Automate your insurance business the easy way
During the Sollers Consulting 2021 user conference 82% of the participants have identified processes to be automated over the next three years. Are you among them?
If you see potential for automation, you are not alone and there are significant benefits and savings of resources to be accomplished.
Automation is the untapped potential to cut costs by 30-50%
Not only within claims, payments and policy administration. Also risk assessment and pricing control can be essentially enhanced by automated underwriting processes.
Automation can be achieved in multiple ways
In automation, there is an important difference between Robotic Process Automation (RPA) and Business Rule Automation (BRA).
RPA is a digital employee that performs repetitive workflows in the user interface based on detailed instructions. The volume of the automation is determined by number of robots employed, the business system’s performance/response time and how many process-steps the instructions carry out.
BRA on the other hand executes single rules or layers of interdependent rules extremely fast without depending on process steps in the user interface.
Key benefits with Business Rule Automation:
- Cost savings: Insurance players can achieve significant cost savings by automating manual workloads. Besides the automation itself the BRA, compared to RPA, almost eliminates maintenance of the automation, as business rules would be unaffected by user interface changes. Business rules can also be stated and maintained by any business users outside IT departments as it doesn’t require programming.
- Speed: BRA cuts one or several process steps rather than performing it automatically, which allow to reduce customer response time from hours to seconds. At the same time, it has positive effects on your Business Process Management System’s performance.
- Decision making: Since decisions are taken solely on business rules, you are increasing accuracy and reducing risk of processes not being carried out as intended.
- Compliance: Decisions are easily traceable and rule interpretation and bias is eliminated from decisions, with strong incentive to centralize to avoid uncoordinated rule maintenance.
- End customer experience: The most obvious benefits for customers are within the claims area. Speed and convenience are enhanced by removing process steps in high frequency/low touch claims, but this also has positive effects on medium complexity claims. With rule-based underwriting, customer experience is enhanced in the digital sale process, even when insurers need to build in process steps for supplementary information.
Business rules is the low risk, easy maintenance and self-service option of automation. A core insurance system has great benefits when built with automation as one of its guiding principles where central insurance processes are automated by default. With simple predefined business rules, business users will be able to choose whether individual process steps should be automated as per default, by customisation or be handled manually.
Insicon i2i architecture is fully aligned with the Business Rule Automation mindset
Insicon i2i architecture is fully aligned with the Business Rule Automation mindset. Which spans over the entire business logic including business definitions, parties register, policy administration, claims handling, billing & collection and business intelligence, whilst no step in the customisation requires programming.
Go even further with seamless integration
All aspects of Insicon i2i are open for REST API making it ideal for seamless integration and using automation services from insurtech providers. Isolated integrations don’t add much value in itself since many insurtech providers offers a vertical service, not an end-to-end insurance process. When integration is paired with business rules your business operations have the ability to configure customized automation rules according to the desired end-to-end process.