Insurance workflow routines are extremely complex processes that involve dealing with tons of data and performing numerous calculations and validations. If carried out manually, these activities will take a lot of time and keep a considerable workforce busy. By leveraging insurance workflow automation software, companies in the domain will revolutionize their shop floor practices, cut down on operational expenditures, improve the productivity of personnel, and augment the level of customer service.
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Use cases of insurance automation
The implementation of robotic process automation (RPA) enhanced by intelligent automation features and tools gives a powerful boost to the efficiency of any element of the business pipeline. Yet, automation software for insurance companies brings maximum value when employed to upgrade the following procedures.
Underwriting
Here, you can introduce automated processing of applications, segment customers based on their policy type, creditworthiness, claim history, or other factors, conduct risk assessments via analyzing customers’ previous insurance coverage, and more.
Claim management
Claims processing routine can be greatly advanced and accelerated via AI-powered validation of relevant documents, detection of fraudulent claims, calculation of payment sums and their instant disbursement, application of user-defined rules for claim rejection/approval, assignment of claim management tasks to personnel, etc.
Policy management
Insurance solutions will create customizable templates for all types of policies, update them if necessary, generate documents, and send them to clients via different channels.
Marketing
You will be able to hold sequential multi-channel campaigns that you can micro-target and tailor according to each client’s personal preferences and past history.
Customer support
Top-notch insurance agency automation software will let the clientele do a lot of things themselves, such as self-registering, updating personal information, filing claims, or paying for policies. Besides, they will receive automated notifications and communicate with virtual assistants to solve issues and get answers to standard questions.
Billing
Insurance software is highly instrumental in creating customer invoice templates in multiple languages and currencies, signing them with e-signature, supporting different payment methods, and real-time invoice status tracking.
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Major features of insurance automation software
Software for insurance automation offered by DICEUS aims to automatize operations, minimize human intervention, and maximize customer satisfaction. The following are the primary features which allow insurance organizations to attain operational excellence and make their business processes future-proof.
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Benefits of custom insurance automation software
When implemented by such a professional insurance automation software development company, solutions in this field usher in numerous benefits.
Why choose DICEUS for insurance automation?
- Trusted by leading insurance companies and brokers. Since 2011, we’ve been delivering innovative software solutions for some of the industry’s leading insurers and brokers: Vienna Insurance Group, UNIQA, Fairfax Group, and WTW. This rich experience has improved our understanding of the insurance industry’s specific demands and encouraged us to develop solutions that effectively address its operational and regulatory challenges.
- Our suite of ready-made software for insurers. We offer both customer-facing and internal ready-made software products for insurance businesses. Our suite includes a SuperApp supporting all essential types of insurance, AI-based Underwriting Workbench, Core Insurance Suite, Group Insurance Platform, Chatbot, Web Portal for customers, and Data Warehouse.
- Deep understanding of the insurance sector. With decades of experience developing advanced software solutions for the financial services sector, we understand your challenges and know what technology solutions can help you automate business operations. Our experts conduct business analysis to offer you an effective tech stack, optimal team composition, project roadmap, etc.
DICEUS insurance automation services
Having delivered numerous software automation projects, DICEUS provides custom insurance automation software development services along two lines.
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What affects the success of insurance automation software
Our approach to creating best-in-the-class insurance automation solutions includes the following vital aspects.
- AI-fueled analytics. This module is crucial for processing customer and third-party data, conducting risk assessments, and obtaining actionable insights regarding future campaigns, client segmentation, pricing, and more.
- Employee training. No matter how weighty the boons of an automation product are, companies won’t unlock its full potential unless their personnel learn to handle software properly.
- End-to-end automation. Organizations can get the maximum value from automation only if it covers all workflows across the entire insurance lifecycle and eliminates manual processes wherever possible.
- Focus on CX. The end-users’ satisfaction is the ultimate purpose of building insurance automation solutions. That is why we do our best to create user-friendly interfaces and straightforward customer journeys that will let both clients and insurers make the best of the software they utilize.
Factors affecting the cost of insurance automation projects
While embarking on software automation initiatives, insurance companies want to understand the sum they will have to allocate for it. We can announce the project cost after we learn the following information.
- Project complexity and scope
- The urgency of project completion
- The tech stack the project requires
- Engagement model you opt for (Dedicated Team or Time & Material)
- The cost of the RPA license
- Integration needs
How to understand that you need to consider automation
While harnessing automation software is an ultimate efficiency booster for any digitally-fueled organization, automation for insurance companies is mission-critical if they:
- Start their work and want to make an automation solution the core of their future business ecosystem
- Have complex insurance operations as a part of their workflow
- Need seamless integration of novel tools with their legacy ecosystem
- Aim at enhancing data security
- Are to comply with numerous industry-specific local regulations
- Plan to leverage smart contracts in their routine
Our achievements
Client reviews
Elena Markova
Board Member, UNIQA Ukraine
We were impressed by the depth of the UX analysis they did in terms of our customer’s research, buyer persona creation, user journey mapping, etc. All the information like research findings, for instance, was presented in a clear form (presentations, Miro boards, clear infographics) so it was quite easy to understand what we need to build and why.
Antoaneta Karagyozova
CPSO, Fadata
We are happy with DICEUS’ software implementation services. The team’s workflow is highly effective and professional in all aspects of the engagement. All clearly understand what goals we’d like to reach and do their best to do that as efficiently as possible. Overall, the partnership has been successful.
Phil Reynolds
CEO, BriteCore
The DICEUS team has consistently supported the BriteCore team for many years. Their engineers are well-educated and highly invested in the ongoing quality of the BriteCore platform with sustained relationships that extend over four years. We appreciate everything the DICEUS team brings to the table as a development partner.
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FAQ
What is insurance automation software development?
It is a combination of IT services aimed at creating and implementing automation technologies into pipeline insurance activities. Typically, automation tools are utilized to streamline and facilitate claim and policy management, underwriting, billing, customer support, BI analytics, and more.
How can automated systems benefit the insurance industry?
By embracing automation on a wide scale, insurance companies can reduce the amount of manual labor, minimize human-driven errors, improve risk management, keep abreast of changes in compliance regulations, increase the efficiency of their shop floor activities, and boost the level of customer service.
What distinguishes insurtech automation from traditional processes?
Automated workflows allow companies to switch to a more effective pipeline routine, where claim handling, policy management, underwriting, billing, and other operations are conducted faster. Besides, the lion’s share of customer-facing activities can be performed by clients themselves through various self-service capabilities.
How do efficiency software solutions benefit insurers?
Thanks to them, insurers can create customizable templates for various kinds of policies, validate incoming documents, quickly process applications and claims, calculate payments, detect fraud, and more. For managers, the assignment of claim management tasks, depending on the personnel qualification, location, experience, etc., becomes a cakewalk.
How can technology improve claims automation in insurance?
AI-driven insurance products are highly instrumental across all elements of the claim processing pipeline – from the validation of claim-supporting documents, damage estimation, and claims triage to calculating the due amount to be paid, communicating claim-related decisions to the client via multiple channels, and disbursing of the coverage to the customer.
What types of insurance companies benefit most from automation software?
Automation benefits all forms of insurance organizations—health, life, property and casualty, and commercial lines. High-volume operations, legacy, and multi-channel interaction organizations profit the most, as automation enables them to grow, save costs, and transform the delivery of services while not having to replace core systems.
