Rocket Software Partner Webinar Series: How Automation Fixes Insurance Company’s Content Management Problems
April 12, 2023
Rocket Software’s partner webinar series, Disrupting Without Disruption, has returned with a brand new session. This series brings together some of the leading minds within our partner network to shed light on the toughest modernization challenges facing our customers and broader community.
In the latest webinar, Eric Howse, enterprise sales director – north central at Zia Consulting, and Rocket Software Strategic Content Specialist, Bill Davit, join host Mac Gupta to discuss how automation can deliver better business outcomes and solve some of the toughest challenges facing the insurance industry today.
Insurance companies, many of which are publicly traded, have a responsibility to deliver for their shareholders—defining success in terms of profitability and growth. At a time where volatility, global warming, and pandemics have upended major aspects of the insurance industry, Eric and Bill highlight the value that automation, particularly hyperautomation solutions like robotic process automation (RPA), can have for these businesses as they look to get a handle on everything from the underwriting process to providing better customer service. Throughout the conversation, both Eric and Bill agree the importance of automation in content management cannot be overstated.
Automation in the Insurance Industry
With external factors causing dramatic fluctuations in pricing, insurance companies and actuaries have increasingly realized the value of automation throughout their processes. Looking at trends that are impacting insurance operations, Eric notes that the industry tends to fall anywhere from seven to 10 years behind the latest tech trends, continuing to rely on mainframe applications that are cheap to maintain, but also expensive and complicated to replace. With that, more insurance companies are looking for better ways to interact with their legacy systems. And one of the most popular methods to do so is through automation, specifically hyperautomation tools. More insurance companies have begun to automate the underwriting and claims processes, removing the need for claims examiners and underwriters to go through tedious, time-consuming manual reviews, while greatly reducing risk from human errors along the way.
Handling Unstructured Content With Hyperautomation
Plenty of insurance companies are incorporating RPA into their operations. But many of those RPA projects—as much as 70%, noted by Eric—fail because they can’t handle unstructured content. In the insurance space, important content like policies or applications are either considered IGO (in good order) or NIGO (not in good order). And without automation, a considerable amount of time is spent gathering and reviewing this content, resulting in wasted time once it’s determined that something is NIGO and needs to be sent back to the customer. That’s a process that can take weeks, meaning an insurance customer may go weeks before finding out they filled out a form incorrectly, leaving them frustrated and wasting valuable time.
Incorporating RPA into the underwriting process can streamline the approvals and denials process for very clear-cut cases, reducing the time spent on reviews—and a similar benefit can manifest by bringing that automation into the claims process as well. But beyond that, automation also serves to create better customer experiences, automating the processes associated with policy changes and handling documents and updates submitted through self-service portals.
Looking at where Rocket Software fits into the conversation, Bill shared insights around Rocket Software’s decades of experience with content management, and how Rocket Solution for Content Services is equipped to meet the unique needs of the insurance industry—from platform agnostic capabilities that allow insurance companies to deploy where they want, to mass scaling that ensures processes can be managed even during peak times.
Automation Holds the Key for Insurance Companies
No matter where an insurance company is in their content management journey, the discussion between Eric and Bill made it clear—there’s never a bad time to get the ball rolling with automation. Whether it’s a brand-new initiative, or something that has been maturing for a longer amount of time across the enterprise, Rocket Software, and partners like Zia, have the knowledge and expertise to drive results, fuel growth, and improve experiences.
Miss our latest webinar? Don’t worry! You can rewatch the full conversation, and check out the entire series on our site. Register to join us for the next webinar on May 3, 2023, at 11:00 AM ET, titled Rocket + Mainline: Your DevOps practice isn’t perfect – it’s bespoke!.
Learn more about how Rocket Software can help you improve your content management and drive better business outcomes.
