Transforming Insurance with Hyperautomation

As we navigate the fast lanes of today's digital age, insurance companies find themselves challenged. On one hand, they face the rise of customer expectations, which are higher than ever—clients demand fast processing of their claims. On the other hand, insurers wrestle with elaborate processes marked by multiple handoffs and manual data entries. This dichotomy often leads to unmet customer expectations and the mounting of escalated operational costs. The way forward in addressing these challenges lies in the scope of Hyperautomation.

The power of Hyperautomation lies not in the automation of tasks but the orchestration of end-to-end processes. It is an advanced application of technology, strategically employing an array of tools to drive the rate of automation. It's the synergy of these tools, working in harmony, that unlocks unprecedented levels of automation. By doing this, activities are not just automated in isolation. Instead, entire processes are streamlined, leading to operational synergy and efficiency. For insurance companies, this evolution translates into an optimal blend of human expertise and robotic efficiency. Complex tasks such as claim assessments or underwriting decisions, which require a human touch, are seamlessly integrated with automated tasks - data collection, report generation, or routine customer queries. With Hyperautomation, the human workforce can focus more on core responsibilities, free from time-consuming manual tasks, leading to increased productivity and quality.

Now let's delve into a practical scenario to see how Hyperautomation can transform a typical insurance claim process by using Robotic Process Automation (RPA), Intelligent Document Processing (IDP), and other aspects.

We initiate the claims process at the point of incident - a customer encounters a car accident and promptly reports it using the insurance company's mobile app or website. This report isn't sent alone but is accompanied by supporting evidence in the form of photographs: the damaged vehicle, the accident scene, and essential documentation, the police report and driver's license.

Back at the insurance company's office, the real work begins. A low-code system receives the report and springs into action. With the help of Intelligent Document Processing (IDP), it quickly ingests and organizes the customer's identification details. An agent is then assigned to the case, and the customer receives a notification confirming the receipt of their claim.

Up next is a policy coverage check. An RPA robot is sent to verify the claim's coverage against the policy system in record time. This process even manages to navigate older, more complex systems smoothly. The customer is kept in the loop as they're informed about the ongoing claim processing.

RPA gets called into service once again. It retrieves necessary quote data directly from the garage's website in instances where an insurance system might lack a complete API. This newfound data is swiftly entered into the claim, rendering a more detailed and informed claim for further processes.

With the claim fully prepared, settlement comes into focus. The customer receives a claim settlement letter, and if the damage amounts fall below a specific threshold, the payout gets processed automatically. However, not all claims are this straightforward - for larger amounts or those damages not commonly covered, the claim is routed for manual review by an agent. At the same time, an authorization is sent out to the garage, permitting them to commence repairs.

Finally, the process reaches its closure. The policy status is updated signifying the completion of the claim process. Depending on the situation, the policy might also be updated following the claim.

This process effectively underscores the principle of 'Human-in-the-Loop' which gains increased relevance in the scope of Hyperautomation. Throughout this automated journey, decision-making milestones are earmarked for human interventions. Agents can approve, reject, or gather extra information for claim aspects. It's this combination of modern technology and human judgement that can streamline and enhance claim processing in the insurance sector. The art lies in knowing when to allow machines to take over and also when to let human discretion take the lead.

The journey through Hyperautomation as applied to an insurance claim process is a clear demonstration of its transformative potential. However, realizing this potential can sometimes be more complex than anticipated. It is crucial to remember that the application of hyperautomation is not solely about utilizing technology but also about the alignment of effective governance and change management. Understanding this, you might wonder how to ensure your organization is on the right path and making the most of what Hyperautomation can offer. That's where our Hyperautomation Maturity Scan can guide you. It's a tool designed to assess your current Hyperautomation maturity level and pinpoint areas for improvement, helping you to tailor a more effective and efficient approach to automation. By utilizing this scan, you gain a clearer view of your organization’s potential and future in the scope of hyperautomation. Take a step towards improved productivity and quality today by enhancing your automation journey with our scan.