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Insurance rating software vs robotic process automation in insurance

Julianna Rice
August 26, 2022

The automation of business processes is a natural progression as service providers look to improve their efficiency, response times and general quality of customer service. There is a vast range and depth of automation available. We find that potential customers often confuse our insurance automation system with insurance rating software used to request, compare and contrast insurance quotes.

In reality, these two solutions are positioned at different ends of the automation spectrum, although they both serve a clearly defined purpose for insurance agencies.

The pros and cons of insurance rating software

The scope for insurance rating software is clearly defined when looking at comparative raters such as Applied Rater and EZ Lynx. The software offers an automated means of requesting the most competitive insurance package from various insurance carriers. There are several pros to consider, such as:

·      Numerous insurance carriers can be contacted at one time

·      Software creates an auto-generated report for the prospective customer

·      Enters the system of the chosen carrier to bind the policy

·      Insurance carriers can be added or deleted at any time

·      Entry data can be adjusted

·      Significant time savings for agencies and brokers

As you would expect, this relatively simple software does have limitations. Some of the cons to consider include:

·      Reactive, rather than a proactive, approach to policy pricing/renewal requests

·      Focus tends to be in generic areas such as P&C insurance coverage

·      Additional data, e.g. credit reports and MVRs, are not requested, so human intervention is still required for accuracy

·      Insurance carriers may change their terms/conditions after considering further information

There is no doubt we have seen significant improvements in insurance rating software in recent years. The time saved automating multiple insurance quote requests, and receiving quotes electronically, is substantial. While there is still an element of manual data entry, insurance agencies and insurance brokers have enjoyed significant cost savings, as have customers.

The pros and cons of cognitive solutions and Digital Coworkers

One of the main challenges we have at Roots Automation is educating potential and existing customers about the depth of enhanced automation offered by our cognitive bots, which we refer to as Digital Coworkers. We are often associated with insurance rating software when in reality, we offer so much more. Some of the positive aspects of cognitive process automation includes:

·      Proactive approach to insurance requests/renewals using CRM data

·      Customer automatically contacted with best insurance/renewal details

·      Info such as binding order, EOI, etc. are issued and sent automatically

·      Customer data is checked and cross-referenced, identifying potential human error

·      Processing time is between four and eight times faster than humans

·      99% plus straight-through processing rate

·      Breakeven within months, with an average 250% ROI

·      Huge time savings for agencies and brokers

·      Time savings allow greater focus on customer interaction/relationship building

·      Enhanced data gathering, including credit reports and MVRs, extends the type of insurance covered

When considering the cons associated with intelligent automation in insurance, it is difficult to see any significant issues. However, we have seen concerns expressed regarding:

·      Over-automation of the process

·      Initial cost (despite significant long-term cost savings)

·      Impact on workforce; some employees may fear the automation will replace them, and therefore they won't use it properly

In many ways, the highly efficient nature of cognitive solutions means that much of the work they carry out goes unnoticed. Depending on the services required, it is possible to create process automations that will control specific tasks and departments. The bot can even identify additional lines of business and cross-selling opportunities, and prompt CSRs to investigate further.

See also: Accelerating Policy Submissions, a case study

Which one is the best insurance rating software?

It is essential to realize that insurance comparative rating software and Digital Coworkers both have a role to play. Even though insurance rating software is more reactive than its proactive cognitive automation counterpart, it still falls under the umbrella of insurance agency automation and saves vast time and significant resources as it compares insurance rates. When it comes to Digital Coworkers, the number of tasks and processes they can take on is limited only to a business’s openness to automation.

Intelligent automation in insurance

We often hear reservations about the ongoing automation of the insurance industry, but is this a new phenomenon? Many brokers, agencies and their customers are blissfully unaware that insurance automation software has been an integral part of the industry for many years. This perfectly illustrates the subtle but effective role played by cognitive solutions, process automation bots, and even insurance rating software, despite its limited scope. The property market and the insurance sector were seen by many as the lasting bastions of tradition, fighting the onset of new technology and automation.

Before the introduction of insurance rating software, the process of finding the best insurance offer was lengthy and time-consuming. Agents would spend hours comparing car insurance rates among various companies, and even still, the rates would be inaccurate as they don't automatically pull the necessary reports. Automated insurance solutions make it easy to compare home insurance rates. We can only estimate the hundreds of millions of dollars saved by automating this process. For many policyholders, the days of simply renewing with your existing insurance provider have long gone. There is more choice, and choice brings opportunities for efficient, client-focused businesses.

Customer interaction and building relationships

Our Digital Coworkers can automate over 95% of individual processes. This has resulted in considerable efficiency improvements, almost eliminating human error, leaving agents and CSRs to concentrate on customer interactions and building relationships. Even in the sphere of automated solutions, the results returned are very impressive.

Recent surveys suggest that millennials are more focused on customer service than on the cost of insurance coverage. The price will always be a consideration, but insurance agencies and brokers will lose clients to competitors offering a better standard of customer service. At Roots Automation, we see this first hand, with our customers using the many hours saved by automation to reinvest into their customer services.

See also: How Does Automation Benefit the Insurance Industry?

Insurance industry automation is not a threat

Two of the main challenges to the increased use of automation in the insurance industry are education and culture. Consequently, those looking to introduce increasing degrees of automation shouldn't run before they can walk. Implementing insurance rating software has seen many agencies, brokers and clients making huge savings. A natural progression is to look at cognitive solutions, such as Digital Coworkers.

We know from experience that the best results are achieved when management, workforce, and customers pull in the same direction. Artificial intelligence continues to develop, and many believe it is still in its relative infancy. As it grows, so will the urgency to implement cognitive process automation within the insurance industry. Watch this space!

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