How Automation in Insurance Speeds Up The Customer Onboarding Process 3X Faster

Every day, insurance agents need to process customer onboarding manually. For many of them, this tedious job is so boring and sometimes it’s also very stressful. During the peak season, with many new customers, human errors are unavoidable. As a result, the new customers will have a bad impression, and it could lead to many disadvantages in the future.

That’s why insurance companies need to automate the customer onboarding processes. Not only to free up agents from doing manual work, but it also significantly make the customer experience better.

Why Use Customer Onboarding Automation in Insurance?

The customer onboarding process required insurance agents to collect key end customer information and field support documents.

Receiving more than 500 customer records from agents every day, the operations team had to continue processing the data by decrypting, verifying, and updating the necessary details and documents in their main systems.

In the event of a discrepancy in the data, the agent had to contact the client for a solution. The biggest challenges were identifying fraudulent activity and expediting the verification process.

Many companies have not automated the customer onboarding process because they find it too complex or costly. In truth, if you don’t, it will cost them more.

Here are the reasons why companies need to start automating the customer onboarding processes.

Customers want a contactless process

Studies have shown that people want to be able to do things online without having to communicate with another person in order to buy cars, home insurance, etc. This includes obtaining a quote, choosing a policy, entering your information, and paying fees.

Companies that require you to speak directly with simple policy agents (such as auto and home insurance) may lose customers because of additional measures they don’t want to take.

Customers want a faster process

The faster you can submit a quote with the Instant Acceptance option, the more revenue you will receive. Because buying insurance can be very fast for many people, your digital onboarding system ensures that they get what they need right away and you get paid.

How Customer Onboarding Automation in Insurance Works

Cognitive Automation with native machine learning capabilities has been successfully deployed to automate the entire process.

Robots with intelligent OCR capabilities can accurately capture text and images from a wide variety of documents, including policies, contracts, identity cards, and passports.

After extracting the data, the bots will automatically transfer all the information into any ERP system. Then, automation enables real-time data comparison, including photo matching and document verification.