In the ever-evolving landscape of the insurance industry, the efficient handling of claims is paramount; insurance companies face the dual challenge of processing claims promptly while maintaining accuracy and compliance. But there’s another challenge on the horizon: a looming talent shortage that’s already beginning to reshape the insurance landscape.
According to the U.S. Bureau of Labor Statistics, 50% of the current insurance workforce will retire by 2036, leaving more than 400,000 positions open. Those positions are unlikely to be backfilled by younger workers, who are not showing much interest in insurance careers—in 2021, less than 25% of the industry was under the age of 35.
This talent shortage could present a serious customer experience problem for insurers, and the claims organization specifically, since the claims experience doesn’t just impact an insurer’s loss ratios, but the bottom line as a whole. Policyholders who have positive claims experiences are 3.5 times more likely to renew their policies, while 83% of policyholders who had unsatisfactory claims experiences planned to either switch to a new provider or had already done so.
With claims driving the financial success of an insurance company on both sides of the combined ratio, the impending lack of claims talent has the potential to negatively impact every insurer’s bottom line. While the industry as a whole needs to tackle the challenge of making insurance more attractive as a career choice, the flipside is to embrace the power of automation to support the workforce, accelerating the administrative side of the claims process to enable them to focus on higher-value areas that require a human touch.
Enter Autopilot Workflow Service
In the Innsbruck release, Guidewire launched Autopilot Workflow Service, a new cloud microservice that enables P&C insurers to easily define, manage, and optimize automation across the P&C lifecycle by leveraging user-friendly low-code tools and seamless integration capabilities.
Now, with our Jasper Release, we’ve released our Autopilot Workflow Service Template for Auto Physical Damage—the first in a series of planned templates to help insurers speed workflow development, streamline their claims operations, and unlock a myriad of benefits, including:
-
Enhanced Efficiency One of the most significant advantages of automated workflows for insurance claims is the enhancement of efficiency throughout the claims lifecycle. With low-code tooling and pre-built templates, insurers can automate repetitive tasks, reduce manual intervention, and expedite the claims handling process. Autopilot Workflow Service enables seamless integration between ClaimCenter and our partners’ systems, facilitating the flow of information and eliminating bottlenecks.
-
Improved Business & IT Collaboration Early engagement and prototyping, enabled by the new tools Autopilot Workflow Service provides, drive enhanced levels of collaboration between the claims and IT teams to build and implement new automations. This results in greater speed to market, as compared to traditional coding and linear business-rule-driven automation.
-
Accelerated Claim Resolution Speed is of the essence when it comes to claims processing, and automation holds the key to accelerating claim resolution. By automating routine tasks such as data entry, document processing, and claim validation, insurers can significantly reduce the time taken to process and adjudicate claims. Real-time data and embedded analytics, provided both by ClaimCenter and our partners, support decision-making and enable insurers to identify fraudulent claims, assess risk, and make informed decisions quickly. Faster decisions facilitate faster settlements, leading to improved customer satisfaction.
-
Ensured Accuracy and Compliance Manual claims processing is inherently susceptible to errors, which can have far-reaching implications for insurers, including financial losses and reputational damage. Automated workflows mitigate the risk of human error by enforcing standardized processes, performing data validation checks, and flagging anomalies for further review. Automation also enables insurers to adhere to regulatory requirements and compliance standards effortlessly, ensuring that claims handling practices are consistent, transparent, and audit-ready.
-
Optimized Resource Allocation By automating routine and repetitive tasks, insurers can free up claims adjusters and underwriters from mundane administrative tasks, allowing them to focus on complex claims, customer interactions, and strategic initiatives. This not only improves employee satisfaction and morale but also enhances the overall productivity and effectiveness of the claims department, all of which generally lead to happier customers.
-
Improved Customer Experience In today's digital age, customers expect seamless and personalized experiences across all touchpoints—including claims processing, where customers are simultaneously feeling their most vulnerable and deciding whether their insurer delivers an experience worth keeping at renewal. Integrating workflows with frontends developed within the Jutro Digital Platform enables insurers to deliver a superior customer experience by providing self-service options, real-time status updates, and personalized communication throughout the claims journey. By leveraging automation technologies, insurers can enhance customer satisfaction, foster loyalty, and differentiate themselves in a competitive marketplace.
The value of automated workflows for insurance claims cannot be overstated. By harnessing the power of automation, insurers can unlock efficiencies, accelerate claim resolution, ensure accuracy and compliance, optimize resource allocation, and improve the overall customer experience. As the insurance industry continues to evolve, embracing automation will be crucial for insurers to stay agile, competitive, and resilient in a rapidly changing landscape. By investing in automated workflows, insurers can streamline their claims operations, drive operational excellence, and deliver greater value to policyholders, ultimately shaping the future of claims processing.
Discover how you can automate your claims operations and enhance customer satisfaction by scheduling a demo of the Autopilot Workflow Service today.
To learn more about the Jasper Release, including additional features, videos, and media announcements, visit the Jasper Release webpage.