From claims management to underwriting, automation is leading an important evolution within the insurance industry. How is insurance automation transforming customer experience, employee experience, and workflows?

The most groundbreaking transformation in the insurance industry in the past decade is focused on automating some of the most tedious and time-consuming tasks. In this whitepaper, we explore the discussion around digital transformation in insurance and how automation is slowly improving customer experience, streamlining processes, and restructuring the industry’s business strategy. 

The companies who have begun their digital transformation journey are already reporting amazing results: from increased ROI and more efficient workflows to better customer interactions. Without a doubt, automation is on its way to becoming the industry’s most important digital tool.

The insurance automation revolution

New technologies, such as robotic process automation (RPA), predictive analytics, and other machine learning-based tools, help eliminate human error and process more claims with greater accuracy and less time. Some of the most relevant applications are present in areas like claims management, underwriting, and regulatory compliance. Technology is helping insurance agents process claims, requests, and information that would otherwise take days if done manually. 

The insurance industry’s use of automated technologies, specifically hyperautomated services, originates in the need to improve customer experience. The COVID-19 pandemic pushed 82% of customers to consider switching to a different insurance carrier that adequately understood their new financial reality. As a result, companies have started looking for new solutions and tools to provide a better experience and reduce customer dissatisfaction.

Improving customer experience using AI-related technologies requires balance, however. When incorporating automated systems into different services and processes, companies must ensure new technologies are ethical, fair, and transparent. Despite the challenges, the insurance industry is slowly unlocking the potential of AI-based technologies and will continue evolving in years to come.

Download this report to learn more about how automation is changing the world of insurance.