Insurers have been scrapping as much manual labour as they can from their day to day operations, though, according to one expert, automation can be tricker than most people realise - especially when it comes to as sector as complex as insurance.
JAVLN founder and CEO Dale Smith says that for insurers, many day to day tasks can be easily completed with 100% automation, though it may not always be appropriate when it comes to more complicated risks, or clients who require a more personalised approach. However, he says that in the areas where it is appropriate, there is ‘no excuse’ for not moving on to a fully automated, efficient system.
“Insurance business processes - whether we’re talking commercial or domestic risks - are reasonably similar,” Smith said.
“We start with perhaps multiple quotes with different excess options, through to presentation to customers, binding the risk, billing, collections, accounting and reporting.”
“Due to the nature of these processes and their similarity, there are huge advantages to automation,” he explained.
“Some of the automations that are available right now include automation of renewal processing, with either 100% or partial automation. High-volume, simple risks lend themselves to full automation here, as opposed to more complex risks which may need more input - but we have customers across the country who automate their renewal processing 100%.”
Smith says that some of the most popular areas of automation include renewals, billing and customer communication, and, for many insurers, removing and fully automating the more time-consuming tasks can free up a significant amount of financial resources.
“We also have automation of collection, either by reminders, email or text,” he explained.
“We have wide examples of our customers improving their cashflow, which is particularly relevant in this time.”
“Client receipting can be a very arduous and time-consuming task, but where receipts can be collected and processed automatically, there is no excuse that they shouldn’t be,” he added.
“Customers demand a world-class experience, and automation of communication to them is key to this experience. JAVLN can automate comms based on the parameters and content that businesses set, and that can be split by profiles of respective customers.
“Our ultimate goal is to ensure that our software supports businesses in a way that gives them back their time to grow and nurture their relationships.”
