Spectrum Digital Background

Insurance

Automate Insurance

Automate Insurance Services

Automation can assist insurance companies and claims handlers by freeing employees of rules based repetitive tasks and allowing them time to focus on more business critical responsibilities.

Saves time, money and resources

Utilising automation in the insurance sector can transform the way your company can work. Your business can often be inundated with manual processing tasks and as a result they employ more human workers to cope with demand, but is this really the best solution?

Repetitive jobs such as opening new claims, emailing forms, receiving supporting information and updating systems is very time consuming for claims agents.

Process automation empowers the insurance sector to achieve operational excellence, drive growth, and maintain a competitive edge in today’s fast-paced, technology-driven landscape and improve customer satisfaction.

A lack of automation within your insurance business may be negatively impacting operations and efficiency.

Key Benefits

Removing Paper

Many industries are still heavily reliant on paperwork and documents to let them operate. The insurance industry is still one of them. That doesn’t have to be the case and some players in the industry are waking up to that fact. Technology such as low code tools, digital forms, software robots and business intelligence can remove paper from the process resulting in a digital first business. One that stands out from the competition.

Purchase Requisition

Automated Reconciliation

We know that automating the reconciliation of different pieces of data is a big pain point for organisations in the insurance industry. Payments and information is often incoming from customers and suppliers every day and reconciling that data can be time consuming, error prone and laborious. It doesn’t have to be.
Purchase Requisition

Customer Experience

More and more customers are digital native, and they want to interact and transact digitally. The insurance industry needs to adapt to meet this challenge, and they can. Spectrum Digital uses low code development tools to build online portals that insurance companies can use to meet the digital requirements of their customers.

Purchase Requisition
Garness Jones
“Perhaps most importantly, our clients are getting a better, faster and more attentive service than ever before.”
Smailes Goldie
“We are delighted with the time the Spectrum team have spent with us to understand our business, our requirements, and to propose delivery of a bespoke solution that accurately meets our needs.”

How Can Automation Help?

Claims Opening

Opening many new insurance claims can be labour intensive due to the manual data entry requirements and the collection of information from multiple sources. This is the sort of work RPA loves and can be a good start to automating your insurance business. Your paperwork can be digitised and information extracted using intelligent bots like Spectro.

Remittances

Validation

Data captured from forms and other methods can be validated automatically against your insurance company’s pre-set rules and requirements to ensure compliant and accurate claims for both you and your client.

Remittances

Automated Client Notifications

Chasing clients is a common task for human staff when you are looking for further information to assist with the claim. The automation solution RPA can help by monitoring what has already been received and what is still outstanding. Automated notifications in the form of email or texts can be sent to the client freeing up time. Automation also enables stages within a case to be more accurate and therefore enables automated updates to be sent to clients, reducing the number of calls and improving customer service.

Remittances

Audit Trail

All tasks performed using RPA are easily measurable in comparison to human activity. Each step of the process is recorded on a central system enabling you to report on how many cases are handled each day and the time it has taken to process each.

Remittances

Insight & Reporting

For modern business the availability of data and the insight it can provide is critical to the day to day and strategic decision making of a successful organisation.

Without that data and insight, key performance indicators can be difficult to identify and track whilst core processes such as operational planning and forecasting can be difficult or impossible to do resulting in any number of issues.

Remittances

First Note of Loss

Regardless of how an insurance provider receives a client claim, it inevitably comes with a wealth of documentation, much of which is unstructured and challenging for traditional robotic process automation (RPA) solutions to handle.

This is where intelligent document processing (IDP) tools come into play, as they can manage any type of document—structured or unstructured. In the context of an insurance first notice of loss (FNOL), this means accepting the initial claim and validating whether it is covered under the client’s policy.

Remittances

What Is Insurance Automation (and Why Is It Important)?

Insurance automation refers to a tailored application of intelligent automation aimed at meeting the specific needs of the insurance industry. This approach combines artificial intelligence (AI), machine learning (ML), and process automation to not only streamline manual tasks but also continuously improve these processes through advanced data analytics.

In an industry burdened by inefficient, paper-based workflows, insurance automation can significantly enhance both customer and employee experiences by saving time and reducing effort. A prime example of this is conversational AI, which employs natural language processing (NLP) and natural language understanding (NLU) alongside deep learning to interpret and respond to human language.

While the technology behind conversational AI is complex, its application is straightforward. Insurance companies can utilise conversational AI to develop virtual agents and assistants that provide support to both internal teams and external customers.

Moreover, insurance companies can combine various forms of intelligent automation. For instance, conversational AI can work alongside robotic process automation (RPA), which automates repetitive tasks based on established protocols.

By integrating RPA with conversational AI, insurers can enhance the functionality of virtual agents, allowing them to address common inquiries, collect information, analyse documents, generate quotes, and even offer personalised product recommendations to policyholders.

Intelligent automation has the potential to tackle numerous challenges faced by insurers today, from cumbersome paper-based claims processing to lengthy customer support wait times—and this is just the beginning.

Challenges of Early Insurance Process Automation

Early attempts at automating insurance processes often struggled with documents containing unstructured data, which are difficult for traditional policy automation solutions to process effectively.

For instance, claims processing typically involves reviewing adjusters’ notes from conversations with claimants. These notes are usually free-form and vary significantly from one adjuster to another. Additionally, an adjuster’s file may contain photos, as well as reports from doctors and lawyers, resulting in a substantial amount of unstructured data—making it a prime candidate for automation.

To process a claim, someone must sift through hundreds of pages of documents, extracting relevant information and entering it into a downstream claims processing system. Key data points may include the claim number, policy number, date and time of loss, location, and coverage limits.

This manual data entry is labour-intensive, time-consuming, and prone to errors, highlighting the need for document automation in insurance. Many companies have attempted to use automation tools based on keywords and rules but have often seen disappointing results.

Keyword and rule-based approaches involve creating templates that specify where to find the desired data in a document, along with a set of rules for data extraction and processing.

In practice, insurers often hire consulting firms to develop numerous rules and templates to address the various document types they encounter. While this might work temporarily, issues arise when a document doesn’t conform to the predefined rules or templates. This leads to system breakdowns, underscoring the need for intelligent automation in insurance.

Considering the variability in insurance adjusters’ notes, it becomes clear that new document types can quickly render rule-based approaches ineffective. Moreover, this strategy is not only costly—whether through external consultants or in-house resources—but also unsustainable in the long run.

Spectrum Digital can help you automate insurance processes. Just get in touch to discuss your needs.