How Key Insurance Processes Can Be Transformed with Content Intelligence Cloud for Insurance

June 18, 2021

9 minute read

Insurance companies were once viewed as digital laggards in a world that is constantly undergoing a technological revolution.

However, after myriad of insurance companies began to digitize their processes, this view has since changed.

The insurance industry has embraced Content Intelligence Cloud for insurance to mitigate complex challenges such as claims processing, new policy onboarding manual repetitive tasks and aggregation of multiple data sources / communication channels.

By design, Content Intelligence Cloud for Insurance automates systems and workflows to autonomously execute business operations and processes allowing for operational excellence, improved efficiency, and enhanced customer experiences. 

Accelerated by COVID-19, there is increased pressure to innovate and accommodate unprecedented events.

What does success look like for insurers in this digital age? What are some of the processes that can be digitally transformed through intelligent data to maximize ROI and human potential?

Let’s explore how 3 insurance processes have been transformed by Content Intelligence.

 

1. Underwriting

If you work in insurance, you probably know that underwriting is a very fundamental insurance process. It is very dependent on the clients’ historical data which is usually verified before issuance of any insurance policy. Given that humans are naturally prone to make mistakes and get tired, Content Intelligence is the better alternative, and can be the driver of this transformation.

Content Intelligence will ensure that the clients’ information is automatically verified through several systems: improving efficiency and hastening the issuing of policies.

Besides, underwriters can automate other tasks such as data analysis or information sharing between departments using an AI-powered content intelligence cloud for Insurance offered by Adlib.

A recent case study by Deloitte shows that incorporating automation in the underwriting process improves the process by close to 30%.

 

2. Claims Processing

Claim processing is a go-no-go factor of an insurance company. More often than not, it has been described as the ‘moment of truth’. Customers usually relate better with insurance companies that give them the comfort of:

  • reporting their loss easily,

  • getting constant updates on the status of their claim and,

  • using their preferred means of communication.

For an employee working with multiple customers, meeting all these demands satisfactorily is quasi-impossible.  So, what is the way out? Digitizing the claim process will go a long way in ensuring that your customers’ requests are all met.  And a happy customer translates to a happy business.

Additionally, automating tasks such as verification of documents for completeness or identification of client’s files speeds up the claim processing cycle. This allows for more claim processing in record time with a direct impact on return on investment (ROI).

With repetitive document handling tasks left to intelligent data extraction tools, employees are able to focus on more complex tasks such as claims flagged as dishonest and difficult customer demands.

Take it from me, who have had one great experience and one horrific experience with claims processing digitizing claim processing is the best decision you can make for your insurance business.

 

3. Customer Onboarding

A customer is more inclined to your brand if his/her expectations are met according to their timelines.

As such, insurers have seen the need to augment human service agents with process automation tools. Tools like content intelligence can feed chatbots with right information at the right time to complement the conventional means of communication.  

Automation has allowed for agility in operations where interactions can be done both online and offline with personalized client dashboards. A customer is most likely to be loyal to you if communication is enhanced. A report by American University asserts that the use of digital communication channels is a great factor in growing relationships between clients and their insurers.

Customers expect seamless sign-ups into your digital platform when applying for policies. They expect a quick turn-around time with NO inconveniences whatsoever. I know, these demands are very stringent. Guess what though?

Content Intelligence Cloud for Insurance will deliver a smooth customer onboarding process – fast and hassle-free; exactly how the customer likes it.

With such tools in place, you can provide the customer with bespoke quotations as well as customized terms and conditions as per their requests. But don’t lose sight of the fact that after onboarding your clients, you still need to do what it takes to keep them because contrary to what you might expect, only 26% of digital transformation projects succeed. The challenge comes in ensuring that these clients stay loyal to you. You may onboard several customers but if they keep leaving, you were clearly too excited about onboarding and forgot about client retention. This is what you do to keep them.

You build a holistic view of your client using automation with data analytic tools which collect and analyze data to understand client behavior.

Tapping into these behaviors and providing services that are well aligned with their needs will keep your customers from competing brands.

 

Conclusion

According to the executive chairman of Cisco Systems, close to 40% of businesses may collapse in the coming 10 years if they do not embrace and implement new technologies.

If you are looking to future-proof your business and take your business to new heights adopting Content Intelligence and automation into your operations is the way or the only way to go. This will ensure that you stay ahead of the competition. Given that digital transformation is a journey, you need a place to start. 

The most logical place to start Content Intelligence Cloud for Insurance that will help you stay on top of your insurance holders’ contracts and their specific clauses that you need at a time like this when the pandemic saw many insurers facing an unprecedented amount of claims from insurance holders.

Smooth client onboarding and retention, increase in ROI as well as efficient claim processing are just but the very few benefits you will reap by sowing the Content Intelligence seed.

However, armed with a contract analytics technology like Adlib you can take this burden off your shoulders. Put our contract analytics technology to work today to gain deep insights into your agreements before the need arises.

Ready to Get Started?

Learn how Adlib can help you fast forward digital transformation.

Blog-CTA-Book-Demo-May2021-D2Sources & Credits

  1. Deloitte 2021 - Insurance Outlook

  2. McKinsey & Company - Claims in the digital age - how insurers can get started

  3. Cisco - Why 40% of businesses will die in the next 10 years

 

 

 

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