Intelligent Automation in Insurance
Reduce risks, accelerate processing, and improve customer relationships by optimizing your operational models with insurance automation.
Trusted by Leading Insurance Firms Globally
RPA Success Stories in Insurance
Intelligent Automation Transforming the Insurance Industry
From underwriting and claims processing to policy administration and fraud detection, Intelligent Automation in insurance can streamline operations across the entire value chain. With the ability to process vast amounts of data, analyze complex patterns, and make intelligent decisions, Artificial Intelligence, GenAI, and other advanced automation technologies empower insurers to deliver faster, more accurate, and personalized services to their customers. Intelligent Automation helps insurers stay compliant with ever-changing regulations and mitigate risks through advanced analytics.
Benefits of Nividous Insurance Automation
Obsolete models, inflexible legacy systems, and paper-intensive processes limit the speed of delivery. Intelligent automation in the insurance industry allows faster data processing by connecting discrete systems, fewer errors, and greater operational efficiency; Employees can focus on adding more value to customer engagements to strengthen their loyalty.
Integrate Legacy Systems
Eliminate the risk and cost of high investment in infrastructure and technology. Intelligent automation enables a non-invasive way of solution integration.
Expedite Process TAT
Improve speed of service delivery by automating both back and front-office operations, including policy administration and agency management processes.
Offer Customized Solutions
Intelligent automation allows for better insights using AI/ML and offers personalized solutions to meet customers’ needs.
Enhanced Risk Mitigation
Intelligent automation enables real-time monitoring, early detection of anomalies, and proactive risk mitigation strategies.
Improve Customer Service
AI-powered chatbots can handle up to 50% of digital customer contact, creating cost savings, improving efficiency, and enhancing customer experience.
Boost Operational Efficiency
Meet peak demand without the hassle of recruiting and training by leveraging IA-enabled digital workers that can be deployed on-demand.
Insurance Automation Use Cases
Common insurance automation use cases include: claims processing automation, which speeds up the settlement of claims; policy administration, automating tasks like policy issuance, renewals, and changes; underwriting, using Artificial Intelligence to assess risks and make faster underwriting decisions; fraud detection, employing Machine Learning to identify suspicious patterns and prevent fraudulent claims; and customer service, implementing chatbots and virtual assistants to provide 24/7 support. These applications not only enhance operational efficiency but also improve customer satisfaction and reduce costs.
Customer Onboarding
Insurance and Underwriting
Complex Document Automation
Policy Creation and Policy Issuance
Claims Processing
Commission Payouts Automation
Customer Service – Email Automation
Financial Statement Automation
Compliance Reporting
Premium Reconciliation
GenAI Based Early Claim Detection Model
Fraud Detection
Automated Validation of Death Certifications
Hear it From Our Happy Clients
Discover how we’ve helped your peers succeed.
ON-DEMAND WEBINAR
InsurTech Revolution: Unleashing AI’s Power in Insurance Operations
The insurance landscape is standing at the cusp of a transformative journey propelled by the unprecedented influence of Artificial Intelligence (AI). Watch our on-demand webinar to explore how AI is reshaping the fundamentals of the insurance industry, providing innovative solutions to tackle rising costs, evolving customer expectations, legacy data management, and the pursuit of heightened efficiency.
Additional Resources
eBook
Implementing Intelligent Document Processing Solutions: Why It Works
Discover how AI-powered IDP solutions can revolutionize your business operations by transforming legacy documents into valuable digital assets. Unlock new insights and gain a competitive edge by exploring real-world examples of achieving unparalleled efficiency and productivity through intelligent automation.
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AI For Business: Unlocking Success or Inviting Catastrophe
Understanding AI for business: risks, rewards, and common use cases.
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RPA In Insurance: What It Means (& 10 Case Studies)
Learn the advantages of applying Intelligent Automation to insurance processes.
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Intelligent Document Processing Use Cases in Insurance
Discover the IDP use cases across industries, including insurance and its benefits.
Insurance Automation FAQs
What is insurance automation?
Insurance automation involves using technologies like AI/ML, IDP, workflow automation and RPA to streamline and optimize processes within the insurance industry. This is crucial for addressing challenges like complex regulations, risk management, intense competition, and the need for seamless customer experiences. Automation is becoming essential for insurance companies seeking a competitive edge.
How can RPA help in insurance?
Robotic Process Automation (RPA) can significantly benefit the insurance industry by automating numerous rule-based tasks, including claims processing, policy administration, regulatory compliance and underwriting, customer service, and back-office operations. Overall, RPA helps insurance companies improve ROI and deliver better customer experiences by automating repetitive and time-consuming tasks.
Why is automation important for insurance?
A few years ago, insurance companies were hampered by outdated systems, some dating back to the 1960s and 1970s. These legacy platforms were deeply ingrained in their operations, making modernization seem nearly impossible.
Today, automation and process orchestration are revolutionizing the industry. Insurers can now break down these old, cumbersome systems into more flexible and scalable ones. This not only modernizes their operations but also helps avoid the costly mistakes of the past, breathing new life and agility into the industry.
What insurance companies are using AI?
As customers demand personalized insurance solutions, top insurers are leveraging intelligent automation, AI and ML technologies to enhance operations and improve customer satisfaction. Our “top 4” rankings are based on the National Association of Insurance Commissioners’ 2016 list of the top 25 insurance companies:
- State Farm
- Liberty Mutual
- Allstate
- Progressive Insurance
Notable Nividous clients include ONE INC., IndiaFirst Life Insurance, Coverfox, Bajaj Allianz General Insurance, SUD (Star Union Dai-iChi) Life Insurance, and Probus Insurance.
How automation is transforming the insurance industry?
Automation is revolutionizing the insurance industry by improving operational efficiency, reducing manual errors, expediting process turnaround time, and lowering costs. By automating routine tasks, insurance companies free up human resources to focus on more strategic and impactful work. This not only elevates operations but also empowers employees to contribute more significantly to their roles.
Start Your Insurance Automation Journey with Nividous
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