Insurance
Swiss Post Solutions enables insurance companies to improve the customer experience and increase revenue per customer. Insurers can generate new revenue streams by automating their business processes.
BPO and Automation Services for the Insurance Industry
The performance of the insurance industry fluctuates as a result of social and economic factors. These factors include, but are not limited to, investment choices, legislation changes, interest rate fluctuations, and the global economic climate. All insurance companies have different internal factors, and the external factors also widely differ between insurance sub-industries.
With unpredictable and uncontrollable external factors, insurance companies must control their risks and ensure that business operations are running efficiently. Evolving marketplace challenges are leading insurance businesses to outsource their non-core business processes to third parties - allowing them to automate their non-human-centric operations.
Swiss Post Solutions enables insurers to become digital insurance enterprises. We identify opportunities for automation that streamline manual tasks, improve customer response times, reduce running costs, and enhance service quality.
The SPS approach gives insurance companies the tools to enable their own agility, rather than relying on legacy technology. Enabling our clients to fulfill their customer’s needs quickly and with minimal changes to their existing systems.
Insurance BPO Services by Swiss Post Solutions
Forms processing
SPS-based workflows for insurance companies: Our range of document processing solutions reduce Document Processing Services, optimize document processing times while ensuring control. They can also:
- Standardize operations
- Reduce legal and operational risks
- Reduce process costs
- Ensure long term stability of processes for insurers.
SPS has global sourcing capabilities and can provide on or Off-site Forms Processing Services.
Digital Mailroom
SPS Digital Mailroom Services manage your incoming physical mail and client communication through a centralized omni-channel service. Mail is organized, digitized, and distributed accordingly; transforming business mailroom services, maximizing efficiency, and making dramatic reductions to company paper consumption.
Output Management
SPS’ integrated Output Management System improves efficiency and transparency. From transactional printing and data input to material production, enveloping, and dispatch - we can manage your entire output management operation.
Insurance Claims Automation
Manage seasonal peaks and troughs, reduce waiting times and claims costs, while improving service quality and customer satisfaction. SPS Insurance claims automation software is designed to automate claims management processes. The system works by replicating processes such as contract validation, claims history checks, and validation of natural events.
The benefits of automation for the Insurance Industry
Insurance companies strive to improve operational costs, claims ratios, and customer service to make themselves attractive prospect for new business. By integrating intelligent automation (IA) software, insurers could reduce the cost of the claims process by 30%. These improvements mean more streamlined communication, transparency, as well as faster claims settlements, which all lead to improved customer satisfaction.
By implementing robotic process automation (RPA) within business operations, insurance companies can reap specific benefits, including:
- Faster and more efficient claims processing: RPA and claims processing software automate many of the tasks traditionally performed by claims operators, such as:
- Contract validation
- Claims history checks
- Validation of natural events
- Searching for cost-efficient replacement options.
- Regulation Compliance: Standardized business processes and automation tools reduce the need for human interaction. Utilizing software and machine learning to streamline data, thereby reducing errors, and improving compliance.
- Improved Customer Experience: Digital document management and omni-channel customer communication all make for faster claims processing, which produces a smoother customer experience. The better the customer experience, the more renewals and referrals, which increases profits and growth.
- Lower Operational Costs: By digitizing internal business processes, skilled teams can focus on core competencies and non-human-centric tasks can be automated. Thereby reducing many different costs, including the costs per claim, personnel, workplace productivity, office resources, IT support, and maintenance.
- Higher Profit Margin: Efficiency and productivity increase by simplifying and standardizing admin-heavy tasks. RPA software for insurance industries reduces the need for office resources and increases productivity per employee. Resulting in higher output with less outgoing costs.
- Higher operational efficiency: Automated insurance processes become standardized, resulting in faster document processing times. Depending on technology rather than a human workforce means fewer errors, faster output, and more productivity through standardized workflows.
Automation Tools for the Insurance Industry
Robotic process automation (RPA) is software that performs repetitive tasks, which were historically carried out by human employees. The aim of RPA is to increase workforce productivity, allowing skilled employees to focus on more value-adding tasks.
Several new automation technologies and techniques can be combined to improve operational efficiencies further. These digital technologies include:
Straight Through Processing (STP)
By digitally transforming paper documents and manual processes, insurance companies can achieve what is called Straight Through Processing or STP. STP enables high-volume financial transactions to be processed without human intervention, improving communication, cash allocation, money transfer speeds, and market rates.
Artificial Intelligence (AI)
Artificial intelligence (AI) is software that can think and learn for itself. AI dynamically analyzes data enabling RPA algorithms to more efficiently configure. Artificial intelligence (AI) software is invaluable in departments such as underwriting, customer service, and fraud detection.
Natural Language Processing (NLP)
NLP is used to understand the nuances of human language. The main objective of NLP is to read, decipher, and extrapolate the meaning from digital communications such as email. NLP is valuable for tasks such as high-volume data processing and helps to modernize the claims triage operation.
Optical Character Recognition (OCR)
OCR is a digital solution for human-error within data entry. OCR uses a range of visual, linguistic, and statistical techniques to process unstructured data. This service improvement helps to enhance customer service, business acquisition, cost reductions, and forecasting for insurers.
Intelligent Character Recognition (ICR)
ICR, or intelligent character recognition, is a form of OCR used to analyze multiple fonts and styles of handwriting. ICR technology uses AI to learn as it processes data, enabling the software to improve itself at deciphering handwriting. This technology is used in forms processing when digitizing physical documents to speed up the data processing operation.
Automated Claim Segmentation and Prioritization
Segmenting insurance claims at the point of inception can save up to 40% of the time from a claim's lifecycle. By automating the claims process, RPA software can assess complexity and urgency before recommending a course of action. Thus allowing your workforce to focus on core competencies, simplifying claims triage, improving customer service and reducing customer drop-offs.
Digital Claims Archiving
A digital claims archive files claims documents into an electronic archive. This allows for real-time file visibility, thereby reducing time spent sharing documents with decision-makers. By using a digital archive, clients can increase their STP speeds and generate audit trails, reducing the chances of insurance fraud.
Customer Experience Management (CEM)
Swiss Post Solutions' CEM helps businesses to monitor, organize, and manage their interactions with customers. Receiving this feedback enables companies to continuously improve their customer-facing processes to provide quick, efficient, and satisfactory customer service.
Digital Transformation for Insurance
SPS has years of experience in BPO and automation for the insurance industry. We have enabled our clients to:
- Identify and optimise business processes
- Reduce processing costs
- Define and deploy their digital transformation journey
- Improve customer experience and customer service
- Reduce risks by standardizing processes
- Improve business agility and quality control
We provide insurance automation services by helping to manage repetitive and high-volume tasks such as claims triage, claims segmentation and customer services. In addition to customer-facing systems, Swiss Post Solutions also manage back-office system integrations, and email classification with automated responses for customer care, all the way through to planning and executing a full digital transformation.
SPS systems integrate with legacy technology. This allows our clients to be fully agile and fulfil all their needs in short time periods, with minimal changes to their existing systems.