Five insurance automation use cases you've overlooked
Updated: Jun 7, 2020
Let's not hang about. We'll dive straight into the good stuff...
Updating the Motor Insurance Database (MID)
It's a pain, it involves logging into a new system and manually updating customer details that you've already plugged into your admin system. Would it be fantastic if it just happened automatically?
At 10p per lookup, this probably doesn't sound all that expensive, but what about for an Enterprise insurer? Were Aviva to check all of their customers each year, that'd cost them £3.34m! When you consider that the data itself is free, what is to stop insurers using bots to automatically check ever single policyholder, pre-bind.
Do you know how much time is wasted by people going back and forth with customers to agree the best garage, day or time for an appointment? What about an account manager scheduling their monthly call cadence with their brokers? Why not have a bot, using natural language processing, schedule the appointment with the other person for you?
eTrading System Testing
Got a new instance of Rulebook in place or just built your first scheme on Instanda? Why not throw robotic process automation at the platform to check how resilient it is and whether your product is returning the calculations you expected it to? Why have a human check 50 records by hand, when a robot can check 500 overnight? The best part is, you can also check how your system performs under high traffic too.
Attended automation is a really interesting area, that needs human intervention to trigger or proceed. Using that to drive collaboration amongst teams, for example referring an underwriting risk to someone with a higher level of authority. It's not only easier but gives a clean and auditable paper trail, without ever needing to leave your desk to go and find the right person.
Broker Presentation Transposition
Do you know how many hours I wasted typing a broker presentation into a rating tool before I could start underwriting? Let's assume I did 15 a day, for 47 working weeks a year. Each one probably took me 10 minutes. That's 587 hours per year that I was wasting on this. That's 73 working days per year. Now multiply that by the 5 underwriters in my team (367), across 7 UK branches (2,570). Conservatively, that was probably costing the company £593,670 a year in lost resource. So, what would the underwriter be doing with the extra time? More quotes, more revenue, more broker engagement.
If you liked these ideas, the full list is I came up with is 83!
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WRITTEN BY ED HALSEY
Any opinions expressed here are my own and not the views of any of my employers. They are personal views based upon a 15-year career in insurance across underwriting and sales roles at mainstream insurers, consultancy firms and technology providers.