A Roadmap for Insurance Automation Technology

Just as travelers rely on roadmaps to navigate their way, insurance entities are increasingly turning to automation technology to map out efficient routes for various processes and to address critical challenges. But what exactly does the term “automation” mean, how is it being applied in the insurance industry, and what can insurance entities gain by taking the automation journey and leveraging its capabilities?

What is Automation Technology?
Automation in the insurance industry refers to the use of technology, software, and digital tools, such as automated workflow engines, conditional logic, artificial intelligence (AI) and machine learning (ML) technologies, to optimize various processes, tasks and workflows within the insurance ecosystem. 

It involves replacing manual, repetitive, and time-consuming activities with automated solutions. Simply put, automation technology makes the customer and broker experience less complicated, while increasing efficiency and accuracy. 

Taking the Automation Journey
Merriam-Webster defines a journey as a passage, act or instance of traveling from one place to another. When we talk about the “automation journey”, we’re not describing a destination where insurance entities immediately need to be – but rather, taking those initial steps of looking ahead at where they want to be and incrementally making it happen. 

When embarking on the automation journey, insurers should be given the flexibility to start simple and then transition up to greater capabilities in the future. For example, insurance companies can start by identifying and focusing on specific areas that will bring the most benefit and value, such as eliminating manual, repetitive and time-consuming processes. Many companies choose to start implementing automation technology in one of the following areas:  

• Data Entry 
• Document Generation 
• Underwriting & Risk Assessment
• Customer Support
• Policy Management & Distribution 

The benefit of working with the right insurtech is that they have the expertise to help insurance companies choose wisely and maximize the automation process. An experienced insurtech provider identifies critical issues and applies individual strategies to areas that can offer agents, wholesalers and carriers the most value – regardless of the operating system and other challenges. 

Once implemented, processes can be monitored for effectiveness and adjustments can be made to improve workflow results. As budgets allow, companies can begin to automate additional areas that may require improvements further down the road. 

There was a time when the insurance industry sat idly by, barely tapping into insurtech capabilities. According to InsurTech Magazine, the necessity of automation has become abundantly clear, and the industry is no longer just “nibbling at the edges” of automation technology but taking center stage. The automation journey is undoubtedly one worth embarking on – no matter how many stops you take to get there. 

About Surefyre, Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost anything, from outdated legacy systems to top-of-the-line programs. Our code-less integration platform makes your life easier by automating the submission, rating, quoting and binding process for all P&C insurance products.

To learn more, contact Shawn Gonzales, adviser and account executive, at sgonzales@surefyre.co or 415-480-9283. 

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