From simplifying global risk management and compliance to transforming claims processing and combating fraudulent claims, low-code automation solutions can deliver far-reaching benefits across the insurance value chain.
Low-code automation implementation can fuel innovation and drive transformation for insurance companies. Implementing business process management creates benefits across the value chain:
- Maintaining regulatory compliance
- Proactively transforming claims processes
- Improving the insurance customer experience
- Agent-broker channel automation
Living in the Past (and Quickly Aging Out)
Rapid technological advancements of the past decade have reshaped many industries, yet the multi-trillion-dollar insurance industry has largely avoided the ambit of disruption. With little incentive to change, the age-old industry remains stuck in a time of manually intensive legacy business processes and documentation procedures, with scores of papers to fill and many rounds of face-to-face discussions.
Across core business functions—including claims processing, underwriting, contracts, and product development—the insurance process has been constrained by manual processes that are far from transparent or reliable. Insurance transactions are entrenched in legacy technology that impedes process workflows and restrictive software for submitting, tracking, and paying out claims.
Say Goodbye to Endless Paperwork
Insurers spend up to 80 percent of their time wrangling with paperwork, misplaced data, misinterpretation, and human error before they can even begin to address customer requirements. There is nearly no time left to respond quickly to any potential new opportunities or competitive threats.
Legacy systems make sense, as long as insurers serve legacy customers, with legacy products, using legacy processes, through legacy channels. Today, demand is all about meeting and exceeding customers’ expectations. In other words, today’s customers demand better experience when it comes to customer service, affordability, and Omni channel communication.
Compliance Doesn’t Have to Be Complicated
Financial industries have seen a steady rise in regulatory reporting requirements. Insurance institutions in particular, have been under the scrutiny of regulators. Statutory and regulatory expectations, insurer reputation, and regulatory implications drive the need for robust compliance management capabilities. Effective compliance management can enable insurers to not only meet industry regulatory requirements more eaily, but build and maintain a satisfied customer base as well.
Insurance companies should look to user-friendly technologies that can help them to digitize systems and automate processes with customized solutions. A low-code technology platform like Appian’s makes it easy for users at a wide range of skill levels to build custom apps or workflows. Digital solutions provide better visibility and, thus, control over important regulatory compliance processes that were previously manual and disconnected with a robust compliance management powered by insurance technology.
End-to-End Automation for Claims
An effective claims administration is critical to business success because it optimizes the entire claims lifecycle, including submission, processing, adjudication, and payment/denial. Key to improving claims processing is the configuration of automated workflows and processes to an organization’s unique specifications. End-to-end automation of the claims process ultimately reduces claims expenses and yields a higher level of customer satisfaction. Appian insurance solutions allow insurers to cover all of these areas in depth with a low-code approach to digitizing and streamlining processes.
Prime’s expertise in implementing Appian low-code automation solutions for insurance organizations ensure that the solution is optimized and aligned to your organization’s business needs. Our team of Appian experts will help you prioritize, plan, and meet your organization’s goals.
To learn more about how Prime can help, contact us.