Four tools and processes that contribute to improving insurers’ operations

Insurance companies face new challenges this year due to external factors (a complex geopolitical landscape and conservative growth figures for global economies, among others), in addition to the rapid advance of artificial intelligence.

The rapid advance of artificial intelligence.

These scenarios push insurers to improve their operational efficiency, become more competitive, enhance customer experience, reduce costs and improve their risk management.

Robotic Process Automation (RPA), data analytics, internet of things (IoT), artificial intelligence (AI), are some of the tools that can become great allies of the insurance sector.

Four tools, four advantages:

  • RPA and BPM: They help insurance companies automate data and control flows, which improves efficiency and reduces errors. With RPA and BPM, policy issuance, claims handling, provider management, etc. Can be processed more quickly by automatically completing certain fields in forms.
  • Artificial intelligence and machine learning: These allow large amounts of data to be processed faster and more efficiently. For example, AI can help insurers identify patterns in claims and predict future risks.
  • Customer management (CRM): Helps insurance companies collect and organize customer data in a single location, allowing them to offer a more personalized and efficient service, improving the customer experience. In addition, CRM enables better business decisions based on data analysis.
  • IoT: Through the use of sensors and electronic devices, data can be collected on driver behavior, such as speed, distance traveled and location. Insurers can use this data to adjust auto insurance premiums based on the driver’s actual risk, which can make insurance more affordable for safer drivers.

In addition, these devices can help detect risk situations in real time (traffic accidents or floods) and respond quickly to reduce the impact of risks.

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