A Guide to Insurance Automation Software and Top Vendors

Did you know that the total market value of the global insurance industry would exceed most countries' GDP?

Statista reported that in 2021 alone, a staggering $5.5 trillion was accounted for in insurance premiums. Only the USA and China reported a higher GDP than this. The statistics tell us about the might and importance of this colossal industry.

There’s no denying that to ensure operational efficiency, businesses in the insurance industry must utilize and foster innovation and automation. Enter insurance automation software. It empowers businesses by:

• Streamlining business operations
• Supercharging customer experiences
• Cutting down on operational costs
• Finding out potential fraud risks with automation
• Generating actionable and data-driven insights
• Facilitating quick claims processing

Today, we’ll explore the world of automated insurance. Let’s find out its key benefits, applications, pathways to implementation, and the top vendors driving this transformation. Also, let’s explore how novel technologies like no-code and low-code platforms are redefining the industry.

What is Insurance Automation Software?

Insurance automation software is a digital solution that uses a range of tools, including (but not limited to) AI, data analytics, workflow automation, and CRM to streamline insurance company operations at every step. From marketing to sales, underwriting to claims processing, it helps you automate the manual workflow across all activities.

You can use insurance automation software to effortlessly handle a host of functions, like:

• Accurately calculating quotes
• Responding quickly to customer inquiries
• Driving strategic marketing campaigns
• Ensuring call center responsiveness
• Managing investment accounting
• Simplifying policy processes from issuance to renewal
• Facilitating efficient billing and payment cycles
• Expediting the claims assignment and triage process

The bottom line is that you can significantly reduce manual oversight while getting timely results.

Benefits of Insurance Automation 

Integrating insurance automation software within the insurance landscape brings many tangible benefits beyond mere task management. Let's explore.

Improved efficiency

Traditional insurance practices often involve manual data entry, rigorous document verification, and extended processing times. Such manual dependencies can prolong claim settlements, intensify customer dissatisfaction, and place undue stress on your team with constant support calls.

Introducing automation into this mix dramatically transforms this scenario. With insurance automation software, tasks that once took days or weeks can now be executed faster and with fewer resources, driving efficiency across the board.

Enhanced customer experience

Do you recall the traditional scenario following a claim submission? Long waiting times, lack of real-time updates, and ambiguity surrounding claim progression. All these factors mar the customer experience.

However, once you implement insurance automation software, your customers will have the luxury of accessing a self-service portal. They’ll be able to get real-time updates on their claim status. Such transparency and speed substantially improve customer satisfaction, eliminating prolonged wait times and uncertainties.

Cost reduction

Through the capabilities of automation software, insurers can:

• Eliminate manual data entry costs
• Reduce overhead from paper-based processes
• Minimize human error and subsequent correction expenses
• Optimize workforce allocation
• Enhance scalability without proportional cost increase
• Curtail costs related to regulatory non-compliance fines
• Streamline communication, reducing associated expenses

Well-executed risk mitigation

Insurance businesses always have to maintain full compliance with multiple regulatory bodies. One of the most challenging aspects of this industry is that regulations are always changing. So, whenever a change occurs, the company must ensure every stakeholder adheres to it. The process consumes time and resources.

Automation solves this challenge by making it easy to update any rules and calculation methods and carries out the update system-wide.

With automation, you can retrieve any claim-related documents from the central document storage system within seconds, which is critical during the audit process and reduces the risk of being penalized for noncompliance.

Improved decision-making

Once you implement automation, you no longer have to work with outdated data gathered from various sources. Instead, you can always use the built-in analytical tools to draw insights from real-time data.

Now, your business analysts can quickly identify any potential or upcoming business risks, visualize trends, and take risk mitigation measures. Additionally, your marketing team can develop effective customer outreach programs with real-time data.

Use Cases for Automation in Insurance

Insurance automation software has a wide range of use cases within the insurance sector. They drive efficiency in numerous ways. Let’s look at five dominant use cases that tell us about the tools’ transformative potential.

Claims processing

For years, manual interventions and time-consuming evaluations have hindered the claims processing process. But with insurance automation software, this process is completely transformed.

The software collects data from various sources, evaluates the claim against policy terms, and automatically processes valid claims - all greatly accelerating the process while ensuring accuracy and consistency to reduce errors that could cause over or underpayment.

Underwriting

The power of automation in insurance underwriting is undeniable. By leveraging vast data reservoirs - from medical histories to financial records - the assessment and issuance process has been expedited, resulting in more reliable pricing decisions.

Billing automation

Insurance billing involves periodic payments, multiple payment plans, and methods; automation can help streamline the process. Once you implement insurance automation software, you can schedule bills, process payments, and even manage late fees or penalties without manual involvement.

As a result, collections become more timely, and billing discrepancies are reduced.

Customer support

Have customers ever been frustrated by limited office hours? With automation technology, insurance providers can now offer 24/7 customer support.

Chatbots and automated response systems quickly resolve common inquiries, so human agents are free to focus on more complex cases - ultimately delivering a superior service experience.

Marketing and sales

Insurance agents face one of the most competitive markets out there. To succeed, they must accurately target their audience and convert leads into sales.

Automation software can make this process much easier by segmenting the market, automating lead generation processes, and customizing campaigns based on user behavior and preferences.

What’s more, your agents can track campaign success, compare performance, and gain actionable insights to better customize future strategies.

How to Implement Insurance Automation Software

Successfully integrating insurance automation software into your company's operations requires a methodical approach. Here's a step-by-step guide to ensuring a seamless implementation:

Needs assessment

Identify the challenges and inefficiencies your company faces. Understand what success looks like - do you want to expedite claims, enhance customer interactions, or optimize billing? Setting clear objectives will inform your decisions moving forward.

Vendor selection

Compare products and make sure they fit your company's needs. Check reputation, reliability, support services, and customer reviews. Analyze cost implications and what you get in return, such as scalability and security features.

Customization

No two businesses are identical; custom-tailor the solution to suit your company's processes and needs – this could entail modifying certain functionalities or integrating with existing systems.

Data migration

Ensure all policy information, customer interactions, and more are transferred to the new system with accuracy. Conduct multiple layers of testing to confirm data integrity.

Employee training

Lastly, provide your staff with the skills they need to use the software effectively. Structured training sessions, resources, and open channels for questions can help ensure a successful implementation.

Best Insurance Automation Software Vendors

You’ll find many options while choosing the top insurance automation software. However, each of them comes with different strengths and features. To make things easier for you, we’ve listed the vendors that stand out:

1. Creatio

Creatio offers a CRM with a maximum degree of freedom and a no-code platform to automate insurance workflows.

Key features include:

• Sales: enhance lead management capabilities of your sales team and agents with AI/ML-powered predictive scoring and a unified digital workspace for agents.
• Marketing: equip your marketing team with advanced segmentation, campaign management, and loyalty management capabilities.
• Onboarding automation: simplify customer onboarding process with efficient KYC processes and omnichannel support.
• Underwriting and verification: obtain a holistic perspective on insurance information, utilize automated checklists, and ensure transparent document management.
• Claims processing: efficiently manage end-to-end claim lifecycle, from detailed investigations to precise appraisals.
• Policy administration: enable the seamless, centralized management of policies.
• No-code customization and configuration: tailor your business processes effortlessly, promoting flexibility and adaptability in a rapidly changing industry.

Discover how Creatio can revolutionize your insurance automation. See its powerful features in action!

Request live demo

2. Kofax

Kofax stands out as a comprehensive tool designed to optimize various insurance-related processes. Leveraging its capabilities ensures:

• Automated customer onboarding with real-time mobile engagement
• Proactive claims handling with automatic document capture
• Accelerated underwriting through swift data extraction
• Efficient digitization of branch-related policyholder documents
• Streamlined health and injury claims management
• Enhanced customer engagement with personalized communications

3. UiPath

UiPath provides enterprises with a comprehensive suite of automation capabilities for insurance businesses. Top features include:

• Practical AI integration
• Swift and holistic platform management
• Low-code development tools
• Combined RPA and API integrations
• Intelligent document processing
• Secure deployment of AI and machine learning models
• Versatile robotic capabilities for various tasks
• Enhanced collaborative decision-making between cross-departmental teams

4. 360SiteView

360SiteView streamlines insurance operations in various ways. The platform:

• Allows customers to report and manage their own interactions, enhancing overall experience and efficiency
• Offers both online and contact center interfaces
• Efficiently categorizes each task or request based on its specifics
• Allows teams to craft and deploy any digital process without technical expertise
• Demonstrates versatility by catering to diverse insurance sectors, from motor to marine, underscoring its broad applicability
• Enhances operational insights by providing real-time data through live video, images, and documents

5. Aclaimant

Aclaimant offers a powerful solution for insurance professionals, harmoniously blending technology with industry-specific needs to foster efficiency and real-time connectivity. They offer:

• Centralized RMIS for immediate incident-to-office connectivity
• Swift electronic submission of incidents and claims
• Secure and searchable repository for incident & claims forms
• Auto-completed OSHA forms and safety tracking

Wrapping Up

Manual handling of insurance tasks can lead to costly errors, delays, and an unsatisfying experience for employees and policyholders. But modern insurers need streamlined operations to thrive — this is where no-code automation platforms like Creatio come in.

Creatio offers a comprehensive solution tailored for insurance companies, providing a suite of tools including sales and marketing automation, seamless customer onboarding, efficient underwriting and verification, streamlined claim lifecycle management, and robust policy administration. With the added advantage of no-code customization and configuration, insurance companies can easily adapt and optimize their processes to meet evolving industry needs and drive business success.

By leveraging these advanced capabilities, insurers can guarantee accuracy, accelerate service delivery times, and ultimately increase customer satisfaction. If you're ready to elevate your insurance processes and provide superior service - it's time to look into Creatio.