Insurance Solutions | Georgina | 20 May 2022
Welcome to the edge of tomorrow. Here we explore technologies new to insurance; those digital data trends which will soon become commonplace. As the pace of change increases and the insurance industry rises to meet the challenge, stay with us to keep up with the very latest advancements.
In recent years, insurers have increasingly turned to automation solutions across a range of applications, from transforming claims processes to overhauling policy lifecycle management. Hyperautomation is the next stage in that automation evolution, promising added value for insurers and their policyholders.
Hyperautomation is the seamless conjunction between automation, digital management systems, artificial intelligence, process sequencing, robotics, and rapid reconfiguration. The summation of these technologies enables smart autonomous processing; systems capable of making intelligent decisions and delivering digital services at lightning speed.
Hyperautomation is the next step forward, but what does this mean for insurers and their policyholders?
How Hyperautomation helps insurers and policyholders
Makes it possible for insurers to manage complexity
Insurance processes are inherently complex. In many instances, this complexity has resulted in pools of automation dispersed throughout an insurer’s digital real estate. Hyperautomation forges active linkages between areas of automation and through self-learning systems, joins them into a smart, reconfigurable network. In that sense, Hyperautomation embraces complexity, rather than attempts to simplify it.
Customers want to interact digitally
Customers are increasingly willing to interact digitally, and many will actively choose an insurance product that they can access through a digital sales channel. Hyperautomation facilitates the digital supply chain, enabling the rapid launch and adaption of digital platforms to meet customer needs.
Gives power back to the business
A key aim of hyperautomation is the delivery of value-based services through rapid reconfiguration. Traditionally, bringing new products to market, or adapting existing services, is cumbersome and time-consuming. Hyperautomation allows for no, or low-code environments, administrable by business users on the fly. When combined with fusion teams, meshing business and IT professions within the same squad, such rapid reconfiguration functionality may be designed, built, and delivered with incredible results.
Policyholders want fast and functional interactions
A consequence of the modern world is how familiar and expectant we have become with instant, on-demand digital services. To keep up, hyperautomation views the digital supply chain as a holistic solution, all to better serve the customer. Whether that be a fully capable chatbot, guiding a policyholder through a claims notification, or in adaptable policy wordings built in response to customer needs, hyperautomation provides interactions which occur in seamless real-time.
Insurers may need to rethink how they structure their teams
Hyperautomation brings a new way of thinking about how services are provided, and insurers are thinking hard about how they structure their teams. Most usually within insurers, information technology and business units, such as underwriting, are distinct departments. In the same way, that fusion teams bring the business and technology professionals together, the larger structures of insurers may benefit from the same. This capability, to respond quickly to the marketplace, is a distinct advantage over less flexible competitors.
Supports innovation and new ways of thinking
The insurance industry is sometimes viewed as austere and immovable. The recent growth of insurance start-ups attempts to disrupt that assumption. Established insurers are fighting back though, and innovation is the new watchword for those breaking out of the box. Hyperautomation allows insurers to think like a start-up, to bring new products rapidly to market, or enter an emergent niche before anyone else notices it’s there.
What if I need help implementing hyperautomation in my business?
Endava, an Endava company, are expert in the realisation of technology for the insurance industry. Dependent upon your needs, we can provide consultancy, or build and deliver the right solution for you. Contact us now to discuss how we can help.