Emergn: Automation Frees Up Budgets, People so Insurers Deliver More with Less Costs
Insurers are finding automation a helpful tool to reduce errors in highly repetitive, complex processes, said Adam Goran, client partner, Emergn.
As technology continues to evolve, customers are expecting more from companies, Goran said.
Insurers are asking “how do I bring to market the relevant and meaningful products that are intuitive and easy to use -- that offer the self-serve model that customers have come to expect,” Goran said.
“Automation is a way of way of addressing that challenge directly in terms of freeing up people and budgets to do more and deliver more with less,” he said.
It also drives the opportunity to speed up outcomes and deliverables to market more quickly.
“The benefit of all of that is a better customer experience,” Goran said.
Automation speeds up processes, can help identify fraud earlier, and helps with more accurate decision making. In one case, automation helped an Emergn client reduce the time spent on new claims administration by 70%.
Automation is a way of way of addressing that challenge directly in terms of freeing up people and budgets to do more and deliver more with less
“In real terms, that means that process went from a matter of weeks to a matter of hours. And with it came a significant cost benefit,” Goran said. It reduced error rates, and improved customer satisfaction.
“Most importantly, though, it freed up people and budget to focus on priorities that were higher in their backlog of work,” Goran said.
When it comes to adopting automation, Goran said he recommends insurers start small, where there's low risk, so that the value can be proven. Once companies have a chance to learn from its experience, they can scale the operations to other areas.
“We often recommend to insurance companies starting with claims automation. It's low risk, but has the potential for high reward and it is easily scaled,” Goran said.
“The most important message here is that it frees up people and budget to focus on more strategic priorities,” he said.
Adam Goran, a Client Partner at Emergn, a global professional services consultancy, is an accomplished expert with more than 25 years of experience helping global enterprises embrace customer centricity and digital transformation. Most recently, Adam has partnered with a number of insurance companies, including Covéa Insurance and Vhi Healthcare, helping them to navigate the rapidly shifting industry to successfully modernise their ways of working and launch new products and services that deliver exceptional customer experiences, enable actionable insights, and drive growth.