How Intelligent Automation will Improve the Customer Experience Gaining loyalty from insurance customers is quite hard. A recent survey by Accenture found that as many as 41 percent of customers are likely to switch insurance providers soon after they make a claim. The onus is on insurance agencies and brokers to innovate and stay creative by retaining […]
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What Insurance Agencies can do to Ensure Compliance and How IT can Help? The stories and challenges of compliance narrated by insurance agencies struggling with manual operations is quite common. The insurance domain is based on gigantic reservoirs of both structured and unstructured data forms, available in both paper and electronic documents. It requires monumental
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SaaS-based Insurance Policy Checking: How Technology Helps in Dealing with the Massive Surge in Insurance Claims Processing During COVID-19 Times There is no denying the fact that these are unprecedented times. COVID-19 has wreaked havoc at every corner of the planet – taking lives and hampering livelihood. The world is facing an uphill task in
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In the world of evolving technology, Insurance Agencies are not only competing to manage legislative, governance and legal issues that affect their business practices and growth, but also competing with themselves by adopting latest technology trends to sustain and grow in the market. While businesses involved in Construction, Oil & Gas rely on Insurance Agencies
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The insurance industry is experiencing change on multiple fronts at a rate that has not been witnessed for at least a generation.The rising cost of claims and the complexity of managing claims is one of the pressing challenges insurance companies are facing.Regulations and compliance is increasing, reduced cost of entry for new market players is
Introduction Insurance agencies, especially smaller ones are finding themselves facing with Errors & Omissions (E&O) situations. With an average severity of $40,000+ for all E&O claims, the average homeowners is around $35,000, while for personal auto it is around $22,000. The legal actions relate to dereliction of professional duty, ranging from inadequate coverage, misrepresentation, delays
As we move into 2020, a new reality is emerging in many traditional industries. History and vestiges of working is becoming more of a competitive impediment, not a strategic advantage any more. New competitors, uncertain macroeconomic conditions, newer distribution channels and customers demanding 24/7 hassle free experience are posing many challenges to traditional incumbents who
Introduction Growing competition and increasing demands from customers are forcing Insurance agencies to consider investments in advanced AI, ML and other automation solutions. For many reasons, such investments are often difficult to justify by means of traditional economic analysis alone. As a result, it is often necessary to consider agency wide benefits associated with these
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Traditional Policy Checking methods in vogue today are manual, time-consuming and prone to errors. Outsourcing the process to an offshore company for cost arbitrage has not eliminated the challenges on this front. CSRs manually compare and review policies, proposals, schedules and quotes. On an average a CSR requires around 30 minutes to check a small
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A very critical, yet mundane activity that happens in Insurance industry is quote management. Customers request an insurance agency to provide quote that has best possible coverage and low premium that would meet their requirements. What really happens is in most agencies, the CSR reviews each individual quote, manually enter the information into an excel
