Hyperautomation in Insurance

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Hyperautomation: An Overview

Insurance enterprises across the world are harnessing the power of technology to automate repetitive and manual processes. However, in order to accomplish large-scale digital transformation, insurers need to venture beyond automating individual, siloed processes and relying on just robotic process automation (RPA). They should endeavor to achieve end-to-end intelligent process automation by means of a holistic strategy, and that’s where hyperautomation for insurance comes into the picture.

Hyperautomation combines robotic process automation (RPA) with advanced technologies such as artificial intelligence (AI), machine learning (ML), process analytics, and many more to help businesses accomplish end-to-end process transformation, vital to their long-term objectives.

Damco helps insurance enterprises ease their hyperautomation journey by helping them design, automate, implement, and manage critical workflows and processes. We leverage cutting-edge tools and technologies to strategically scale automation across business functions. With a proven track record of successfully implementing automation solutions for insurance businesses, we help clients through every stage of their hyperautomation lifecycle.

Our Approach to Automating Business
Functions & Processes

Discover

Discover

In this phase, we work closely with the client to understand their requirements and identify processes for automation. Accordingly, we build a hyperautomation roadmap and suggest suitable frameworks and engagement models.

Optimize & Implement

Optimize & Implement

Post discovery, we optimize and enhance the chosen processes with data inputs and eliminate their inefficiencies through AI-powered workflows. We leverage RPA to build smart and scalable automation solutions.

Run and Manage

Run and Manage

In this stage, we deploy automation at scale and make sure the automated processes run in a hassle-free manner. Implementation support is offered to resolve the challenges encountered.

Measure & Improve

Measure & Improve

Finally, we measure and track ROI for each process through interactive dashboards and reports. Based on the results, we implement changes and perform upgrades as required.

Hyperautomation: Insurance Use Cases

Sales & Marketing

Our sales and marketing hyperautomation solution helps insurance businesses expedite lead nurturing, reduce conversion time, run personalized campaigns, and derive valuable insights.

Platform Evaluation

Proficient evaluation of your insurance processes and requirements by our experts help you choose the right marketing automation platform for your insurance business.

Platform Set Up & Support

Post evaluation, our experts configure the CRM marketing automation or SMS marketing automation solution and assist your team to get it up and running.

Platform Integration

Integration of the right-fit marketing platform with the CRM allows for a seamless flow of information such as policy details and claim status.

Demand Generation

A comprehensive suite of demand generation services automates the entire follow-up process, cutting down the lead conversion time.

Content Marketing Strategy

We partner with you to deliver personalized content using the segmentation and reporting capabilities of our tools.

Automation Management

We manage the entire span of the marketing automation system, right from managing the leads to their qualification for the sales.

Sales and Marketing Automation

Tech Stack and Tools

Claims

We ensure paperless claims processing through a combination of AI decision making, machine translation, and intelligent document processing.

Real-Time FNOL

Automated extraction, classification, and completeness checks along with dynamic interaction forms to ensure instant feedback on the completeness and quality of the information.

Coverage Determination

AI-powered systems match the policy with the customer and check the policy coverage from the T&C document.

Claim Investigation & Evaluation

Automated verification of documentary and digital evidence to identify and detail the reasons for claim rejection.

Claim Resolution

AI performs triaging and the claim request is circulated around for the underwriting work. The final decision is communicated to the customer.

Claims Processing

Underwriting

We employ OCR, NLP, AI/ML, as well as third-party integrations to hyperautomate the complete underwriting process and reduce the time and cost involved.

Submission & Review

Completeness check is done using OCR/ICR/NLP-based extraction and indexation of application information.

Risk Assessment

Credit check, background check, fraud detection, and policy check carried out using AI-ML systems help in the early identification of complex risks.

Compliance Rules

Validation of the required fields and new business audits are done to ensure the applicant fulfills compliance requirements.

Policy Services

Automated endorsements, renewals, and billing to streamline policy services.

Underwriting Process

Document Processing

Damco’s document management practice provides intelligent extraction, classification, and retrieval of all important documents. The blend of ICR and ML capabilities allows us to classify and extract dynamic as well as static layouts including emails, Investigation/SIU docs, medical prescriptions, or handwritten forms.

Document Classification

Recognizing the type of document based on information processed during the ICR stage.

Page Classification

Recognizing a particular page in a document.

Information Extraction

Extracting key information based on machine learning rules.

Line Item Classification

Extracting and classifying key headers/type of information in a particular document, e.g., date, time, quantity, etc.

Intelligent Document Processing

Customer Onboarding

Our customer onboarding framework comprises digital verification, application risk scoring, e-KYC, compliance check, and self-enriching onboarding.

Digital Uploads

Customer data is filled digitally through app-based onboarding forms instead of manually through hand-held devices.

Customer Verification

Real-time ID verification, digital signatures, and digital document management allow for a hassle-free verification process.

Compliance Check

Video-based KYC and APIs reduce the compliance check time to less than 15 minutes.

Customer Onboarding

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