How Automation can Ensure Compliance in an Insurance Agency?

Posted In By ExdionRekha

September 1, 2020

What Insurance Agencies can do to Ensure Compliance and How IT can Help?

The stories and challenges of compliance narrated by insurance agencies struggling with manual operations is quite common.

The insurance domain is based on gigantic reservoirs of both structured and unstructured data forms, available in both paper and electronic documents. It requires monumental effort to extract information from all these documents. It is a costly process and is often prone to basic human errors.

Established insurance companies bank on IT for large volumes of data processing. The complex nature of a boatload of legacy applications can cause discrepancies. The sheer rigidity of the structure results in operations inefficiency and redundant administration costs.

Not just processing policy claims, there are a myriad of backend operations, which requires immense manual involvement. It is repetitive, tedious, time-consuming, and a costly process.

Like any other businesses, scalability is another essential factor which comes during different situations. For instance, during a pandemic situation like COVID19, there is tremendous pressure on the insurance agencies. As a result, agency  resources are bombarded with operational work and there is no time available when it comes to scalability and focusing on customer satisfaction.

How Automation can Help the IT Process?

Over the past few years, there has been a rapid spike in the adoption of automation built on AI and RPA especially in the insurance domain.

Companies are realizing that only core system innovation can help them to bridge the gaps. It can help them to achieve competitive edge by harnessing new-age innovations to replace the legacy infrastructure.

Automation is indeed the solution.

As more and more agencies are adopting the automation route, in this blog, we will discuss some of the major advantages of automating your processes.

Let’s dig deep and discover how automation helps in compliance management.

  • Saves Time : Anything that saves time in the insurance industry is regarded as gold. Automation is surely a gold mine in this regard. A typical insurance agency needs to deal with a large chunk of data. Processing large volumes of data was always a tedious and time-consuming process. Introducing automation frees up a lot of time which can be invested in marketing and enhancement of customer experience. Furthermore, it will help to take prompt actions and quick resolutions to customer queries.
  • Efficiency Matters : A simple data entry error can escalate into a huge financial problem. Large volumes of data processing is prone to human errors. It is an extremely intensive process. This is where automation can be a game-changer. It brings in 100% efficiency. No matter the volume, there are no chances of error. It makes the process convenient and drives maximum efficiency. Added to that, it ensures a streamlined workflow.
  • Better Customer Experience : Customer experience is one of the main dynamics of the modern-day business. More often than not, the scalability or the future of a business is determined by the number of happy clients. Ensuring customer satisfaction is an important parameter in the insurance sector. It is based upon emotions and you cannot rely on BOTS. However, BOTS can play a huge part in achieving that. An automated process frees up a lot of time. Instead of dealing with a chunk of data, employees can now dedicate maximum focus on solving customer queries. Quick resolution bolsters brand image and helps in winning customer’s trust.

Conclusion :

Exdion is one of the most recognized names in providing automated insurance solutions. Packed with modern algorithms, Exdion offers a range of solutions to enhance operations of any insurance agency. From data processing to proper information management, from auto-updated renewals to centralized library for documents, Exdion platforms provide a one-stop solution catering to diverse business requirements.

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