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It’s no secret that insurance has traditionally been one of the most paper-laden industries. Yet thanks to digitalization, what was once paper became PDFs, physical files have become digital folders, and pen signatures have become e-signs.
Though the files themselves changed with advancing tech, agencies are only now tapping into the potential of automating rote tasks in their AMS systems. The truth is dawning:
Process automation for insurance agencies is inevitable, it’s just a matter of when they choose to start.
Agencies know they cannot afford to ignore this technology given how it streamlines operations, cuts costs, and frees their employees’ time. McKinsey reports that 25% of the insurance industry will be automated by 2025. But this shift isn’t just about efficiency – it’s about both future-proofing agencies and freeing individual agents for more meaningful work.
Intelligent Automation - The Innovation Enabler
Let’s delve deeper into how process automation is shaping the future of insurance:
Customer Experience at its Best:
Automation puts the customer at the heart of the insurance process. Bots can automate quote generation, providing potential clients with near-instantaneous responses. Perhaps most crucially, process automation accelerates policy processing, cutting down wait times and leading to faster, more satisfying customer experiences.
The End of the ‘9 to 5’ Agency:
Customers now expect 24/7 availability from the businesses they interact with. Intelligent automation empowers insurance agencies to meet these demands. AI-driven chatbots and self-service portals handle routine queries, policy updates, and even send out important notifications around the clock.
Agility as Your Competitive Edge:
Intelligent automation allows agencies to rapidly adapt to periodic surge in workload, such as renewal season. There is no need for agencies to recruit temporary employees or overload current employees when workload hits the roof. This agility translates into a faster process, quick TAT, and the ability to scale when there is a need.
The Power of Data-Driven Insights:
Intelligent automation isn’t just about automating tasks – it can also extract crucial insights from the wealth of data that insurers gather. Bots excel at gathering, cleansing, and structuring data from various sources, be it customer records, market trends, or policy information. This data can be used to make informed decisions with the help of analytics and BI tools. RPA-powered analysis opens greater avenues for agencies to understand their customers and devise better marketing strategies.
Breaking Free from Legacy Limitations
Manual approaches create bottlenecks, exposing a business to Errors and Omissions (E&O) risks. Let’s examine the critical areas where these limitations are most glaring:
Stifling Productivity:
Insurance workflows are often laden with repetitive, time-consuming tasks. Commission reconciliation, policy administration, and renewals can all become swamps of manual data entry and form-filling. These inefficiencies bog down operations, delaying customer responses and leaving talented employees frustrated with tedious work that could be automated.
In fact, process automation in insurance can decrease data processing time by 34% according to research by McKinsey.
Checkout our RPA bots that automate all the above-mentioned repetitive agency processes
The Risk of ‘Business-as-Usual’:
Every manual data entry point and spreadsheet calculation carries the potential for human error. Simple typos and miscalculations can have profound consequences. Failing to send a cancellation notice on time or compliance breaches due to incorrect reporting can damage customer trust and undermine an agency’s reputation.
Spiraling Costs:
The true cost of manual processes isn’t just about time. Staffing large teams to handle routine, rules-based tasks directly impact the bottom line. Imagine that capital freed up and reinvested into client acquisition, launching new services, or exploring innovative technologies.
The Transformative Impact of Intelligent Automation
With process automation, agencies are not just merely replacing repetitive and mundane processes. They’re staying ahead of the competition and freeing their employees for more meaningful work.
Here are just a few of the benefits:
Efficiency That Scales:
Intelligent automation introduces a new level of efficiency that traditional hiring can’t match. Bots never tire, work 24/7 to accelerate processes like document retrieval, direct bill reconciliation, and policy administration. This puts agencies on the road to taking on more clients, resolving issues faster, and scaling operations without an increase in staffing costs.
Cost Savings That Drive Growth:
The reduction in labor needs, elimination of costly errors, and the more efficient use of workforce contribute to significant cost savings. In fact, businesses receive a typical return of $6.74 for every $1 invested in RPA technology – Strategic Market Research
Accuracy Becomes the Norm:
Automation bots follow pre-defined rules, drastically minimizing careless human errors. This means accurate quotes, error-free policy documents, and compliance reporting that inspires confidence. Result: The agency will gain a reputation for reliability.
The Human Element Enhanced:
Most importantly, process automation alleviates the burden of repetitive tasks, repurposing more time for employees to focus on the strategic, customer-centric work that truly matters. This creates a more satisfying work environment and even helps agencies attract and retain top talent.
71% of businesses claim that automation technology has increased employee satisfaction – Strategic Market Research
The Choice is Clear
Insurance agencies face a critical juncture: embrace automation or risk falling behind. Agencies can no longer stick to their legacy processes that hold them back. By making process automation adoption a strategic priority, agencies can position themselves not only to survive but to thrive.
Ready to team up with an automation partner? Your team will thank you, and your clients will experience the difference.
