The insurance industry has always been under tremendous pressure due to rising competition, changing consumer preferences, and changing government regulations. In such a scenario, automation has become a savior for the insurers to stay ahead in the ever-growing market. Go through this presentation by Cogneesol explaining top challenges faced by the insurance sector and how automation helping them to refine their processes to overcome these obstacles. Get more in details: https://bit.ly/1PaIZtk

1. HOW IS AUTOMATION
RESHAPING INSURANCE
INDUSTRY IN THIS
DIGITAL ERA?
Presented by Cogneesol Inc.

2. Automation has become the need of the hour
these days, and every business is moving
towards automation for better productivity.
And if we talk about the insurance industry,
every agency or life or non-life insurance, is
presently dealing with excessive workload &
slower back-office processes.
To survive the high competition and business
uncertainties, the insurers have to handle
claims processing, underwriting, and the
policy management process efficiently.

3. Insurance businesses are turning towards
automation, which is dramatically improving the
profit margins, customer experience, and is
streamlining non-core functions.
According to the McKinsey Global Institute
report the year 2017, the automation potential
for the Insurance and Finance industry is 43%.
By 2025, approx. 25% of tasks in the insurance
industry may get consolidated or replaced by
smart technologies, especially in operations and
administration.
If industries are stuck with the traditional ways
of working, they may face certain problems and
challenges in their daily life.

4. Let’s take a look at
some of the
issues/challenges
that insurers’ face:

5. The insurance industry has a heap of
data in both the forms- paper and
electronic. The manual effort to
analyze chunks of data from different
sources not only increases the cost &
complexity but errors as well.
1

6. The giant insurance companies face
operational inefficiencies and spend
more on administrative functions.
2

7. There are endless processes that are time-
consuming and repetitive like policy
quotes, underwriting, drafting receivables
& payables, renewing premium, etc., which
becomes difficult to handle manually.
3

8. Scalability is another matter that poses
problems during peak seasons in the
insurance sector. During natural
calamities, insurers to be more efficient
and accurate with regards to processing a
large volume of claims.
4

9. Now let’s understand how
intelligent automation will
help insurers to overcome all
these challenges:

10. WHAT IS INTELLIGENT
AUTOMATION?
Intelligent automation has changed the way
businesses and individuals proceed with their
daily tasks. However, machines have different
strengths and skills that accompany their
human managers. This approach can help
insurance companies to reinvent their business
processes for handling their growing volume,
pace, and complexity.

11. Primary Benefits
of Embracing
Intelligent
Automation Across
Insurance Business
Operations:

12. Intelligent automation can help insurers by
simplifying their complex processes like
underwriting, administration task, data
analysis, etc. . It will also help to reduce
time & efforts spent on non-core functions.
SIMPLIFIED
PROCESSES

13. Claims processing is the most crucial task
in the insurance industry, which is error-
prone and time-consuming. Embracing
technologies like AI, drones RPA, etc., can
help to manage claims activities efficiently
and accurately.
STREAMLINED CLAIMS
PROCESSING

14. ORGANIZED BACK-OFFICE
PROCESSES
Integrating your business process with
artificial intelligence or machine learning,
or virtual assistance services can help you
reduce the burden of processes like policy
management, commission management, .

15. Adopting these advanced technologies will
allow you to focus on enhancing customer
base to fulfill the changing market
expectations and adjusting to cost-related
constraints.
BETTER COST &
CUSTOMER
UNDERSTANDING

16. If you equip your business with the
appropriate tools, you can deliver better
services in this highly competitive market,
allowing you to gain an edge over
competitors..
HELPS TO SURVIVE
COMPETITIVE MARKET

17. By embracing these latest
technologies, the insurance
businesses can turn the challenges
into opportunities and fully optimize
their operational expenses, improve
overall efficiency, and maximize profits
CONCLUSION

18. Presented By:
An ISO 9001-2008 certified insurance
process outsourcing company, serving
insurance worldwide since 2008.

19. Contact with Us
Mailing Address
30 Wall Street, 8th York, NY 10005-2205
Email Address
info@cogneesol.com
Phone Number
+1 646 688 2821