P&C Insurers: RPA & AI is a no brainer
Up until recently traditional P&C (Property and Casualty) insurers were protected from barriers to entry and disruption from new entrants. But the evolution of technology and customer interaction through various digital channels have opened up the floodgates for more nimble and efficient new operators to enter the market.
This has put the whole P&C insurance industry open for disruption and a shakeup. Added to this mix, is the fear among traditional insurers that the likes of Amazon, Apple or Facebook may enter their industry and by leveraging their digital platforms they can turn the process of buying a policy or filing a claim into one smooth and satisfying experience for the customer. So, the question then becomes what do they do to mitigate this threat? As they say the best defense is an offense.
Most P&C insurers see the clouds appearing on the horizon and that they have to embark on a journey of digital process automation and transformation sooner rather than later. In the digital age where information is available instantaneously, customers are not loyal to any one provider and gravitate to the one providing best value and experience for their money.
However, for traditional insurers this change may not be easy. Unlike the new entrants, traditional P&C insurers carry the baggage from the mainframe era and it may not be that easy to move faster to a digital based operational state from current state. This is where the services of a consulting partner can come in handy in speeding up the digital automation journey. We at Tangentia can certainly help in this regard. But before I talk about our value proposition it would be prudent to set the stage with the current state of affairs at most Insurers.
Current state of affairs
Most traditional insurers have their policy administration, billing, underwriting, and claims processes spread across their front, middle and back end office systems. The more progressive ones may have application platforms such as Guidewire for policy administration, Salesforce for customer relationships or Conversense for claims management.
While all those systems are steps in the right direction but we need to understand that the computerization at most traditional insurers began in the mainframe era and they still have legacy systems where the bulk of their old business resides. With the advent of internet, large investments were made in customer facing systems but the business continued to operate from a legacy system base.
As a result, while on the outside everything looks smooth but the inside is a different story. In the back-office operations, we find that the data gets replicated across multiple systems which creates added work with data being downloaded to spreadsheets and shadow databases and massaged or refined before being uploaded to another system. As a result, processes are broken and not very smooth, there are multiple touchpoints which slow down the operations and the whole process is prone to errors and delays. For a better customer experience, efficiency and effectiveness, processes need to be streamlined, seamless and digitally integrated from the point of origin to the point of delivery.
While the best solution would be to get a newer system that provides integrated seamless processes, yet this is not possible for most traditional insurers who have to leverage investments in their old systems. So, what do they do? The answer to that will depend on a progressive mindset and an openness to imbibe new automation technologies such as Robotic Process Automation (RPA) and AI. The good news is that we at Tangentia offer these tools and technologies for insurers. So, let’s look at our value proposition for P&C Insurers.
What does the Tangentia RPA & AI practice offer Property & Causalty (P&C) Insurers:
- More than 12 years of Insurance Industry experience and deep knowledge and understanding of insurance processes and the insurance technology stack.
- Implementation of consulting projects and Automation solutions at some of the top North American insurers.
- Strong partnerships with IBM, Blue Prism, UiPAth, and Automation Anywhere for RPA and IBM Watson and Microsoft, Google, Amazon for AI .
- Knowledge of Insurance industry software like Guidewire, Duck Creek, Insurity, Majesco, One Shield & DXC Technology.
- A large technical pool of talent in USA, Canada & India.
- A highly evolved RPA/AI implementation methodology that will guide you every step of your RPA/AI journey that will result in faster turnaround times and higher ROIs.
- We can help in identifying processes for automation with our process discovery sessions and conduct a Proof of Concept to make you feel more comfortable with our implementation and delivery methodology and help you in setting-up a Centre of Excellence (CoE) for scaling and enterprise roll out.
About the Author
The author, Jaideep Kala, is a Sr. Manager with Tangentia Automation Practice (North America) based out of its HQ in Toronto, Canada.
To learn more about Automation and what Tangentia can do for you please follow this link .
Get Started today
Interested in Automation but don’t know where to start? Looking for a reliable Automation reseller with the best possible pricing? Looking for somebody to help maintain, support and enhance your existing bots? Or just want to say hello? Contact us now. We promise a human will answer your query, not a bot.