Insurance: Faster and more accurate underwriting with IPA
Highly detailed risk assessment is a key success factor for insurance companies – potential claims tomorrow directly influence financial planning and resources today. But what seems like a simple task is a challenge in everyday practical work.
There are many common business processes that can be completed faster, more accurately while remaining 100% compliant with regulations through automation. Some examples include new policies and existing contracts. An increasing volume of data is available on insured properties and their location, which must be taken into account when planning risk (and subsequent capital), both as updates to existing accounts and in algorithms for underwriting new ones.
Data management is one process that can be automated with great success, taking additional risk factors into account with the result that underwriting is faster and more accurate. This leads to improved margins, as the insurer can now calculate risk, reinsurance capital and premium levels more accurately.
Automating processes helps staff maintain data to free them from monotonous, time-consuming administrative tasks. The automated process is also faster and completely error-free meaning the underwriting process is more accurate and up-to-date. This affords the insurance company more planning security and flexibility.¹
Intelligent Process Automation (IPA) from 6point6
6point6 offers IPA by automating your business processes using BPM, RPA and AI as depicted in our three-pillar solution:
Our approach to deploying automation at scale begins with an assessment. This is the analysis stage where we engage with your teams and senior management to understand your needs, goals and processes – both in terms of how they work now, and how you want them to work in the future. In this way, we can identify repeatable processes that can be automated and how automation might impact the rest of the company. This is called our IPA assessment which enables you to better understand what automation is needed, and you can use these findings with no obligations.
Read more client stories about IPA here.
Director of Engineering
¹Servicetrace, “Case study”, 4 November 2019. https://www.servicetrace.de/en/insurance-underwriting-with-rpa/.