the sale by providing customized AI-driven recommendations for each level of coverage available for the high touch customer. This is what is known as a recommendation engine.
As shown in the graph above, offering the buyer a higher face value of $650,000 vs. $500,000 not only supports maximizing the sale based on AI derived probabilities based on trained predictive models, but it also allows the agent to confidently offer the higher Face Amount without fear of jeopardizing the sale
Not only does an Intelligent Automation deliver an easy and speedy process for buyers, it also guides the agent to confidently maximize each sale without fear of risking it. It’s a Win!, Win!, and a Win!, for the customer, the agent and the insurer.
Arrayworks is Here to Help Insurers Achieve Their Digital Ambitions Through Intelligent Automations
Embracing Intelligent Automation as a core capability positions Insurers to achieve significantly improved user experiences across their entire customer engagement life-cycle. From the customer to the broker to the underwriters, having end-to-end intelligent processes that automate routine work, and where needed, support human decisioning with the right information at the right time, will result in higher premiums on sales, fewer errors and delays, more accurate decisions and lower operating costs. Efficiencies that ultimately deliver happier customers, employees and shareholders.
Good technology supported by a knowledgeable team is the key to successful implementations.
