Key Management Group INC

  Quick Summary: Automation helps insurance companies expedite their processes and improve customer experiences. In this blog, you can read & explore automation in the insurance industry, its benefits, use cases, and what the future holds for insurance customers. Happy reading! As we stand in 2024, it’s not hard to imagine how modern technologies like AI, ML, RPA, and more have reshaped our world today. Businesses are leveraging these technologies to increase their productivity and deliver better value to customers. Like other businesses, automation in insurance businesses is the only viable solution for them to sustain and thrive in this volatile market. It will ultimately save them time and effort while significantly reducing the chances of errors caused by human intervention. As per a study , Robotic Process Automation (RPA) is expected to take the insurtech industry to $261.6 billion by 2026. How is automation in insurance the key to solving insurers’ most pressing chall...

  Straight-Through Processing (STP) is the accelerator for increasing productivity in the insurance industry. It’s the new-age way for insurance carriers to update their procedures to remain competitive in the ever-evolving market. Okay, so picture this scenario, You recently submitted an insurance application, anticipating a quick and easy procedure where your data moves without interruption from application to approval. But guess what? Your insurance operator works on laborious documentation, protracted processing periods, and the possibility of making tons of human errors.  No wonder you would be pissed off already! But the good part is - STP can help. But how? Let’s explore this blog. Issues with conventional insurance manual processing Let's consider the several difficulties associated with manual insurance processes: Processing delays: Human participation is needed at every manual stage of the process, including data entry, verification, and approval, which extends the ...