Successful RPA implementation to increase productivity up to 30% in the Insurance sector

Robotic process automation (RPA) technology is embraced by enterprises globally for varied sectors. The global robotic process automation market is growing in size with a CAGR of 24.9% between 2020 to 2027 and is expected to touch USD 6.10 billion by 2027.

The insurance industry is still exploring ways to leverage its capabilities to their full potential, those who have managed to make inroads are already experiencing extraordinary benefits. Considering that insurance is now an integral part of our lives, the benefits received from RPA adoption are enjoyed by insurers and customers. As a heavily regulated sector, insurance comes with a lot of documentation and standardized processes. Be it minimizing errors in claim processing or speeding up fraud detection processes, there’s a lot RPA can do to empower the insurance sector.

In its 21st CEO Survey, PwC iterates the importance of organizations becoming ‘bionic’ to enable humans and machines to work together to blend emotional and technological capabilities. It further repeats the role of RPA in making them bionic, citing it as the key to this transition.

Each product line in the insurance industry varies in its degree of standardization. Needless to say, the potential for automation differs too. Yet, experts unanimously agree on the incredible benefits of RPA in helping insurance companies save time and money across critical insurance processes.

According to Mckinsey, RPA promises a 30-200% return on investment in the first year.

Current insurers are now combining RPA with Artificial Intelligence (AI) to handle bigger workloads and analyze large volumes of data to convert them into actionable insights for better decision-making and business outcomes.

As you move forward with your RPA strategy, here are a few examples on how it can help increase productivity and reducing costs.

Underwriting & Pricing

According to Accenture, an underwriter typically spends more than 50% of the day on core processing. The market for technologies facilitating underwriting improvements has been growing continuously, and it comes as no surprise that RPA and AI are providing a huge impetus. RPA helps in ensuring accurate data checks to understand the insurance history of customers.

A significant part of underwriting involves determining the right price taking into consideration the risks involved. Insurers depend on RPA, AI, and analytics to get information from connected devices, sensors, and wearables. This data in real-time provides useful insights into customer-specific risks while providing an opportunity for insurers to offer personalized services and customized covers.

The services they offer also include alerts, rewards, and messages that help them transcend their roles from being risk insurers to risk mitigators. RPA can also assess loss runs and provide pricing options based on customers’ claims insurance history.

Global insurer Zurich, used RPA to free up its commercial underwriters to devote their time to more complex policies while boilerplate policies get handled by smart software.

Sales and Marketing

RPA helps insurers address the ‘advice gap’ from online portals that offer price and feature comparisons. Customers can now chat with their virtual insurance manager, convey their needs, and get the right advice and recommendations. RPA also enables insurers to mine non-traditional data that comes from social media, allowing them to upsell and cross-sell based on individual activities. For instance, those planning to travel may want additional coverage if they are going to participate in activities such as paragliding or skiing.

RPA helps agents find the information they need without having to wait for a sales representative to assist them. It also helps companies manage their brand persona online while ensuring compliance with rules and regulations.

Customer Service

A survey by TechSee confirms 39% of participants admitted to having canceled their contracts due to poor customer service. But with the foray of RPA, back-end processes are now linked to front-end service so perfectly that chatbots now identify the customer even before a call is answered.

Customer-facing chatbots can help customers with everything they need right from providing policy status and payment details to sending automated policy renewals and pre-loss warnings. RPA also takes care of reporting and compliance requirements so that records are readily available for quick reviews, reconciliations, and compliance checks.
UK based leading insurance carrier, Swinton implemented RPA technology to provide agents with assistance in handling new processes and to guide them through customer journeys. This shortened calls by over 50 seconds each on average and the contact center capacity was increased to handle an extra 7,781 calls per month.

Claims and Fraud Detection

TechSee points out how customers absolutely expect 3-second claim payouts and will not think twice before taking their business elsewhere if their expectations are not met. This is where RPA comes in. It offers the much-needed speed and accuracy required in a claims journey and self-service options to induce transparency into the process further.

Digital interfaces are convenient and preferred, too, as insurers introduce novel ways to settle claims. Apps are also being used to enable customers to assess damage to their car in case of accidents with their smartphone cameras’ help. The apps offer repair cost estimates based on thousands of images they have been trained on. RPA also helps in fraud detection and identification of suspicious claims with predictive analytics and machine learning.

Policy Management and Regulatory Compliance

While it may be expensive to have a dedicated policy administration software, RPA comes as a simple, safe, and scalable alternative to manage diverse policy activities. These include accounting, settlements, risk capture, credit control, regulatory compliance, etc., that need to be accurate but come with a high risk of errors if done manually.

US insurer Lemonade set a world record in paying a claim within 3 seconds of receiving details. The customers can explain the situation via their phone camera and submit it without paperwork. The Lemonade claim bot then runs algorithms on the details to validate any fraud. Post that payouts are instant.

RPA has proved to be a game-changer for the insurance industry, especially during the pandemic when the entire world has been forced to go digital. As Cliff Justice, a Principal in KPMG’s Innovation and Enterprise Solutions team rightly points out, “At this point in time, it’s not a question of whether you should or should not adopt RPA. You risk remaining relevant if you don’t. The question should be: ‘What’s the best way for your firm to employ RPA and AI.”

Automate Your Business with Trigent

In an ever-evolving world of innovations, we help you tide over diverse business challenges with automation solutions like RPA. Our extensive experience in the insurance sector gives us an edge in helping you transform your business. We will help you attain operational excellence while ensuring a faster ROI, all with the power of RPA.

Allow us to assess your business environment and tell you why RPA is the perfect fit for your business. Call us today.

5 Ways to Improve Customer Experience with AI in Retail in 2021

From the very beginning, businesses have always aimed to deliver the finest customer experience. Conversations between brands and consumers got more personal with time and modern technologies provided them the much-needed platform to connect and communicate. So much so that brands now know you like the back of their hand. Businesses worldwide have been leveraging artificial intelligence (AI) in retail to offer a personalized experience to consumers. They are now talking to you through AI-powered chatbots.

As consumers continue to juggle priorities at home and work amidst the pandemic, their expectations have gone through the roof. Time is precious and they are willing to indulge provided you anticipate their needs and fulfill them in the most efficient manner. As Kate Leggett, vice president and principal analyst at Forrester Research recently wrote, “Customers expect more from customer service organizations. They expect you to value their time, to make engagement easy, and to deliver answers and resolutions in a highly personal manner and in the context of their actions and journeys.”

Clearly, AI and automation have become customer service fundamentals of the modern age. Chatbot conversations, automated answers, customization are all driving factors. The AI-powered BMW factory in Germany stands testimony to the growing popularity of AI in the retail industry. The company has leveraged it well not only to ensure flawless perfection in its production processes but to also achieve 100% reliability for the cars that roll out from this particular setup.

Veritone’s The State of Artificial Intelligence in 2020 report predicts groundbreaking advances in machine learning and AI and expects 75% of commercial enterprise applications to use AI by 2021.

If you wish to level up your game in 2021, it’s time you transform customer experience with AI and chatbots. Here’s a quick sneak peek into the world of AI and chatbots and how it will transform retail in 2021.

1. Personalization with AI

AI has made it possible for retailers to predict the shopping behavior of consumers. They know what they like and exactly what’s on their mind. From wishlists to recommended products on Amazon and movies on Netflix to music on Spotify, they follow their digital footprints all the time. And that’s not all; they are now curating personalized content too. So now consumers are more pampered with promotional messages and customized deals targeted directly to them.

2. Data-driven predictions and insights

AI is bridging the gap between humans and machines like never before. Predictive models are being deployed to improve efficiency – be it to reduce energy consumption based on usage or avoid machine breakdowns by reminding consumers of car maintenance. AI gives a perspective on things ensuring growth in savings, performance, and efficiency.

3. A smarter world

As per Statistica, the number of digital voice assistants will touch 8.4 billion units by 2024 underlining their immense scope. Almost 60,000 smart devices support Alexa and the United States alone has more than 110 million virtual assistant users thanks to the increasing use of smartphones and other smart devices. Virtually everything from homes to vehicles is now connected and in turn, monitored. Voice-based searches are now part of our daily life and our best bet for digital searches on the go. Siri, Google Assistant, and Alexa have raised the benchmark for voice-based applications that are breaking new ground in different sectors including retail, banking, fashion, IT, eCommerce, and healthcare. In fact, voice interface is expected to be a driving factor for the retail sector in 2021 and beyond as most retail applications will have voice assistant capabilities to enhance experience and engagement.

4. Enhanced customer support

Chatbots will ensure that customers do not suffer even in non-working hours. While driving business revenues, they bring down operational costs and offer complete peace of mind to consumers. Juniper Research expects the number of successful retail chatbot interactions globally to go from 2.6 billion in 2019 to a whopping 22 billion by 2023.

5. Greater conversions through conversational commerce

Walk-in customers that were now forced to be at home due to the pandemic made contactless conversational commerce a runaway hit. Customers that used self-service as the first point of contact with a retailer were now eagerly lapping product catalogs through WhatsApp and Facebook, and other platforms. Omnichannel presence has now become the key for greater customer satisfaction and ‘my shopping my way’ has become the new mantra. Consumers now want to talk to their brands and have engaging conversations.

The LivePerson’s 2020 Consumer Preferences for Conversational Commerce report said 85% of global consumers are getting on to messaging brands and 75% were ready to spend more on brands that came up with the messaging option. Explained Robert LoCascio, founder and CEO of LivePerson, in the press release, “The evidence is clear: AI-powered messaging experiences are more in demand than ever before. Consumers around the world are clamoring for them, and they’ll even spend more money with brands that give them what they want. Brands that embrace conversational AI and infuse it with human qualities like empathy, love, and understanding will outperform their competitors and reach the cutting edge of customer service, marketing, and sales.”

Challenges of AI adoption in Retail

The potential of AI and chatbots however remains largely untapped despite its popularity. As per a 2018 U.S. Census Bureau survey, only 2.8% of companies in the U.S used machine learning indicating the achingly slow speed of technology adoption. Of course, things have changed radically now due to the pandemic. According to an exclusive study by Isobar based on inputs from 1350 global CMOs, 64% of them had completely or moderately changed their CX strategy to respond to changing needs in the Covid-19 crisis. While the focus remains on eliminating friction and pain points, building differentiation has become extremely important.

Successful AI adoption needs an understanding of what AI can and cannot do. AI will no doubt require skills that enterprises may lack as of now. Besides, there is the anxiety of adopting something new and the nagging fear of the unknown. Enterprises need to take into account both tangible and intangible benefits to determine the return on investment. No doubt AI will eliminate jobs but it will create many more jobs too. Gartner terms AI as a net-positive job motivator that will create 2.3 million jobs while eliminating 1.8 million jobs.

It is important to collate quality data that can help identify patterns, prevent errors, and lead to more positive outcomes. Data and skill deficit are in fact major hurdles to the successful adoption of AI. But with a little training and planning, AI adoption will prove to be a perfect investment.

Take the technological leap with Trigent

As consumers move from bricks to clicks, we urge you to embark on a journey of digital transformation with us. AI is the disruption modern organizations are gladly embracing to improve their bottom lines. At Trigent, we’ve packed tons of experience and value into easy-to-use intuitive solutions that can be easily deployed in your enterprise.

We will help you tide over implementation challenges and equip you with AI know-how. We will assess your needs and help you choose the right type of chatbot for your business. We will also help you create your own roadmap to ensure better business outcomes and a delightful customer experience.

Allow us to be your partners in progress. Call us today.