Automating Manual Workflows Using Artificial Intelligence
Insurance providers are leveraging artificial intelligence (AI) to automate painfully manual and costly workflows. This include claims processing, document digitalization, underwriting, insurance advisory, and customer acquisition/support.
According to Forbes, claims processing is a notoriously laborious process. Along with the manual data entry of printed forms, the claims process tends to miss cases of fraud which result in over $40 billion dollars in losses per year. The sheer volume of claims makes it impossible for human analyst to properly vet each case in a timely manner.
On top of claims processing, insurers face competitive pressures to improve the customer experience. For example, underwriting is still largely done manually over the phone. Insurance advisory requires a limited supply of human experts to recommend plans that best fit a customer’s unique circumstance. Customer acquisition and support require call centers which can have long customer wait times. All of the above create negative customer experiences.
AI is a powerful tool that insurers can use to automate manual tasks, increase the efficiency of human analyst, and improve the customer experience.
RPA is a new class of software that automates business processes at a fraction of the cost of traditional solutions, without the need to change existing IT systems. RPA works by replicating manual activities that people currently undertake, using existing core applications, accessing websites, and manipulating spreadsheets, documents, and email to complete tasks.
Integrated with existing RPA vendors, the Skymind Intelligence Layer (SKIL) enables teams to leverage the power of AI within their existing claims workflows. The benefits for insurance include the reduction of a claims documents processing time, 24/7 uninterrupted operations, and the reduction of human errors.