Providing great customer service is vital for success in any industry, and intelligent workflows make it easier for carriers and MGAs to stay ahead of the competition. Forward-looking insurers understand the benefits of implementing intelligent automation, or more expansive hyperautomation, to optimize their digital processes. In fact, Gartner lists hyperautomation among the top strategic technology trends for 2022. By automating manual tasks, carriers and MGAs can focus more attention on actively helping their customers.
What are intelligent workflows and how do they work with insurance?
A workflow consists of all the steps you take to complete a task. An intelligent workflow uses analytics, AI, and automation to make those steps simpler and more consistent. When MGAs and carriers make intelligent workflows part of insurance process management, they can cut work and costs, boost capacity, and lower E&O exposure.
Intelligent workflows improve combined ratio
Workers searching for a document in a complex database might make multiple attempts—as many as eight tries—to find the right information. That costs time and money, and it shows the importance of effective content management. With intelligent workflow process automation, you can better organize materials for your employees. Better organization results in faster turnaround and more time for more customers. A comprehensive study with feedback from 1,500 executives from around the world found 90% of those whose organizations were scaling intelligent automation reported higher-value work for their employees. Better insurance document management leads to better results for carriers and MGAs.
Intelligent workflows allow carriers and MGAs to increase efficiency
By standardizing workflows and automating processes, you gain visibility into the operational issues that create problems. With reliable data to clearly identify old bottlenecks or new opportunities, you can make quick and informed decisions. Think of it as proactive agility. Intelligent workflows ensure that the right person is handling the right task at the right time. This allows you to respond to customers faster—and win more business.
“The benefits and ROI [for intelligent workflows] are significant, even exponential. You’re decreasing operating costs by 40% to 70% within six months.”
-Dominique Dubois, Vice President & Senior Partner, IBM Consulting
Intelligent workflows help carriers and MGAs reduce the risk of E&O exposure
According to Insureon, depending on insurance specialty and other factors, the median E&O exposure cost for insurance professionals is $550 per year. A thorough and accurate running audit helps prevent potential E&O exposures. With less room for human error, the use of automated processes guarantees greater accuracy. This is particularly important in policy checking, where mistakes can often lead to E&O claims.
Ready to integrate intelligent workflows into your insurance process management?
You’ve promised the best customer experience, and intelligent workflows with effective content management will help you deliver. In our ebook, “Intelligent Workflow Guide," we outline the key components and benefits of intelligent workflows for carriers and MGAs.