Robotic Automation and the Future of Direct Life Insurance Carriers
Robotic Automation in Direct Life Insurance: The Future is Here
In an increasingly digital world, robotic automation is set to revolutionize direct life insurers' operations. McKinsey predicts the insurance industry could automate by 2025 up to 25% of tasks currently performed by humans. The introduction of this technology into direct life insurance carriers' workflows will usher in a new era of efficiency, amplified customer service, and improved claims process.
Boosting Efficiency with Robotic Automation
Robotic automation application in direct life insurance carriers can drastically improve operational efficiency. According to Accenture's study, automation could result in up to 287% Return on Investment within three years. Through streamlining monotonous tasks like policy administration, underwriting, or claims processing, companies can achieve significant time and cost savings. This efficient business model is sure to result in a positive turnover, thus signalling the potential profitability of robotic automation in life insurance.
Improving Customer Service through Robotic Automation
Customer service is a vital aspect of any insurance carrier's business model. Robotic Process Automation (RPA) has the potential to drastically improve customer satisfaction rates. According to a report by Ernst & Young, RPA can increase process speed by up to 20%, allowing for more promptly resolved customer issues and enquiries. Moreover, robotic automation can also ensure more accurate responses, leading to an elevated customer experience.
Revamping the Claims Process with Robotic Automation
The claims process in life insurance has always been a cumbersome, time-consuming task. However, with the implementation of robotic automation, insurers could potentially expedite this process by effectively reducing the duration of the claim settlement process. Companies who've already implemented RPA report a 30-50% reduction in claims cycle time, according to Deloitte. This transformation will minimize error-prone operations, deliver a high accuracy rate, and enhance customer satisfaction.
Key Takeaways
- Robotic automation can efficiently automate up to 25% of tasks currently performed by humans in the life insurance industry.
- Implementing Robotic Process Automation can provide a return on investment up to 287%.
- Improvement of customer service with the impletion RPA can increase process speed by up to 20%.
- Incorporation of RPA in the claim process can result in a 30-50% reduction in claims cycle time.
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