Insuranceciooutlook

How Automation Impacts Insurance Agency Management

By Insurance CIO Outlook | Tuesday, August 11, 2020

Insurance agency management can reach new heights of efficiency with the help of automation.

FREMONT, CA: Automation is shaping the various aspects of the insurance industry. Firms are leveraging automation to streamline and optimize a number of processes, such as claims management, underwriting, and risk mitigation, and enhance efficiency. Insurance agencies can also save a considerable amount of money, aggravation, and time through automation. Further, automation can save manual labor costs that are generally associated with redundant tasks. Thus, insurance firms can utilize their human resources for complex business operations. 

Insurance agencies are increasingly automating client communication workflow and external as well as internal touchpoints. Although insurance agencies have to deal with various spontaneous circumstances, there are a number of static and predictable processes and tasks that can be easily automated. Various automation software is being used to automate the more static insurance aspects such as online lead intake and processing, new client on-boarding process, and retargeting. However, it is important to opt for an automation software that is simple and relevant to the firm’s requirements.

Automation can also be coupled with other disruptive technologies such as artificial intelligence (AI) and robotic process automation (RPA). Automation is enabling early adopters to enhance underwriting skills, propel new products into market space as well as to grow premium income while allowing the agents and advisors to concentrate more on critical tasks. Insurance agencies are also leveraging bots that use AI, RPA, natural language processing (NLP), and other technologies to automate clicks, keystrokes, and offset manual intervention while ensuring speed and accuracy. Furthermore, such bots can handle predictive and repetitive processes and can operate around the clock to increase operational efficiency as well as to enhance customer satisfaction.

Insurance agency management is a challenging aspect that can gain immensely from automation. Automated agency management is sure to add to the list of advantages that technology has showered upon the insurance industry.

See Also: Top Insurance Technology Solution Companies

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