Streamlining operations, increasing efficiency, reducing costs, and continuous product innovation have been standard operating procedures for insurance organizations for decades, but the pace has increased since insurance quoting went online.
Expertise in marketing, claims processing, and underwriting are no longer unique competitive advantages, and insurance companies are looking for new ways to operate. As a result of this trend, they are embracing AI, big data, and the cloud, and focusing more on automation for insurance, all to create and grow their competitive advantages.
Start with Process Analysis
Automation for insurance can start with a variety of processes but automating quote delivery is one of the lowest hanging fruit.
The first step of any automation project is to analyze the existing process to determine exactly what can be automated. It’s critical to get the insurance analysts involved from the very beginning. Not only do they hold the institutional memory for how things are done, but their experience leaves them full of ideas about how to do things better.
During this process, standardized criteria for each insurance policy and rate will need to be determined. Also, the various data sources required to implement automation for insurance need to be mapped out. They may include the CRM, the mainframe, and/or the cloud.
Build the Business Process Automation
The key to automating quote delivery is using a business rules engine for insurance within a business process automation platform to allow for the creation of automated analysis and comparison of insurance data to streamline quote creation. Furthermore, automation for insurance using business rules reduces manual processes and eliminates errors while simultaneously accelerating quote creation.