The key to unleashing the full potential of these solutions is to move beyond the investigating phase into industrializing at scale.
Here are the three dimensions insurers should consider as they mature and expand their use of intelligent solutions:
- Capabilities. Most insurers tend to approach intelligent solutions by evaluating a single technology such as robotic process automation (RPA) and applying it into an existing process without considering its broader use. Carriers should rather assess the potential of intelligent solutions as an array of capabilities and toolsets that can be combined to achieve business-wide value.
- Processes and experiences. Leading insurers rethink their entire processes with intelligent solutions in mind. They create “living” processes that continuously improve based on real-time data and algorithms. This outlook allows carriers to create new roles in the workforce and find new ways of working for humans and machines.
- Platforms. Insurers that are getting the best return on their technology investments are the ones recognizing intelligent solutions as a brand new platform. Integrating intelligent capabilities to infrastructure, people, skills, and governance are crucial to deploying them at scale.
Our Process Reimagined survey shows that insurers are developing intelligent capabilities at different speeds. Twenty-four percent of carriers are reinventing their processes to self-perform repeatable tasks, 31 percent are harnessing and analyzing data to drive new insights, advice and customer experiences, and 34 percent are rethinking human-machine collaboration to drive speed, quality, and consistency of outcomes.
The insurers that drive the best results from intelligent solutions automate processes to create efficiency and improve quality; enable humans to make better decisions in underwriting, claims, and payments; and transform customer, agent and employee experiences with intelligently enabled end-to-end processes.
Building toward an intelligent insurer means accelerating progress to living services and linking intelligent solutions to a larger organizational strategy.
In my next post, I will outline the five steps to success with intelligent solutions. In the meantime, you can contact me with your comments, questions, and feedback.