Insurance – Intellectsoft Blog https://www.intellectsoft.net/blog Sun, 11 Jun 2023 22:17:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://www.intellectsoft.net/blog/wp-content/uploads/cropped-favicon-1-32x32.png Insurance – Intellectsoft Blog https://www.intellectsoft.net/blog 32 32 Is Insurance Policy Management Software Worth It?   https://www.intellectsoft.net/blog/insurance-policy-management-software/ Tue, 19 Oct 2021 08:28:32 +0000 https://www.intellectsoft.net/blog/?p=24720 Recent research has shown that the value of capital invested in insurance software development is now on its rise: around $7.1 billion were invested only...

The post Is Insurance Policy Management Software Worth It?   appeared first on Intellectsoft Blog.

]]>
Recent research has shown that the value of capital invested in insurance software development is now on its rise: around $7.1 billion were invested only during the first half of 2021.

Insurance Policy Management Software Papers

According to PwC, the emerging technologies with the greatest perspectives for the insurance industry include AI, robotics, blockchain, the Internet of Things, and more. And that’s not a surprise, since the insurtech possesses all the potential to improve and automate the traditional system with innovative technologies and renovated solutions.

The insurance policy management software is kind of a prime example in this respect. Simply put, that’s a technology that handles the major human assessments related to manual and repetitive insurance operations.

In this article, you’ll find out a detailed guide to this type of insurance policy software, its main features, and great advantages. At the end of our discussion, you’ll see what’s better: adopting pre-made software solutions or developing your own insurance technology from scratch.

What Is Insurance Policy Management Software?

In the insurance industry, policy management is a cross-functional process of the insurance service operating. Basically, it handles the key business processes of any company within the industry scope, including:

  • Quoting
  • Underwriting
  • Claims processing and management
  • Proposal generation
  • Policy issuance, renewal, and cancellation
  • Compliance checking
  • Fraud detection
  • Reporting and analytics

With the help of an insurance policy management system, companies can greatly boost the quality of their services, as well as enhance the speed and efficiency of the core processes.

Furthermore, implementing this type of insurtech solution is one of the most effective and popular methods of saving the company’s costs and resources at present.

All these factors have become extremely important for the insurance companies at present: since the pandemic outbreak, there’s a great demand for innovative insurtech solutions that can automate the core insurance processes and enhance their workflow.

Key Benefits of Implementing an Insurance Policy Management System

According to the BCG recent report, the pandemic has greatly pushed the insurtech funding to an all-time high: the entire insurtech ecosystem grew by about 35% in 2020. And, needless to mention, that the lion’s share of the industry market share refers to developing advanced policy management solutions.

Why is insurance policy management software so important for various organizations within the scope? This can be easily explained with the advantages of this technology:

#1 Improves the Company’s Efficiency

Just like any other insurtech solution, the core idea of insurance policy software is to optimize the various policy management tasks that were traditionally handled manually. By changing the paperwork to more efficient electronic document management, you can:

  • reduce the employee workload
  • organize and secure any kind of data
  • optimize the core service processes and more

#2 Develops the Customer Service

The advanced company efficiency results in higher customer service quality. With insurance policy management system implementation, you will be able to provide timely and more accurate responses for any requests at shorter timeframes. Not only does it enhances customer service but also makes your company more competitive in the industry market.

In other words, that’s an important factor for any institution within the scope: from a small agency to a large insurance corporation.

Insurance Policy Management Software Office

#3 Automates the Compliance Monitoring

Instead of spending tons of time and effort on a manual compliance check, it’s more efficient to entrust this to your insurance policy administration software. This will not only reduce the workload but also impacts the financial spendings, since the software:

  • minimizes the breaches
  • reduces the human error
  • enhances the employee productivity

#4 Reduces the Company’s Costs

Having analyzed the previous three concepts, it becomes clear: by investing once, your company benefits for years. Basically, that’s the core idea of developing insurance policy administration systems!

The workflow computerization can greatly optimize labor expenses. Compliance automation reduces critical company spendings and minimizes the cost losses. Advanced customer service leads to better client conversion and loyalty that naturally results in better income.

In other words, all the advantages of insurance policy management systems lead to great performance improvements and significant cost reduction, which any innovative insurance company should make use of.

Insurance Policy Management Software Office

6 Essential Insurance Policy Management System Features

Instead of looking for the number of features in your insurance policy management software, you should better evaluate their efficiency. After all, the main purpose of this insurtech is to simplify and optimize the workflow! Below we have reviewed the most valuable features to look for in policy admin systems for insurance.

Policy-Related Tasks

Three simple points: issuance, updating, and cancellation. With these simple features, your workers can:

  • Generate various kinds of documents
  • Make the changes and automatically save the updates to your internal system
  • Analyze the change requests from different sources including web forms, call transcripts, emails, and more.

The modern Robotic Process Automation technology can effortlessly handle all these tasks at a time, saving up tons of time, resources, and money.

Underwriting Feature

With this option, insurance workers no longer need to mine different sorts of applicants’ data from different resources: all this is already uploaded to the single insurance policy administration system. Additionally, intelligent automation can generate the reporting, make predictions and automate the processing a lot, which results in significant workflow optimization and productivity improvement.

Quoting Option

The advanced insurance policy management solution should also incorporate quote estimates, that eliminates the necessity of a phone or face-to-face interaction. Furthermore, this feature allows providing more accurate, timely responses to your clients, which impacts the customer service rate. Successful insurance companies are always targeted at their clients.

Tracking the Renewals

Another great feature of developing a customer-centric business model is the insurance policy renewal handling. That’s an essential feature that helps retain the customers and avoid their possible churn. With the timely, stress-free yet professional process organization, clients can manually update only the needed fields and approve the renewal in just a few minutes.

Claims Processing

One of the most time-consuming and challenging tasks of the insurance industry is claims processing: insurance workers need to quickly:

  • assign the claims
  • evaluate frauds
  • issue the payments
  • generate the reports

… all these are required for EACH claim individually! Needless to say, this process optimization can significantly optimize the time and efforts for claim handling and reduce the workload of your company workers.

Regulatory Compliance

Not to mention that various laws and regulations have their specific peculiarities, all of which can be also changed at times. To avoid breaches and financial losses, it’s critical for the insurance policy management software to track the important changes and manage all the regulation-related tasks with effective policy processing tools.

Developing New or Employing Pre-made Policy Management Solutions: Which One is Better?

Though most companies tend to adapt their workforces to ready-to-go insurance policy management solutions, it’s cheaper and much more effective to develop the insurance system for your company from scratch. The major benefits insurance company gets with creating the individual insurtech system are:

  • The ability to incorporate all the essential and additional features requires for the workflow
  • Advanced support for onboarding and maintenance
  • Detailed software testing and issue-resolving
  • Improved security to minimize the data breaches and protect the system from any threats
  • Accessible, allowing to easily interact with policies from multiple devices
  • Timely updated to effectively track the policy renovation
  • Functional, enabling to interact with any kinds of documents and services within a single system

These are only a few qualities you can get along with in insurance policy management software development. Unlike in the pre-made software, they can be changed or complemented depending on the company’s requirements, needs and strategies.

Insurance Policy Management Software Development

Conclusion

After you know the basics of insurance policy management systems and how to make the most of their use, it’s time to implement the changes to your company.

With the powerful custom insurance software development services, you’re sure to create an effective, feature-rich policy administration system that will benefit your organization for years!

We, at Intellectsoft, understand the importance of delivering the most quality IT products for enhancing the performance of any insurance organization. Every day, our team of experts empowers different companies with innovative approaches and powerful solutions.

If your company needs professional assistance of any kind, talk to our experts and get all the answers regarding insurance policy management right away!

The post Is Insurance Policy Management Software Worth It?   appeared first on Intellectsoft Blog.

]]>
Claims Management Software Development in Insurance https://www.intellectsoft.net/blog/claims-management-software-development-in-insurance/ Tue, 31 Aug 2021 09:12:00 +0000 https://www.intellectsoft.net/blog/?p=24404 A more uncertain world makes the unexpected more likely, increasing the chances and frequency of the specific events that organizations have to respond to, manage...

The post Claims Management Software Development in Insurance appeared first on Intellectsoft Blog.

]]>
A more uncertain world makes the unexpected more likely, increasing the chances and frequency of the specific events that organizations have to respond to, manage and ultimately resolve.

Insurance Claims Management Software Job

And no matter what category of claims companies need to process, they certainly need to utilize an ongoing solution for any case that will fit the pandemic, natural or man-made catastrophe, product recall, and other claims.

For the insurance industry, having a standalone system of claims structuring and processing is exceptionally important.

That is why, the winning solution for these organizations is to implement the insurance claims management software — a functional, time- and resource-effective option that helps to handle and resolve different insurance cases of various clients with lower costs and better customer experience.

This article will provide you with the essential information to know about the claims management software, its benefits for the insurance industry, and the easiest ways of its implementation into the insurance company.

What Is Claims Management Software in Insurance?

The claims management software is a computer-based solution that allows companies to complete the customer-focused, cost-effective and adaptable claim processing operations.

In the insurance industry, this type of software enables eliminating the operational inefficacies and legacy issues, also reduces maintenance and training costs, and, of course, enhances the customer experience.

Companies start applying the insurance claims management software for improving and automating the traditional client service with the latest computer-based solutions.

The end result of its implementation is the system that enables creating the end-to-end claim processing system that is intelligent, agile, perspective, and ready to deliver the ROI.

At the same time, such a system will help to boost the workflow and information processing, thus allowing better services for the clients and increasing the company’s income.

Insurance Claims Management Software Insurer

According to the Gartner forecasts, the global IT spending within insurance will grow by 5.2% in 2021 thus reaching over $210 billion U.S. dollars.

By 2025, long-term spending is expected to grow at a CAGR of 6.4% to $271 billion, which is mainly driven by IT services and software growth. For sure, a notable part of these costs will be spent on developing the essential software for insurance, including the insurance claims management systems.

The Main Advantages of Insurance Claims Management Software

Because of their feature-rich structure and effective task performance, the claims management systems for insurance are now widely used by various companies.

There are plenty of reasons why companies choose insurance claims management software as their main priority — productivity increasing, cost-reducing, customer satisfaction, etc. At the same time, these reasons are also the main upsides of this software and can be summarized in the following:

Boost the Productivity

The claims management software is an efficient option for the insurance companies to quickly receive and analyze the client claims, especially when compared to the traditional employee claim processing.

The automated system not only enhances the claim processing procedures but also benefits to reducing the paperwork and minimizing the administrative errors caused by the human factor.

In addition to that, it speeds up the process of claim review and eliminates the need for numerous manual actions in insurance.

Standardize the Processes

Another important milestone that requires deep analysis for insurance companies is process standardization.

The insurance claims management software helps organizations create a standalone system of claim review that each team member can follow to quickly and effectively perform the essential work, including task assignment and managing, projects running, and their effective tracking, as well as training the new hires.

Reduce the Costs

One of the main benefits of insurance claims software implementation for companies is the ability to reduce the costs needed for a company’s successful performance.

According to the recent research by BCG, with building up the feature-rich digital system for insurance, the companies can expect a 30% to 50% reduction in full-time employees who support underwriting, onboarding, claims, and policy management.

As a result, instead of being focused on the process analysis, insurers can better focus on customer interaction and client engagement. With the automated technologies implementation, companies will be able to scale up the new services and establish much stronger customer services using the most cost-effective software solutions.

Enhance the Customer Service

By automating the insurance claims management environment, the insurance companies will be able to also boost their customer service and increase the number of their loyal clients as well.

According to Deloitte Global, the future of insurance will influence client satisfaction and trust by enabling the feature of browsing the options available and file the claims anytime and from anywhere.

Insurance Claims Management Software Usage

Furthermore, the insurance claims management software application can significantly speed up claim processing, which is paramount for improving customer loyalty.

At the same time, the insurance claims processing software will benefit the companies by minimizing the fraud and enhancing the service quality as well. Needless to say, the better services a company can provide, the more likely it will boost the client conversion.

Another important reason why claims management solutions can enhance customer service, according to PwC, is that now customers become mainly focused on the value the insurance company can provide to them rather than just price.

Over 71% of consumers need detailed information about their policies, as they’re willing to pay for what they actually need.

Thus, both the customers and the insurers need an all-in-one effective claims management solution to access any information and easily interact with each other within one system.

Easy to Apply & Use

Unlike most of the other new systems applied by the insurance companies for workflow improvement, the insurance claims management software doesn’t require too much time, effort and training to be applied to the new working environment.

These systems are easy to learn and use since their interface and features are designed to be used by different companies of any size.

10 Core Insurance Claims Management Software Features

The most effective way of how the insurance companies can implement the insurance claims management software is to develop their own system with all the features needed for workflow improvement.

Insurance Claims Management Software Work

However, to create any type of software, it’s essential to define the main features developers need to include in this system. Here are the most important ones insurance companies should consider for their claims management solutions:

  • Advanced reporting and deep analysis
  • UX features (for example, autofill reports and password managing)
  • Invoice generation and structuring
  • Professional customer support (using live chats, emails, call, chatbots)
  • Multichannel notifications
  • Risk assessments and fraud detection
  • Automated claim processing
  • Tracking system for claims progress
  • Automated reminders and informative notifications
  • Centralized database with the easy-to-use search system

With all these features included, companies can launch an effective high-end insurance claims management system that will assist in the basic processes automation, workflow optimization, and advanced customer service.

How Intellectsoft Can Help Your Company Develop This System

Before starting the development process itself, we profoundly analyze the market, its top players, the needs of end-users, and your long-term business goals. Based on the information collected we define software features and architecture that would be able to serve the users to the fullest extent.

Our dedicated team consists of experienced developers, designers, QA engineers, business analysts, and project managers all of them working together to create a high-quality final product.

Insurance Claims Management Software

Bottom Line

The process of developing the most effective insurance claims management system certainly requires deep knowledge of the claim processing system.

However, it’s also crucial to conduct detailed research of the most important features the insurance company needs and learn how to make this software beneficial exactly for your case. Custom insurance software development services are the right option to apply for launching a feature-rich and effective claims management solution for your business.

Do you have a great business idea for claim software and need an experienced development vendor? Feel free to contact Intellectsoft and let’s innovate together!

The post Claims Management Software Development in Insurance appeared first on Intellectsoft Blog.

]]>
Insurance Document Management System: Definition and Features https://www.intellectsoft.net/blog/insurance-document-management-system/ Tue, 03 Aug 2021 08:30:54 +0000 https://www.intellectsoft.net/blog/?p=24199 According to a recent interview by McKinsey.com, digitalization has resulted in the development of various insurance models on the global market. A direct-to-consumer model, the...

The post Insurance Document Management System: Definition and Features appeared first on Intellectsoft Blog.

]]>
According to a recent interview by McKinsey.com, digitalization has resulted in the development of various insurance models on the global market.

Insurance Document Management Software Contract

A direct-to-consumer model, the omnichannel insurer model, insurance business model, and the insurance ecosystem model with the broader services — any of these need an effective document management system to optimize and improve its performance.

The insurance document management software allows saving up tons of time retrieving the paper records from different filing structures and provides the relevant information for a query in a while.

This is why more and more companies, focused on improving their KPI, are highly focused on investing in the document management systems for insurance industries.

Today, we’ll find out what the document management system in the insurance sector is and what its main characteristics are, and also what benefits its implementation can bring for insurance companies.

What Is an Insurance Document Management System?

An insurance document management system is software that assists insurance agencies with a centralized document storage policy.

It can store and perform different tasks with the documents, keep all the data sorted and categorized in document profiles, automate the document queries, and make it nearly impossible to lose these documents as well.

The main goal of any document management system for an insurance company is to improve and automate performing various tasks with documents, and the advanced systems also cover various management features to provide superior customer service.

Insurance Document Management Software Papers

Main Advantages of a Document Management System for Insurance Industry

Before you start looking for the best insurance document management software for your organization, it’s critical to understand the main benefits of its implementation and whether it’s really worth getting.

According to a McKinsey report, 14% of the current global workforce may need to switch occupational categories as digitization, automation, and advances in artificial intelligence disrupt the world of work.

The insurance industry is not an exception as well: everyday insurers have to deal with lots of paperwork, which takes tons of time to process.

However, instead, there is an opportunity for the document management system’s assistance, that can significantly reduce the workload and optimize the processes that can be done by computing systems. Thus, the main benefits of document management software for insurance include:

#1 Optimizing and Automating the Paperwork Processes

With the electronic-based tools, the insurance workers can perform various operations of any type within one system. Along with improving the service quality, these tools can also increase the productivity of manual processes, physical space, and paper as well as boost ROI.

#2 Enabling the Insurance Regulatory Compliance

Insurers can also benefit from the insurance document management system to improve compliance with regulatory requirements like Solvency II, FSA, and others. Such a system can perform the regular audit trail of user and system activities, assist with records management and GDPR compliance.

#3 Making the Insurance Documentation More Secure

With the document management software for insurance, it becomes easier to provide permission-based document access control. Thus, any confidential data or secure documents are issued upon receipt and stored in the encrypted repository.

This does not only eliminate the risks of data loss, interference, or damage but also makes it only available for the specific audited channels to get.

Insurance Document Management Software Agent

#4 Enabling Remote Access

In the times of the COVID-19 pandemic, a huge number of organizations with flexible and well-organized working routines have switched to remote work, thus saving up a lot of investments, keeping all the employees and clients, and even making lots of profit from that.

With the software for insurance document management, companies can easily perform the in-office tasks by remote collaborations: all the documents can be shared within one click, facilitating document-driven processes like claim handling, approvals, and underwriting.

#5 Creating Integrated Platform for Insurance Management System

The electronic document management system allows insurance organizations to create complex software that covers plenty of services from multiple areas within one platform. Insurers can effectively process the claim forms, access the case files, and run correspondence using one software, no matter what the type of task they need to handle.

Core Insurance Document Management System Features

Before starting implementing the insurance management system in your organization, it’s critical to understand the key features you definitely need in it.

It goes without saying, that your insurance document management software should easily complete the challenge of storing physical files, managing their safekeeping, in-efficient data retrieval, slow store keeping process, and danger of losing files at the time of data breach.

So, the basic features to look for in your insurance document management software should include:

  • Reliable document repository, that can be accessed anytime and fulfill all your functional and organizational needs.
  • Flexible administering system, which provides secure access and control of the documents needed, their efficient viewing and downloading.
  • Comfortable integration makes your insurance management system super easy to employ to your workflow and adapt your workers to it as well.
  • Efficient search, so that the documents can be easily and quickly found in the archives in a single click.
  • Organized storage, which makes the digital documents linked to the physical files and can be tracked from the single document management software for insurance.
  • Quick archival and retrieval, that facilitates the running of any documents.

As you can see, all these features are critical for the insurance company’s successful performance and can not only facilitate the workflow but also improve the security, enhance the working efficiency and save up the insurance company’s investments as well.

Insurance Document Management Software Papers

This is why software development experts recommend including all these functions in the insurance management system to get the most out of its usage.

How to Choose a Reliable Software Development Vendor

Nowadays, more and more insurance companies are focused on launching their own insurance document management solutions, which can fully meet all their requirements and needs.

In other words, organizations prefer creating the software for internal use, since such a product will contain the basic features and perform the exact tasks it was created for.

However, we all know that creating new software from a scratch is always challenging, so here are some tips on how to find the best vendor for your project:

  • Set up the communication
  • Do some research on the company’s main information: its experience, pricing, and company’s size
  • Get more information about the vendor’s brand
  • Study the cases they worked with previously
  • Look for feedback from the companies that worked with these developers
  • Discover their technical infrastructure and office they’re working at
  • Find out the vendor’s flexibility, the ability to transfer the knowledge and train the other employees
  • Consider the pricing and set up the approximate project’s deadline
  • Understand their agility and location

Insurance Document Management Software Workplace

Conclusion

To sum up, the insurance document management system is a must-have for establishing an efficient, effective, and productive system.

It should not only quickly perform the basic tasks of the insurers, but also keep all the data secure, comply with all the demands and regulations and enable the distributed workforce as well.

For this purpose, custom insurance software development services are one of the best ways to create insurance document management software that will completely meet all the company’s needs and requirements.

The Intellectsoft team empowers various insurance companies with modern technology. Are you ready to take your business to a new level and boost the quality of services provided? Don’t hesitate to contact us and let’s transform the industry together!

The post Insurance Document Management System: Definition and Features appeared first on Intellectsoft Blog.

]]>
What Is IoT in Insurance and How to Use It in 2021? https://www.intellectsoft.net/blog/iot-opportunities-in-insurance/ Tue, 20 Jul 2021 10:07:10 +0000 https://www.intellectsoft.net/blog/?p=24147 The digital transformation of the insurance industry is gaining momentum, by taking into account the growing popularity of machine learning and cloud computing technologies. Notwithstanding...

The post What Is IoT in Insurance and How to Use It in 2021? appeared first on Intellectsoft Blog.

]]>
The digital transformation of the insurance industry is gaining momentum, by taking into account the growing popularity of machine learning and cloud computing technologies.

IoT in Insurance Insurer

Notwithstanding the introduction of these technological enhancements, the overall industry remains mainly conservative still.

Mostly, the inclusion of innovations comes by following the successfully adopted technologies in other spheres. That’s what happened with smart devices, causing the IoT insurance segment to appear.

According to the prediction made by McKinsey researchers, the number of networked devices used globally will reach over 50 billion by 2025. In the given circumstances, there’s no surprise IoT innovations have already entered numerous spheres and industries.

And the insurance sector has nothing but to follow this trend in the near future. Be the first one among your competitors!

Check our overview of the current state and perspectives of IoT for commercial insurance to make a thoughtful move in helping your business catch the trend.

What Is IoT?

The Internet of Things is considered one of the most innovative and interesting spheres in the broader context of digital transformation, considering the wide range of opportunities and applications.

Specifically, these automatic devices can transfer huge data loads, process them in real-time, and react in a pre-programmed way. And all these processes happen with the aim to facilitate your life.

The common examples of IoT are connected cars and smart housing, or the set of technological enhancements to improve driving and living experiences.

All these devices can support insurance purposes, resulting in the industry of IoT in life insurance and auto insurance. Moreover, there exists a wide range of services that include home insurance and IoT.

IoT in Insurance: What Is It All About?

Even though the advantages of smart home devices and health-related wearables are quite obvious, the applicability of IoT solutions in insurance may sound a bit surprising.

Nevertheless, the Internet of Things in insurance industry is already bringing new opportunities to companies.

In general, the devices can introduce enhanced product design, find appropriate distribution channels, and reach more accurate decision-making.

IoT in Insurance Software Development

Besides, the IoT innovation in insurance is capable of reshaping the activity of insurance companies in terms of price setting, managing resources, and limiting possible risks.

Since this set of benefits is not yet self-evident for the industry players, it’s highly recommended to introduce the technology now.

5 Key Tasks Assisted by IoT in Insurance

  • Match customers and applications. The smart approach to adopting IoT is to detect short-term and long-term perspectives, along with extra factors that may affect the dynamics and interests of your target audience segments.
  • Detect strategic partnerships. The insights gathered by IoT devices can show the weak areas you can empower by developing offerings and partnering with relevant technology providers.
  • Support scaling. The IoT-powered ecosystem provides the stable ground for managing existing tasks and expanding your business activities.
  • Process acceleration. Since smart devices are capable of processing tons of data in real-time, this shortens the time for delivering tasks and making decisions.
  • Ensure long-term competitive advantage. For the generally conservative insurance industry, the smart introduction of IoT technology serves as the hidden strength to outperform your key competitors.

To sum up, the Internet of Things empowers insurance companies in terms of connectivity and opportunity. In other words, this technology architecture unites existing technical solutions in a new way to significantly boost low organic growth rates.

This becomes possible with smart segmentation and proper addressing of customer groups based on their typical behavioral patterns. This, in turn, increases the level of customer satisfaction and loyalty since your clients will get what they really want from you and enjoy better service quality.

8 Applications of IoT Opportunities in Insurance

Here are some successful ways of introducing IoT technology in insurance:

  • Facilitated communication with customers. You can apply telematics apps to reach a high level of customer interaction.
  • Claims processing. Insurers can prevent their income losses by avoiding speculative claims and preventing them from happening.
  • Developing cross-industry products. IoT devices offer improved tools and can detect the problem areas in insurance. These insights are relevant for creating new services and establishing necessary partnerships.
  • Smart housing. With the rising popularity of smart housing devices, connected home insurance is gaining momentum. The cooperation models include creating integrated products and offering insurance discounts for the most used devices.
  • Making flexible pricing models. With the customer data collected, insurers can introduce new pricing models that will guarantee real value-for-money for customers. Moreover, you’ll increase your sales by offering your target audience what it really needs.
  • Cybersecurity. IoT-enabled risk prevention may come in the form of sensors that protect the physical space or an enhanced capital-to-risk matching for the platforms that are trading insurance packages. For example, IoT for commercial insurance can prevent smoke and mold, mitigating a potentially dangerous event.
  • Workplace safety. Employees can track their activity with wearables that assist in navigating high-risk areas and warning of a potential hazard on time.
  • Healthcare insurance and IoT. Connected devices are widely used in medicine, sending alerts to doctors about possible diseases and treatment plan progress. For insurance, this data is used for preventing costly claims connected with severe injuries and disabilities.

IoT in Insurance Health

5 Main Benefits of IoT in Insurance

1. Risk management

With IoT devices, you will collect direct customer behavior indicators in addition to traditional generalized information about their age, occupation, and residence. They allow getting insights on the frequency of vehicle usage with exact purpose and timing for each case. This way, you can distinguish between high-risk customers and low-risk customers and serve them accordingly.

2. Cost-effectiveness

With the Internet of Things, insurance companies can significantly reduce their losses. This refers to better claims processing and an ability to prevent potential unnecessary expenses in advance. Moreover, the application of IoT telemetry will make your business cost-effective for clients, suggesting customized discounts for drivers and corporate clients.

3. Better interaction with clients

IoT insurance creates the background for establishing stronger customer relationships, meaning improving personal and commercial interactions with your company. The technology introduction contributes to addressing the needs of value-conscious customers by offering a more customized and accurate service package. All this can transform the common perception of insurance services as the “necessary evil” and bring in more worth in your relationship with clients.

4. Empowered branding

The enhancements provided by IoT insurance have an indirect impact on the stronger corporate brand. In particular, it improves the overall service quality and provides the ground for decisions that can help you outperform competitors. This is a true competitive advantage these days due to the strong positions of conservative approaches in the industry.

5. Access to innovative opportunities

With IoT, insurance companies get a diversified data collection tool that is applicable for making enhanced analysis with numerous factors — corporate context, client behavior, location, physical condition, health state, etc. All this information can generate useful insights and become the basis for innovative and accurate decisions.

How and Where to Get IoT Technology in Insurance for Your Benefit

Even though the exact peculiarities of the Internet of Things insurance industry are promising, you should understand how to use it correctly. For taking full advantage of IoT opportunities in insurance, here are the main things to possess:

  • Sufficient data sources. For proper analysis, your company needs to collect as much raw information as possible. Make sure it’s valid and is relevant for generating insights.
  • Presence of security controls. Since the ability to manage privacy concerns is critical for IoT insurance, it’s important to elaborate on the data protection in advance. You’ll probably struggle with a traditional vision for insurance organizations on the information closure, but that’s needed.
  • Establishing trust with your vendor. One of the main obstacles to effective IoT application in insurance is an inability to find the needed tech talents who can introduce this technology in the industry professionally. Therefore, it’s common to mistrust the innovation itself. That’s why it’s highly recommended to find an experienced and reliable tech partner.

IoT in Insurance Paperwork

The typical software elements for insurance and IoT solutions are:

  • Risk control tools. The set of technologies includes analytics for checking price insights and linking prices with customer habits. The expected result is lower severity and frequency of claims.
  • Expenses management. Here, smart devices can make real-time observations and provide timely management of money-related issues. Among the concrete areas checked, there are fraud detection, processes optimization, and command center introduction.
  • New value proposition. In this dimension, insurance and IoT are linked to reaching greater customer retention. This is made through a diversified set of tools that include a notification center, maintenance alerts, and accurate proposals.

If you’re searching for a software development vendor that works with IoT insurance, refer to Intellectsoft! We’re a tech company with a vast portfolio of successful projects delivered to clients all over the world.

Among our custom insurance software development services, there is an option to request IoT technology for insurance. In this solution, we offer a set of customized smart devices for your insurance company to address your business needs in the most accurate way.

Talk to our experts and get the details on the service. Invest in the Internet of Things insurance innovation in a smart way with us! 

The post What Is IoT in Insurance and How to Use It in 2021? appeared first on Intellectsoft Blog.

]]>
Positive Impact of Machine Learning in the Insurance Industry https://www.intellectsoft.net/blog/machine-learning-in-insurance-automation/ Tue, 08 Jun 2021 06:53:02 +0000 https://www.intellectsoft.net/blog/?p=23903 Digital development in the insurance industry has become greater and more successful in the past ten years. Recently because of pandemics it has gained even...

The post Positive Impact of Machine Learning in the Insurance Industry appeared first on Intellectsoft Blog.

]]>
Digital development in the insurance industry has become greater and more successful in the past ten years. Recently because of pandemics it has gained even more value and has undergone some important changes.

Insurance Automation Job

With the spread of COVID-19, insurance companies all around the globe started working remotely and thanks to the well-developed technologies nowadays, employees and employers can benefit from the productivity going up and costs going down.

It has added convenience to customers who embrace the new opportunity of purchasing insurance online as they can rely on digitally enhanced services that give this chance.

A socially distant world with modern trends such as remote working, digital payments, and online data exchange has developed numerous digital transformations, which have become a necessity.

In this article, we will discuss all the benefits of machine learning in insurance industry and how it helps automate insurance business. So stay tuned!

Importance of Automation in Business

There are two ways businesses have always managed costs and reduced uncertainty during difficult times. It has been possible by adopting automation and changing work mechanisms.

To reduce physical proximity in the workplace during pandemics, adopting automation and Artificial Intelligence (AI) takes place.

According to a recent McKinsey survey of 800 senior executives, more than 500 of them admitted that they are in the process of implementing automation and AI.

It is possible to notice that work areas with a lot of human interactions are the first ones to adopt automation. Some other factors that can demonstrate the need for automation are the high volume of tasks and places where many people are required to do the jobs.

Insurance Automation Machine Learning

To reduce the number of workers and deal with growth in demands, many corporations set up AI in call centers, supermarkets, and factories.

In those areas it is easy to see the boost of productivity, the work processes become more clear and transparent, as well as the number of errors that occur because of a human factor diminish significantly.

Importance of Automation in the Insurance Industry

The insurance industry, like a big number of other industries, is overwhelmed with data from numerous sources such as social media information, paper documents, online activity, wearable devices, etc.

They call for machines to work on that information and find some analytical ideas. Anyway, it is not the easiest task to maximize the advantages of machine learning.

The majority of insurance companies work only with the smallest part of data they have access to as most of the classified data is stored somewhere in traditional databases, usually manual paper-based systems.

Also, it is complicated to work with unstructured data, so it is often left out. This way insurance companies are unsuccessful not only in getting value from their structured data but also can miss some important information in their unstructured data.

Foremost science techniques are needed for evaluating the unstructured data and using the results for making better professional decisions.

The biggest gain from machine learning in insurance field is that it can work with structured, semi-structured, and unstructured data. It can provide exceptional accuracy to asset customer behavior, risks, and demands.

How Machine Learning Enables Automation

Intelligent Document Processing

For many years insurance organizations have been using Optical Character Recognition (OCR), which can work with physical documents, adapting typed as well as handwritten text into machine-encoded text.

OCR uses standard templates, and there sometimes appear tiny mistakes in critical information, for example, someone’s name, price, or date.

Those small blunders can be a reason for big problems, that is why files converted by OCR require a manual check, and this whole process can’t be called automated.

A modernized alternative to OCR is Intelligent Document Processing, which applies computer vision, language transformation, and deep analysis to structure files, make document quality higher, and sort data to make it appropriate for usage.

Robotic Process Automation

To digitize rule-based organizational tasks insurers apply Robotic Process Automation (RPA). It is often used for conversational process automation (CPA), which is needed for chatbots, interactive voice response, and virtual customer assistants that are handy for routine tasks and business dealings.

Insurance Automation Process

Such automated insurance systems make it possible for customers to get help with basic account questions 24/7, while customer service providers have more time to tackle more complicated matters.

5 Ways Machine Learning is Applied for Insurance Automation

#1 Insurance Advising

Computers can serve as great helpers in customer service. Automatically generated insurance advice is normally determined in the way that it precisely corresponds to the customer’s needs.

Computers give passing personalized solutions as machine learning algorithms analyze the profiles and suggest the most appropriate products.

#2 Claims Processing

Insurance machine learning improves processing efficiency beginning with claims registration up to claims settlement. Numerous carriers have taken this idea into action as automatization decreases the processing time, which improves customer experience.

Automation in insurance industry can also supply insurers with quicker information about claims costs.

#3 Fraud Detection

It is estimated that due to insurance fraud, the companies in this branch lose more than US $40 billion per year. Common schemes for fraud include Premium Diversion, where insurance agents don’t send money to the underwriter and keep the funds for personal use, and Workers’ Compensation Fraud when the entities try to sell workers’ compensation insurances at a reduced cost, leave money to themselves, and never take out real insurance.

Thanks to machine learning, identifying fraudulent claims becomes faster and easier and AI provides high accuracy in it.  Machine learning in insurance is exceedingly better than traditional models as it can analyze structured and not-structured data to recognize the danger.

#4 Risk Identification

Machine learning helps insurers to foresee the advantages and disadvantages of their program.  Assessing and controlling threats early provides them with big competitive benefits and allows them to manage the underwriter’s time wiser.

#5 Healthcare Insurance Automation

The Healthcare system always uses a lot of documents which makes this branch perfect for applying machine learning.

Smart process automation and machine learning in health insurance industry simplifies the work with unstructured data, reduces costs, and advances patients’ experience.

Insurance Automation Desktop

Difficulties in Implementing Machine Learning

The value of machine learning implementation in insurance is difficult to overestimate. Yet, there are some challenges and things to consider before the development process.

Predicting Gains Is Complicated

It is difficult to estimate the progress machine learning can bring to the program. The necessary funding may change in the process of investigating new findings, so it is not always simple to plan the budget.

Moreover, it is too hard to evaluate return on investment and find people who would want to invest in it.

Elaborate Training Is Required

Intellectual systems, run by Artificial Intelligence, have to be trained in a certain sphere, for example, claims for an insurer.

For every separate purpose, there must be a different training system, which is not easy to install. To cover all possible schemes and strategies, the model must be trained with tons of documents.

Right Data Must Be Provided

In the situation with machine learning, the quality of data is of the same importance as its quantity. The data has to be representative in order to give a clear picture and be able to train predictive models. Finding appropriate data usually requires great effort.

Data Security

A lot of data used for training machine learning algorithms has built new dangers for insurance companies. All applications are connected and data collecting increases, so the risk of data leaks appears.

When such security incidents take place, personal data can become publicly open. This doesn’t let insurers fully trust machine learning.

Insurance Automation Hardware

Conclusion

Machine learning in insurance can help your company advance and thrive. Custom insurance software development services can adapt to your project demands and professional needs to conduct planning, designing, and other tasks for you, and support you on your way to success

In case you are interested in implementing machine learning in order to automate processes in your insurance business, make sure to contact Intellectsoft!

We have years of experience developing innovative solutions for this industry and would help you take your business to the next level!

The post Positive Impact of Machine Learning in the Insurance Industry appeared first on Intellectsoft Blog.

]]>
Cloud Computing Technology for the Insurance Industry https://www.intellectsoft.net/blog/cloud-computing-technology-in-insurance/ Thu, 06 May 2021 13:09:31 +0000 https://www.intellectsoft.net/blog/?p=23393 The COVID-19 pandemic has already accelerated diverse technology implementation, and the insurance industry is not an exception. Companies are now interested in fast and pragmatic...

The post Cloud Computing Technology for the Insurance Industry appeared first on Intellectsoft Blog.

]]>
The COVID-19 pandemic has already accelerated diverse technology implementation, and the insurance industry is not an exception.

Cloud Computing Insurance Employee

Companies are now interested in fast and pragmatic solutions, innovative approaches, and products that can boost customer engagement as well as overcome the serious challenges in insurance.

The AI and cloud computing services implementation has already got their own niche in this area. And, when the first one is only starting its path, the cloud computing technology has been widely utilized for improving the traditional insurance model so far.

In general, it is used for adjusting the insurance industry to the “new normal” across 5 stages – resolve, resilience, return, reimagination and reform.

But what makes cloud computing for insurance industry so important? Let’s get that covered!

Definition and Potential of Cloud Computing

In general, cloud computing is the delivery of various services through the Internet. Being utilized for the insurance industry, cloud computing solutions provide the list of advanced capabilities for supporting different business processes, according to Deloitte.

Its application allows to reduce technical debt, minimize expenses, improve the workflow and optimize the cost-management.

In fact, the potential of the cloud computing services allows optimizing various processes for the insurance companies:

  • create a reliable policy administration, effectively process the requests and provide an outstanding UX for the company and its customers as well;
  • boost the company’s ROI by implementing a universal secure platform that can process and transmit the data more effectively, thus increasing the workflow efficiency;
  • reduce the expenses and optimize the business with workflow automation by processing the claims, billing, and underwriting;
  • increase the quality of the insurance services through improving the data quality and data analytics, as well as logical group implementation.

These advanced opportunities offered by cloud computing services can not only greatly improve the insurance services quality but also open up new solutions for the business optimization processes.

Benefits of Cloud Computing for the Insurance Industry

After covering the basic purposes of cloud computing, it’s time to discover the main benefits your insurance business can get with its implementation.

Data Management

For most industries, data becomes one of the most valuable parts of the business. In the insurance industry, data is widely utilized for identification, structuring, analysis, billing, and managing different aspects of the company’s workflow.

Cloud computing allows interacting with any data within one system, which is highly appreciated for both large and small companies.

Furthermore, the cloud computing system can greatly optimize both internal and external data management for insurance companies.

According to McKinsey, external data requires a high level of security, while internal data implies various kinds of organizing and structuring to provide the flexibility for creating the new insights and capabilities.

All these aspects become an easy yet affordable solution for insurance with cloud computing employment.

Cloud Computing Insurance Company

Cost Efficiency

One of the major cloud computing benefits is the ability to reduce regular business expenses, which is quite important for any company.

The adoption of cloud computing services allows to facilitate and optimize both internal and external processes with significant reduction of the investments needed for storage and operating the data, establishing an automized workflow, etc.

Rapid Deployment and Flexibility

Unlike most IT innovations, insurance cloud computing takes a little time for adoption and easy integration into the business workflow.

This means companies don’t need to stop the workflow even for a while. Furthermore, there are different options available for multiple users, so the insurance business owners can comfortably cooperate within one working environment, share the corporate information and important data, and have 24/7 access to any document required for their successful performance.

Better KPI

Needless to say, that workflow automation and optimization can also benefit the employee’s productivity. With the cloud computing services employment, companies can significantly reduce the amount of paperwork, and optimize the data sharing for the workers.

Additionally, cloud computing in insurance simplifies the access to corporate data and also offers a holistic view to understanding consumer needs.

Advanced Customer Experience

The cloud computing implementation in insurance allows not only understanding the customer needs but also making critical changes to improve the insurance services quality.

For instance, the insurers can access and analyze the latest trends popular among the different customers worldwide.

Then, with having all these trends adapted to your technology, it’s much easier to create a personalized experience for different audiences, improve the customer retention rate and enlarge the target audience as well.

Risk Management

It goes without saying that any company needs not only to improve its services and work on eliminating its weak points but also minimize the risks that can have an impact on the company’s internal operational processes.

According to PwC, the value of risk management in insurance can greatly improve the business strategy, optimize the goals for the company, help to reduce the probable losses, enhance the feedback from the product development and performance, etc.

Cloud computing enables the integrating of risk data, various assessment reports, and risk indicators within one system that assists companies in protecting the company’s data from third parties intervention or specific data breaches.

Types of Cloud Computing in the Insurance and How to Implement This Technology

Along with the benefits of cloud computing, it’s also critical to understand the basic types of cloud computing that can be implemented in the insurance industry and provide different services.

Cloud Computing Insurance Office

Here are the main models of insurance cloud computing to consider, according to ResearchGate:

  • Private Cloud. This is the software used for organizing some internal processes of the company and allows to secure the data transmitted in it. The main features of it are flexibility and private requirements that can’t be influenced by the legal and security requirements.
  • Public Cloud. This type is widely used for providing online services to clients on the web. Thanks to the computing, storage, and networking services availability, this service is utilized by the list of large corporations such as Google and Amazon, yet can be really beneficial for the insurance services. Because of its high popularity and affordability, that can be a great solution for companies who want to pay only for the usage of CPU cycles, storage, or bandwidth.
  • Community Cloud. This one indicates the cloud services that have a high level of privacy security and compliance while offering a shared infrastructure for the defined community of users.
  • Hybrid Cloud. One of the most multifunctional cloud services that can be used both for internal and external processes, offers pretty high data security and can be adapted to the main needs and requirements of a company.

In case you have decided to employ the cloud computing solution to the insurance business, it’s still important to know the best practices of this process.

The most critical of them include understanding the basic requirements and needs of your organization, its main goals, and expectations from the cloud computing services.

Additionally, it’s pivotal to define the value and measures of cloud computing employment as well as decide on how to track the changes of the workflow optimization.

Establish a clear structure of the migration process and choose the person in charge of the migration process, which can help you to keep an eye on the critical processes and detect any issues if there are some.

Last but not least, make sure to pick up a reliable IT partner that can assist you in this process and consult in any questions regarding cloud computing for the insurance.

These simple yet effective methods will help you implement the cloud computing services correctly and get the most of their utilization.

Conclusion

Cloud-based computing services have become a great option for the different processes optimization for the insurance industry.

With the assistance of custom insurance software development services, it is much easier to reach higher productivity, improve customer experience, increase the company ROI and provide simplified access to any data within your company.

Our team of developers at Intellectsoft empowers companies from various industries and verticals with innovative solutions and approaches to enhance their business performance and optimize the list of internal processes in it. Are you and your organization looking for some?

Feel free to talk to our experts to discover more about any question and learn how your business can start benefiting from innovative technologies today!

The post Cloud Computing Technology for the Insurance Industry appeared first on Intellectsoft Blog.

]]>
RPA in Insurance Sector: Examples of Use Cases https://www.intellectsoft.net/blog/robotic-process-automation-in-insurance-sector/ Wed, 21 Apr 2021 12:20:21 +0000 https://www.intellectsoft.net/blog/?p=23322 Digital transformation drives industries to search for new and more efficient ways of technology implementation. The shift in the insurance industry to automation implies the...

The post RPA in Insurance Sector: Examples of Use Cases appeared first on Intellectsoft Blog.

]]>
Digital transformation drives industries to search for new and more efficient ways of technology implementation. The shift in the insurance industry to automation implies the computerization of the processes and operations. RPA in Insurance Team

Using artificial intelligence (AI) and enabling technologies with intellectual capabilities advance Robotic Process Automation (RPA) to support businesses and meet client demands.

RPA insurance tools can help companies improve the performance of processes and the effectiveness of services. The devices and technologies have evolved and matured, and now the automation process is possible at a significant scale.

Recently, Deloitte has presented an annual global survey of executives, which has shown that 78% of respondents have already started enforcement of RPA, 16% plan to implement the technology within the next three years, and only 6% of surveyed have no plans to use it at the moment.

Now, regular tasks, which employees perform, at work can be leveraged with robotics.

Machines are enabled with cognitive abilities, including machine learning, natural language processing (NLP), machine vision, emotion recognition, optical character recognition, etc. RPA tools can improve the performance of the insurance industry by robotizing operations and enhancing the quality of work.

Robotic Process Automation in Insurance: Defining the Term

What is Robotic Process Automation in insurance? The term “RPA” means implementing AI-based software and the use of machine learning to perform back-office tasks instead of humans.

Current automation opportunities in the insurance industry include quote calculation and presentation, policy delivery, bill/statement produce, fraud evaluation, payment issuance, report performance, etc.

These opportunities have already reached a high level of automation while developing the new products/services, market analyses, determination of payer needs, products/services advertisement and promotion are on the mid-level of automation.

RPA rule-based solutions liberate human resources from high-volume repeated tasks and enable them to handle more complex ones. It also helps business leaders to accelerate the digital transformation of their work environment.

The Value Behind RPA Insurance Services

According to the 2020 Global Survey for RPA, 78% of business executives see RPA as a solution to the global productivity problem, and 93% of those surveyed plan to extend the use of automation across their organizations.

The technology has already shown significant advances in the insurance field, but there is more to look for in RPA solutions.

Automated insurance services have a great potential to improve customer experience and content. Deloitte has carried out one survey revealing that 41% of the respondents have left insurer because of poor client support services.

AI solutions in the automation process of the insurance industry can help businesses avoid this kind of behavior. The use of AI solutions allows organizations to mine valuable insights about the client and design customized products.

Soon, robot agents will manage customer service interactions using natural language processing capabilities. They will identify preference patterns based on customer interactions to create cross-sell/upsell possibilities.

RPA will allow insurers the ability to give an improved client experience and more custom-made offerings. Through solutions that understand natural language, learn and build knowledge, and communicate with customers, organizations can present better customer experiences.

Robotized agents capable of processing natural language could replace human interaction with customers, for instance, customer support departments can take advantage of this technology.

Robots will also analyze patterns in client behavior by using sensing technology and emotion recognition.

Organizations can use insights gained from these techniques to deliver a unique, personalized client experience.

Without emotional wear and tear or natural human fatigue, robots can be used to achieve scale quickly, increasing the scope of this technology to a broad base of payers.

This capability can help the insurer curate and control the customer experience while letting agents focus on more complex tasks.

RPA in Insurance Technology

Benefits of Automation in Insurance

Apart from enhanced customer experience, automation in insurance brings numerous advantages for businesses. They include:

  • Increased productivity: employees spend less time on monotonous work and repetitive operations and can devote more time to complex tasks and customers;
  • Reduced number of human errors: the AI machine learning solutions will decrease the number of mistakes by automating calculations and operations;
  • Higher efficiency: increased productivity and reduced number of errors will result in higher efficiency of your services;
  • Better employee performance: once you take off your employees the burden of repetitive tasks and allocate them to deal with more complex ones that require strategic decision-making and thoughtful insights, it will have a positive effect on your team, as they have to solve challenging issues;
  • Streamlines claim processing: RPA will help you organize and automate customer claims;
  • Improved regulatory compliances;
  • Better customer experience;
  • Enhanced data analysis: insurer can use AI solutions for data processing and analysis. They can process volumes of data quicker and give more detailed information about customers. This information will help you design better offers and deliver a personalized experience;
  • Reduced costs: the implementation and use of RPA will save the company’s budget as hiring and training human resources requires more costs and takes a lot of time.

RPA makes it possible to perform the entire end-to-end processes by software robots with very little human interaction, and these solutions can be deployed in a couple of weeks.

That is why RPA software has lower implementation costs and requires less time. In addition to this, RPA tools enhance the flexibility and scalability of the operations, as many robots can perform a series of instructions at once and be quickly reassigned to more critical tasks when they arise. However, it is essential to apply RPA in the right way.

7 Ways to Apply RPA in Insurance

Robotic Process Automation in insurance can be applied in several ways. These areas include:

  • Claims Registration and Processing: manual claims registration and processing take a lot of time. It requires agents to collect volumes of data from multiple channels and enter it into different systems. Employees can go through a limited number of claims per day. Thus the process slows down and results in decreased customer satisfaction. RPA solutions can collect the required data from multiple systems and bring it into one location. It facilitates the process for the agents, speeds up delivery time, and reduces human errors.
  • Regulatory Compliance: automated solutions will help you keep in order regulatory report generation, validate existing customer information, and send out notifications on account closure processing.
  • Underwriting: these requests require gathering information and assessing the risks associated with given policies to evaluate risks and exposures of customers. It takes from 2 to 3 weeks to come up with a conclusion in a regular manner. RPA solutions can expedite the process, as data gathering and analysis will be automated.
  • Analytics: AI and robotics are used to improve collected data analysis. The acquired data can enhance business operations and client experience.
  • Form Registration: RPA tools can reduce the time spent and workforce required to complete the process. Form registration is a necessary task, but it is redundant.
  • Policy Cancellation: while the process involves many transactional tasks, the automation can speed it up three times.
  • Policy Administration and Servicing: insurance organizations use complex policy administration systems, which are not flexible, and it can be hard to scale them up or upgrade. Although these systems help streamline quoting, underwriting, rating, and customer service distribution, they are hard to navigate. Thus, the operation efficiency is reduced. Automation of accounting, tax, regulatory compliance, risk capture, settlements, etc., will help agents complete volumes of tasks without time-consuming navigation across different systems.

Automate insurance operations to accelerate the digital transformation of your company. The RPA solutions have numerous advantages, and they will help you survive the competition and suit the requirements of today’s customers.

RPA in Insurance Work

RPA Development Process Checklist

The insurance industry is a perfect field to experience the advantages of RPA solutions and modify existing systems.

Customers have already encountered the benefits of the automation processes in other spheres, so they expect the insurance organizations to suit a modern standard.

RPA solutions have proven to be game-changers, and companies start to use them to enhance their services, employee working environment and automate tedious operations.

Before you begin searching for the right team to help you implement the solutions, it is crucial to have a detailed plan. Here is a list of things you should think of when choosing the path of digital transformation:

  1. Build the Right Strategy: highlight critical strategic objectives and align them with business outcomes.
  2. Speak to your board: everyone in the company should be aware of the upcoming changes. Share your strategy with the board and take into account their ideas regarding automation processes.
  3. Identify the Process and Opportunities: identified business process and its outcomes have to be mapped to specific problems RPA solutions should solve.
  4. Evaluate Technology: assess current technological capability and identify tools and partnerships needed to enable desired business outcomes.
  5. Run pilots: test the solutions to identify weak areas and ensure that implemented technology delivers business value as planned. Also, it is essential to acknowledge your employees with changes and train them on how to use the updated systems.

How to Develop and Implement RPA in Your Services?

The RPA development and implementation processes are not time- or cost-consuming.

The technology requires low coding, and solutions can be incorporated into the organization’s system within several weeks. But it is more important to find the right team to realize your plans into reality.

There are two ways of finding skilled specialists:

  1. Create your own IT department and hire the right human resources;
  2. Use the services of IT outsourcing.

The first way might take a lot of time and effort, as you have to analyze which resources your need,  interview all the candidates, and provide them with suitable equipment and technologies.

In this case, you will have an in-house team that will solely work on your projects, maintain the systems, and enhance them as technologies evolve.

In case you choose to outsource, you don’t have to waste your time finding suitable candidates, as you will get the whole team at once. Outsourcing teams usually have experience working with other insurance enterprises, know the details of the industry, and can quickly come up with the best solutions for your case.

What is more, outsourcing implies hiring a professional team with their tech tools and equipment. This way, you take the burden of the hiring process and finding the equipment to modify the department off your shoulders.

Thus, you and your team can concentrate on your regular tasks or deal with urgent or complex issues. The development process will be the responsibility of the outsourcing team.

We at Intellectsoft empower insurance companies and their workforces with innovative solutions and approaches. Are you and your organization looking for some?

Contact our experts and learn more about the development and implementation processes of the RPA tools. Our team will answer your questions and explain how your business can start benefiting from it today!

The post RPA in Insurance Sector: Examples of Use Cases appeared first on Intellectsoft Blog.

]]>
Insurance Chatbot: Key Advantages and Features https://www.intellectsoft.net/blog/insurance-chatbot-advantages-and-features/ Fri, 26 Feb 2021 14:41:32 +0000 https://www.intellectsoft.net/blog/?p=22967 Digital transformation of the environment takes place in every field. Many available technologies that continuously develop and enhance make this process unstoppable. The insurance field...

The post Insurance Chatbot: Key Advantages and Features appeared first on Intellectsoft Blog.

]]>
Digital transformation of the environment takes place in every field. Many available technologies that continuously develop and enhance make this process unstoppable. The insurance field is not an exception.

Insurance Chatbot Industry

One of the trends of digital transformation is a chatbot. According to some estimates, chatbots will generate over $8 billion in savings globally by 2022. AI, including insurance chatbots, will also bring benefits for the business as $1.3 billion cost savings by 2023.

Chatbot technology features allow it to add value to the business. We will review in detail its advantages and investigate how it is possible to implement this solution successfully.

Chatbot for Insurance: Industry Innovation

Chatbots are computer programs that are to reproduce and maintain a natural talk with human users. They have to comprehend the user’s inquiries and send accurate information based on the organization’s data.

Insurance chatbot has a significant impact on the insurance sphere as it can prolong office hours and help organizations cover new cases. As for the clients, chatbots can provide them with prompt responses, find the right products or quotes that lead to customer content.

Chatbots are poised to play an essential role across the insurance value chain, including pre-payment, payment, client service, and back-end procedures.

By doing so, they promise to ease the complexity of insurance transactions, which consist of form-filling in handwriting, extensive questionnaires, tedious background checks, staff shortages, and cumbersome customer service.

Insurance Chatbot Bot

AI Insurance Chatbot Transforms the Industry

Artificial Intelligence (AI) creates better experiences for everyone – businesses, employees, and clients alike. AI that empowers chatbots helps automation grow by combining learning, predictive and adaptive models, and natural language processing with operational insights – putting the right knowledge into action for every process and interaction.

AI in a chatbot for insurance connects clients and employees to the outcomes they want while also delivering consistent and relevant experiences. It also requires managing smart automation from end-to-end, across channels, devices, and interfaces.

An efficient bot in insurance could be the one that is capable of holding a natural language dialogue and guide a customer through the whole process. It could examine the clients’ data it receives, so a chatbot comes up with personalized offers.

5 Insurance Chatbot Benefits for the Businesses and Customers in 2021

Technologies change the way companies perform and enhance customers’ expectations. Insurance chatbot is a practical tool that brings numerous advantages for both businesses and their customers.

  1. Convenience: clients get instant responses, and chatbots can resolve their issues, excluding waiting in line to reach a customer support representative.
  2. 24/7 Availability: today, chatbots are available on different messaging platforms, so customers can easily connect with insurance companies to submit requests or find out necessary information at any time, no matter whether they are in their home country or abroad.
  3. Instancy and consistency: chatbots can deal with several clients at a time compared to an operator who can concentrate only on one. Thanks to AI and Machine Learning (ML) advancements, chatbots give customers consistent replies with relevant information.
  4. Cost-Effectiveness: except for development and implementation costs, chatbots’ maintenance is relatively low, and they quickly pay off.
  5. Better customer engagement and increased sales: the ability of chatbots to operate 24/7 and give instant answers results in higher sales and customer satisfaction.

Insurance Chatbot Agency

5 Insurance Chatbot Key Features

Incorporating a chatbot into a company’s environment is not as easy as it seems to be. A chatbot should have several fundamental features that could allow it to function successfully.

  1. Comprehensive speech recognition: this software feature will reduce word error rates and improve machine translations. Improvements in speech and language processing technologies make chatbots more capable, expanding their potential applications across the enterprise.
  1. Perform operations: this feature is vital in the insurance field as we expect an agent to give us the requested information and perform some actions (send quotes, open accounts, sign claims, etc.).
  2. Connectivity: there should be a range of communication methods with customers, including web, mobile apps, messaging platforms, etc.
  1. Security: customers provide sensitive data to insurance companies and expect the company to follow regulations regarding privacy. Protected data is an important part that builds stable customers’ loyalty to the insurer.
  1. Reliability: a vendor should design a chatbot thoroughly so it operates flawlessly and there are no errors that can push away an insurance company customer.

When designing a chatbot, businesses should consider these features and make sure they suit the needs.

Bot Insurance Bad Sides

Nothing is perfect so is an insurance chatbot. Although AI and machine learning are advanced technologies nowadays, not every vendor can provide you with a perfect product that will work appropriately and win your customers’ trust.

So, what disadvantages could chatbots have?

  1. Incapable of understanding: chatbots can be programmed to understand a limited number of queries, but people can ask the same question differently, so they might not understand customer requests.
  1. Function slowly: it is crucial to design the right architecture to respond quickly and deal with obtained data.
  1. Security: it is a must for a chatbot to be secure as customers share their data.

Progressive Insurance Chatbot

The potential of chatbot solutions continues to grow due to the adoption of voice and messaging technologies. An efficient chatbot platform should provide capabilities like integration, security, management, monitoring so that the enterprise can adopt it.

  • A chatbot should do away with human interaction: although AI and natural language processing become better, there is still room to grow.
  • An advanced chatbot should be scalable to integrate with existing enterprises’ systems.
  • It should include monitoring capabilities to track different commands and responses of its users.
  • A chatbot should have security capabilities like encryption, data privacy, and access control policies.
  • People better respond to chatbots that look like humans, can express empathy and patience. An advanced chatbot can have a virtual personality that reflects the company’s style, brand, and values.

Insurance Chatbot Agent

How Are Insurance Companies Using Chatbots?

While chatbots can be leveraged for both simple and complex insurance processes, they have had significant success in the following areas:

  • High volume areas: companies implement chatbots where customer traffic is the greatest, for instance, at the insurance value chain’s pre-purchase point. This use case is less complex to implement and reduces the need for human-based service, leading to higher cost savings.
  • Property and casualty interactions: chatbots have found greater acceptance in P&C insurance, primarily in pre-purchase activities. Auto and home business lines are the current frontrunners, mainly because of these products’ lower complexity, greater maturity, and broader reach. However, there is excellent potential in travel and health insurance. In life insurance, the most prominent use case for chatbots is financial needs analysis. Haven Life Insurance, a start-up backed by MassMutual, uses chatbot technology to calculate customers’ coverage needs and offer estimated monthly rates for term life plans accordingly.
  • Troubleshooting and customer education: to maximize value and fulfill AI’s true potential, companies continuously enhance their capabilities to move from an informational to a transactional approach. For example, PNB MetLife’s chatbot started as a primary customer engagement bot, hosting a rule-based, unidirectional health quiz; however, the company is incrementally converting it into an end-to-end cancer care protection tool.

Insurance Chatbot Examples and Types

Chatbot technologies have been in regular use for a couple of years, and these tools will surely advance and evolve in the nearest future, having better responses, analyzing data, etc. Today there are several types of chatbots in insurance:

  • Health;
  • Life;
  • Auto;
  • Home;
  • Property;
  • Travel;
  • Rental.

Health, life, and auto insurance chatbots are among the most common ones. Here are some examples of chatbots that successfully help businesses and their customers.

Health Insurance Chatbot

Chatbots of this category cover medical expenses for illnesses or accidents, offering their customers the best plans.

They can have a complex architecture as they have to comprehend different scenarios, demographics, uses, etc., to provide the most suitable policies and guide their customers through the purchase process.

Sensely is one of the available health chatbots that assists plan members and patients with insurance services and healthcare resources.

Life Insurance Chatbot

Life insurance covers financial support for dependents in the event of death or disability, savings and investments, retirement income.

Chatbots like Insurmi help customers find the best deals on a life insurance policy by comparing the top U.S. insurers’ rates.

Auto Insurance Chatbot

Auto insurance chatbots specialize in plans and products for car owners. Insurify is one of the car insurance chatbots that operates through Facebook Messenger. It compares auto insurance plans of 655 different companies, considers all the customer’s data, and offers the best programs.

Insurance Chatbot Use

Facebook Messenger Insurance Bot

One of the most outstanding features of chatbots is that they can integrate with different platforms like Facebook Messenger, WhatsApp, etc.

Thus, a chatbot becomes multi-channel, and customers can choose the most suitable platform for communication. A chatbot through Facebook Messenger helps small businesses to obtain quotes and buy insurance, as it has all the essential features to deliver tailored insurance policies. Its responses are quick and precise, so customers stay engaged in the conversation.

Insurance Chatbot Use Cases for Better Customer Experience

Chatbots in insurance may function as personal managers in the meantime, supporting your company’s sales department with valuable insights. Here are some use cases of insurance chatbot implementation in insurance:

  • Customer education and awareness;
  • Payment assistance and claim processing;
  • Lead generation and conversion;
  • Answer FAQs;
  • Pre-sales and sales;
  • Advanced database;
  • Customer feedback and review;
  • Agents support.

Chatbot for Insurance Agents

Bots automate the processes of the insurance company so its agents can concentrate on more critical tasks. Bot solutions aim to support customers through various channels while an agent can work through only one at a time.

Agents receive repetitive questions and requests, and bots can cover these issues, being automated and suggesting the most appropriate responses based on the information a customer has provided.

Chatbots in Insurance Claims

Claims take up most of the insurer’s daily operations, and chatbots can be helpful in the course of claim-processing. They can help customers file claims fast as chatbots usually operate 24/7.

For this case, the use of chatbots can reduce time spent on one claim processing, thus increasing the number of requests a company can handle during the day.

Insurance Chatbot Professional

Chatbot Technology in Insurance: Challenges Companies Face

Like every other industry, insurance businesses can face certain hurdles on their way to bot insurance implementation.

  1. Insurance product complexity: it is common knowledge that insurance products usually are hard to understand, as there are various types of products, different quotes for different customers, premium offers, etc. An efficient chatbot should have all the necessary information and maintain clear communication with a customer from end to end.
  2. Personalization and data collection: a chatbot should provide information about insurance products, collect and analyze received information about customers and provide them with personalized offers.
  3. Support sales teams: agents fear that chatbots will replace them, but it is not going to happen, at least now. Chatbots can guide a customer through the purchase process, being an assistant of a sales agent. Also, companies may use them for post-sale support of the customers.

Chatbot insurance is becoming more popular, and every company tries to incorporate this tool and take advantage of it.

The process requires professional engineers who have experience in the insurance field, but nowadays, you can find suitable custom insurance software development services that can effectively deal with your case.

At Intellectsoft, we empower insurance companies with innovative solutions that help businesses grow and increase sales and customer satisfaction. Does your company need some enhancement?

Contact our experts and find out more about the topic and how your business can start benefiting from it today.

The post Insurance Chatbot: Key Advantages and Features appeared first on Intellectsoft Blog.

]]>
Personalization & Data in Insurance: Delivering Highly Relevant and Omniсhannel Customer Experience https://www.intellectsoft.net/blog/personalization-in-insurance/ Thu, 21 Jan 2021 16:14:47 +0000 https://www.intellectsoft.net/blog/?p=22786 The insurance industry includes companies that suggest risk management in the form of insurance contracts. As customer preferences change impetuously, insurance companies are now required...

The post Personalization & Data in Insurance: Delivering Highly Relevant and Omniсhannel Customer Experience appeared first on Intellectsoft Blog.

]]>
The insurance industry includes companies that suggest risk management in the form of insurance contracts. As customer preferences change impetuously, insurance companies are now required to adapt to the new-age consumer’s conscious, demanding, and informed needs. Deloitte has explored these changes in customer expectations.

But how well do insurers personally know their customers? Are they aware of the lifestyle that most of their clients lead? Do they know how often their clients activate the alarm when they go somewhere?

If insurance providers want to keep their customers, they have to understand their actions and needs better and use them to provide more regular and valuable interactions.

Personalization & Data in Insurance

Journey to Personalization and Agility

Nowadays, insurance customers need to get personalized and convenient service. Clients from different countries need personal interactions even if creating personalized experiences is difficult for insurers as it is connected with precise customer data. Here is the infographic illustrating the main steps of the personalization journey:

Personalization & Data in Insurance Table

Source: Accenture

For example, one of the McKinsey articles has discovered insurance in China, where only 28 percent of customers rated insurance companies highly for customer satisfaction. It means that the insurance industry needs to accept some modifications. So what is the solution to this situation?

Benefits of Providing Personalized Customer Experience

Companies use personalization to deliver better customer experiences, increase loyalty, and drive more leads. Modern service provides a variety of channels that reflect customers’ various preferences and personalized recommendations based on individual interests.

Ways for Insurers to Personalize Their Services

Insurers can utilize segment-specific opportunities to personalize offers, messages, and prices across physical locations, mobile devices, mobile apps, websites, or phone calls. This way contributes to the formation of precise and actionable customer microsegments. It is also necessary to create a continuous ring of customer interactions because they provide protection and services for their daily life.

Companies, who are already offering advanced personalization, have noticed positive increases in the following areas:

Personalization & Data in Insurance Infographic

Source: Earnix

Ensuring Highly Relevant and Omni-Channel Customer Experience

Today’s consumers are mostly omnichannel. That`s why insurers have to engage their clients using an omnichannel approach, connecting with them via multiple touchpoints and using data to deliver personalized experiences.

Omni-channel personalization can upgrade customer experience and increase brand loyalty. It allows the insurer to preserve its competitive power, retain its customers and simplify growth. Implementing omnichannel personalization can be a complicated process, and it is not only about organizational alignment and strategy but also about technology.

Digitization Increases the Level of Personalization in the Insurance Industry

What can we say about digitization? Technology is making our experiences online more personalized. New data sources are transforming our economy and society essentially and promise to change the insurance software development services as well as the whole sector. Digitalization affects the role of insurance, from pure risk protection to predicting and preventing risks.

Insurance is becoming more customer-centric. Customers use digital channels, especially mobile, and this tendency is rising rapidly.

Insurers have the opportunity to leverage the information from various devices to satisfy customer needs across three broad themes: loss prevention and protection, pricing and coverage optimization, and some other services.

Every step of the insurance value chain will be impacted by digitization, from interactions with customers to claims management. For instance, by monitoring different situations, insurance companies can warn customers about a problem and allow them to react immediately to prevent damages.

Perspective, digital insurers will be able to provide services that will help reduce the risk of loss. These services can be connected with auto services such as driving-condition information, recommending safer routes, alerting emergency services, and monitoring automobile speeds. Services personalize recommendations tailored to the weather, a customer’s location, mood, health, and even bank balance.

Final Word

As a conclusion to this, we would like to say that customer preferences and market indicators show that clients have a desire to get personalized offers and experiences from their providers. Faced with high customer expectations, insurers are following the example of other industries in delivering an excellent customer experience through different channels. Besides, the digitization of the insurance industry also has the potential to grow exponentially.

At Intellectsoft, we empower companies and their workforces with innovative services and approaches to help them survive during these times. Are you and your organization looking for some?

Talk to our experts and find out more about the topic and how your business or project can start benefiting from it today.

The post Personalization & Data in Insurance: Delivering Highly Relevant and Omniсhannel Customer Experience appeared first on Intellectsoft Blog.

]]>