The Role Played by Intelligent Process Automation for Insurance Companies – Streamlining the Customer Experience Forever

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July 30, 2021

The Role Played by Intelligent Process Automation for Insurance Companies – Streamlining the Customer Experience Forever

Insurance companies arguably receive a massive volume of customer inquiries every year, and many of these are not too simple to handle. Burdened with increasing requests ranging from insurance policy information to payments, and renewal to complicated grievances, insurance companies often witness a drop in work efficiency due to such high demand. Even though recent tech has been in use in this industry for a substantial time, there needs to be something more to it. This makes it high time for the insurance industry to adopt the latest technological practices of Intelligent Process Automation to evolve.

Simplifai seeks answers to the same issue and presents some smart solutions through Intelligent Process Automation (IPA) implemented in the insurance industry. IPA in simple terms is a smart, yet sophisticated process of business automation that arises by using Natural Language Processing techniques together with other AI components. Such automation can assist insurers with upgrading their business measures across the insurance value chain. It can also smoothen out front and back-office business tasks carried out every day in the insurance companies.

Intelligent Process Automation By Simplifai

Until now insurance industries have used Artificial Intelligence to a minimum, but now it’s time for them to leverage their business processes through maximum utilization of AI-powered IPA tech. Simplifai Digital Employees are composed of three main modules, mainly the Chatbot, Emailbot, and Documentbot. Together with RPA and a decision engine, these can be put together and adapted to different industries and job functions. The Digital Employee is powered by artificial intelligence and can be integrated with external systems using one-key Robotic Processing Automation (RPA) or Application Programming Interface (API).

Together with Intelligent Character Recognition (OCR), Machine Learning, Natural Language Understanding (NLU), Natural Language Processing (NLP), and a Rules Engine for making decisions, this AI solution is a perfect way of providing Intelligent Process Automation for the insurance industry. Using these technologies, Simplifai can help insurance businesses automate repetitive tasks to make the work processes more efficient and improve workflow, especially in the customer support department. The following section explains more in detail how IPA can benefit insurance companies.

Intelligent Process Automation in Customer Support:

Customers are always looking for immediate answers to their problems and queries, thus trying to get in touch with customer support. With strict restrictions around the world in pandemic and post-pandemic times, there has been lesser availability of customer support staff. Chatbots integrated through RPA can be a good way to overcome this difficulty and provide smart process automation by instantly handling a large bulk of customer inquiries. The same can be implemented with Emailbot for automated email processing and Documentbot for document processing and archival. These products can handle repetitive tasks and free up time for employees to focus on more demanding tasks.

Intelligent Process Automation in Claims Processing:

Simple claims requests can be easily handled by Digital Employees and automated without even reaching the front desk. Managing claims requires a lot of manual effort, and some of the cases can be complex. Process automation is the answer here, as it can be used to not only handle documents but also facilitate correspondence between different stakeholders. The insurers can cut down their claims processing time from a few days or weeks to just a few seconds or minutes.

From an overall perspective, Digital Employees providing Intelligent Process Automation can highly benefit the insurance industry. Insurance companies can shift their focus by letting AI take care of repetitive tasks, ultimately increasing cost efficiency. Insurance companies are always expected to meet their customer requirements, and customers reach out through websites, emails, chats, etc. It has become necessary for the insurance companies to have those capabilities to attend to the queries and respond in minimal time – a requirement that can be only fulfilled with Intelligent Process Automation. This is where Digital Employees can come to the rescue by enabling the insurers to be available 24/7 on all channels.