Insurance Automation Solutions

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Bring Efficiencies in Your Insurance Systems for Accelerated Path to Value through Automation

From policy servicing, underwriting to claims processing, insurance workflows are exceptionally complex processes which entail tons of data, lengthy calculations, permutations and combinations. If worked out manually, these processes will keep a significant workforce busy with mundane activities. Now add to it, the escalating costs and risks, intensifying competition, and stringent regulations! Amid this, delivering a consistent yet highly personalized policyholder experience is a massive challenge. This requires optimization of end-to-end business processes, a task that can be only achieved by automating these processes.

Powered by our three decades of insurance domain experience and new-age technologies including Robotic Process Automation (RPA), our customized intelligent automation services help global insurance carriers, agents and brokers. These services have empowered them to modernize their legacy core processes, transform customer interactions, and accelerate time-to-market for innovative products and services. Leverage our insurance process automation services to unlock new levels of efficiency in your existing infrastructure and free up your staff to focus on more strategic initiatives. With a focus to improve the overall experience for your customers, we create customer journeys that are fulfilling for both customers and insurers.

Insurance Processes Automation

Our Approach to Automating Business
Functions & Processes

Automation Consulting

Automation Consulting

Get expert recommendations on your current projects and optimizing the existing automation solutions and detailed phased suggestions on launching greenfield automation systems.

Discovery & Implementation

Discovery & Implementation

Get tailored automation tools that are developed through an extensive audit of your business needs and concludes with the delivery of a fully functional, ready-to-use solution.

Measure & Improve

Bot Management & Support Services

Shared services-based maintenance and dedicated maintenance to ensure your bots/automation solutions remain efficient, up-to-date, and aligned with your evolving business needs.

Unfold the Benefits of Automated Insurance Operations for Your Business

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Use Cases of Damco’s Insurance Process Automation Services

Claims Automation

Streamline end-to-end claims journey, right from FNOL to claims adjustment with insurance claims automation. Reduce manual efforts in claim file setup, increase claims payment accuracy while ensuring proactive risk mitigation and enhancing customer service.

Policy Automation

Create tailored policy templates and automate various policy management processes such as policy generation and submission, policy updates and renewal while maintaining constant communication with policyholders through insurance policy automation.

Underwriting Automation

Introduce automation in insurance underwriting to achieve automated insurance application processing. Segment customers based on policy type, assessed customer risks and claims history and more.

Omnichannel Customer Service

Deliver seamless and superior customer services by automating payments through tailored customer invoice templates layered with different payment gateways and deploying automated self-service customer portals for easy registration, information updation, claims filing, and policy tracking.

Sales & Distribution

Transform insurance sales and distribution by automating and streamlining key tasks such as legal checks, credit scoring, compliance check, and sales recording to forecast the demand and plan the distribution while freeing up agents to focus on closing deals faster.

Marketing

Unlock the potential of hyper personalized marketing campaigns to micro-target your customers according to their preferences and previous history across multiple channels and ensure that your message resonates with their requirements to foster better engagement.

Agency Management

Streamline agency management by automating new agent onboarding process and reducing manual efforts in agent licensing and compensation while gaining real-time insights into their performance

Back Office Operations

Transform your support functions and departments by automating diverse financial processes and the under resourced human resource and IT departments and empower your teams to meet key performance goals, manage workloads more efficiently, and drive a strong RoI.

Broker Operations

Empower your brokers to focus on the most value generating tasks while automating processes such as quote generation and comparison, policy issuance and renewals, data management, and meeting regulatory compliances to drive greater revenue for brokerage.

Explore The Many Benefits of Automation in Insurance Industry

Accelerated Turn Around Time

Break down intra-departmental data silos, streamline traditional insurance processes, and work seamlessly with third party applications including payment gateways.

Reduced Cost

Streamline insurance operations, improve productivity across core operations, while eliminating rework with improved data accuracy.

Accelerated Claims Processing

Automate complex claims workflows to create positive customer experience by reducing claims processing time and improving the accuracy of claims settlement.

Enhanced Underwriting

Get easy and unrestricted access to both internal and external data through underwriting process automation to improve underwriting, risk analysis, and product innovation.

Improved Compliance

Identify and mitigate frauds proactively, comply with the latest regulations swiftly and reduce errors in claims for improved regulatory compliance.

Empowered Human Resources

Empower employees by automating redundant, high-volume, data intensive processes and free them up to focus on value-adding strategic activities.

Insurance Insights

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Harnessing the Power of Generative AI in Life Insurance Operations

FAQs

As one of the traditional industries, insurance is characterized by paper-driven manual tasks, endless phone calls, complex workflows and long waiting times, all contributing to human errors and prolonged processes. Automation technologies such as RPA in the insurance industry act as a catalyst for achieving more process efficiency transforming tasks that used to take weeks into ones that are completed in minutes. Whether it’s customer onboarding, quote generation, or claims settlement, decisions are fast-tracked, leading to reduced costs and improved productivity for insurers and more efficient, hassle-free services for policyholders.

There are two different approaches to joining the digital bandwagon. The first involves investing a significant portion of resources in transforming end-to-end core insurance systems and processes. Although a highly disruptive approach, it results in transformed processes and data, enabling product innovation and faster distribution. The second approach utilizes RPA like automation technologies to automate claims, policy administration, and underwriting processes, while leaving other operations unchanged. Our insurance process automation experts can help you realize significant automation levels cost-efficiently. However, for comprehensive and radical results, end-to-end transformation is required.

Automation can greatly impact your insurance company by streamlining traditional core operations, reducing operational costs, and improving customer satisfaction. Tasks that once took weeks, such as policy management and claims processing, can now be completed within minutes, without human errors or waiting queues. Additionally, automation enhances the entire policyholder journey through better communication and faster services at each touchpoint. It also frees up your employees from daily tasks, allowing them to focus on more strategic initiatives, leading to increased productivity and significant improvement in the topline.

For most of the insurance companies, almost 80% of the claims are simple in nature which don’t require human intervention. Insurance companies should opt for automation in insurance claims to reduce the cost of claims and improve processing turnaround time. New-age technologies such as Robotic Process Automation (RPA) not only speed up the claims process, but they also enhance accuracy, and strengthen fraud detection efforts. In conclusion, the efficient claims process ultimately benefits both insurers and their clients only.

Automation, indeed, is beneficial for insurance companies of all sizes. For large insurance carriers, brokers, and agents, automation can streamline the complex core operations, reduce overheads, and improve overall accuracy. It empowers teams to handle high data and transaction volumes efficiently, leading to improved productivity and customer satisfaction. For smaller forms, automation provides a much-needed launch pad toward bringing in efficiency with limited resources. Regardless of the size, automation is a strategic initiative that improves service delivery, reduces costs, and maintains industry compliance, thus driving success in the longer run.