Insurance Strategies and Challenges: Using Intelligent Automation to Improve the Customer Experience
Many insurance companies have introduced RPA capabilities only to find themselves locked into a tactical implementation that limits their ability to scale benefits. Blue Prism is helping more and more insurers take the leap towards integrating intelligent automation in a more strategic and transformational way. Customer experience is a strategic priority for insurance and intelligent automation can play a key role in connecting back-end and front-end systems and processes to deliver an optimal digital journey at every stage of the lifecycle. of a client’s policy.
Transforming the customer experience can be a particular challenge as it encompasses touchpoints throughout the lifecycle of a policy, from obtaining quotes to renewal or cancellation, and of course to claims. . Each of these areas has its own weak points, both for the client and for the insurance organization.
So when we talk to insurers about transformation, we say that change starts from within, but must constantly optimize the customer experience and results.
Driving Change in CX Claims
If you take claims as an example, there are many back-end processes and systems that are used to move a claim from the FNOL to settlement. At every stage there are opportunities for automation and efficiency, but a more strategic approach would be to use a smart digital workforce to create a seamless back-end ecosystem.
An FNOL customer interaction over the phone with a contact center agent would be transformed if the agent had all relevant customer data at their fingertips, along with technology that removed manual data entry elements from the process, connecting instantly the information provided in the call to the back-end system. This could also connect to an app or website form so the agent can talk to the customer through the process of providing digital photographs or documentation at the time.
Each of these actions can trigger automations to the next step in the claim process, whether it’s interacting with the supply chain, booking an expert to visit the claimant, or assessing the claim in real time to create a quick settlement period.
In order to see how your back-end processes are impacting front-end behaviors and customer experiences, you need to get under the skin of your operations and processes. Tools like Blue Prism’s Process Intelligence can help map and analyze end-to-end claims and policy lifecycles.
Compliance challenges and customer experience
In Asian insurance markets, a product may present different challenges depending on the region where it is sold. Implementing automation in these regions therefore ranges in difficulty.
At a recent roundtable, a representative from a major insurer spoke about the differences in the implementation of automation in Hong Kong compared to Malaysia and Thailand. “Part of that is because we don’t have a unified tech stack across all markets, even though we’re moving towards that. But we have more agile and larger teams in Singapore and Hong Kong, while in Indonesia and Malaysia automation takes longer. The other hurdle in these countries is compliance and regulatory issues, whether it is sharia insurance or takaful insurance, or AML regulations. This means that we must manage the customer experience carefully to make it as easy as possible for them to provide the necessary identity documents and photographs. »
Accelerate transformation to meet current customer expectations
Some insurers are held back by the bureaucracy they encounter to get approvals on technology that would help them meet immediate customer expectations.
According to another roundtable member, “it seems easy when someone has an idea and usually people say ‘go for it’. But when we start highlighting cost and schedule versus benefit, it gets harder. We have to spend quite a lot of time going through the approval process, especially when the investment cost is high. And then when it becomes clear that it’s not just about one area of the organization and the cost starts to mount, it crosses the budget threshold where it needs to be passed on to senior management and the board.
“So by the time you can get approval, a lot of time has passed and the market has changed or the need has changed. And you have to start the whole process all over again.
It is easier to approach an automation program in phases. Start relatively small, choose simple processes to automate, focus on key metrics and what you want to achieve. But at the same time, keep in perspective what the business outcome of the investment should be. So, for example, what is the cost savings per claim? Then you can think about streamlining more lines of business, and as you improve and accelerate implementation, you can scale: considering automating more complex processes; by looking at the end-to-end function from a holistic perspective and from the perspective of the customer.
When you can digitize a process end-to-end, then it is easier to envision how processes can be standardized across different departments in the organization. A truly expanded program would seek to transform the entire operating model.
But because you’ve laid out a roadmap to get there from the get-go and got there, the approval process is easier and you can provide ROI to senior management every step of the way.
Make change happen
With large, well-established insurance companies, the challenges usually lie not just in technology deployment, but in cultural adoption and trust. There is a tension between three components that will make up the future workforce: humans, automation and the Internet of Things. Leadership must be prepared to manage this tension and what we have learned from working with insurance customers is to respect the change management process. A digital workforce can be viewed as a threat rather than a resource that benefits employees. But we see this attitude changing in organizations that make the effort to share information, educate and create understanding. An effective governance framework and a dedicated change management program are essential.
It is important that an automation program is not driven by opportunism rather than a planned roadmap. Make sure you have a pipeline of opportunities tied to your company’s strategic priorities and don’t let yourself be swayed by the team with the loudest voice or a preferred, more visible business function.
Finally, think of intelligent automation as a platform, not just a tool. It should be viewed as part of the continuum of your digital and cognitive technologies that support your business transformation, not just a hammer to drive a nail in.