Why is automation in insurance industry important?

Automation in the insurance industry is paramount for optimizing operations, mitigating risk, and enhancing customer experiences. By integrating advanced technologies such as artificial intelligence and machine learning, insurers can streamline underwriting processes, expedite claims handling, and bolster fraud detection mechanisms. Automated systems enable real-time data analysis, for informed decision-making and personalized policy offerings.

What is policy automation in insurance?

Automation for policy processing, often referred to as policy automation, enables a largely touch-free processing. For instance, when an insured individual gets quotes and purchases a policy, either directly through a portal or via an agent, and subsequently, there's no manual intervention required throughout the policy's duration, including renewals, unless it breaches a predefined business rule.

What is the extent insurers can use AI in insurance underwriting?

Policy processing, influenced by the integration of AI in underwriting, can be fully automated or insurers can adopt a hybrid model, depending on the Line of Business (LOB). Ingesting a quote, enriching it with API based external data, applying AI/ml, business rules, rate and quote could all be triggers points for automation or manual intervention.

What steps can be automated in policy management?

Once an insured confirms purchase, policy automation can handle issuing NB policies, distributing deliverables, managing billing, processing online payments, handling Cancel for Non-Pay, creating renewal quotes, isolating renewal exception policies by rule, issuing renewals, generating compliance notices, and distributing deliverables – repeating this cycle perpetually.

Automation for Touchless Insurance Processing

The SimpleINSPIRE platform is very rich in automating insurance processes

Automation for Policy Touch Free Processing

The amount of automation available in SimpleINSPIRE is a predominant aspect of the platform, which can be utilized to the point that manual intervention can be eliminated in the policy life cycle. This allows you to create high-performance insurance models.
Imagine an insured quoting and purchasing a policy either through a direct sell portal or through an agent and thereafter no one from your company ever needing to touch the policy through the life of the policy, including renewals, unless it fails a business rule during its lifetime.

How much can you Automate

Based on the LOB you can either fully automate policy processing or have a hybrid of automation and manual processing. Ingesting a quote, enriching it with API based external data, applying AI/ml, business rules, rate and quote could all be triggers points for automation or manual intervention.
Once an insured confirms purchase, issue NB policy, distribute deliverables, manage billing, process online payments, process Cancel for Non-Pay, create renewal quotes, isolate renewal exception policies by rule, issue renewals, generate compliance notices, distribute deliverables – repeat cycle for ever and ever.

SimpleINSPIRE - Core Features

Collaborative Insurance Agent Portal

What Underwriters see is exactly what the Producers See

Underwriters & Producers Use the Same System
Automated Agency Commission Processing

Insurance Agent Portal