Forrester predicts that the upcoming decade will require financial institutions to develop more intricate and future-ready technology strategies that prioritize customer obsession, adaptivity, creativity, and resilience. Those that fail to adopt such strategies will face failure as consumers, commercial customers, and employees now have heightened expectations for technological advancements.
The insurance industry is in the midst of a digital transformation. As customers demand faster, more personalized service, insurers are looking for ways to automate core operations. According to a study, the utilization of AI and automation tools in the insurance industry has the potential to boost decision-making speed and increase staff productivity by 55%.
Favorably, ServiceNow Financial Services Operations (FSO) offers insurance automation at warp speed, revolutionizing processes, enhancing efficiency, and enabling exceptional customer service. This article explores how ServiceNow FSO empowers insurers by automating critical tasks and boosting operational agility for greater customer satisfaction.
Accelerating Insurance Automation with ServiceNow FSO
Laurén Robbins, General Manager of Financial Services at ServiceNow, highlighted that employees spend 80% of their time searching for information, leaving only 20% for value-added tasks, leading to customs delays. In the middle and back office, manual processes hinder productivity and cause delays.
ServiceNow FSO provides a systematic approach to transform operations and streamline workflows. The platform digitizes and simplifies complex processes, reducing redundancies and empowering employees to focus on customer-facing tasks.
FSO is built on a proven operating platform, extended with insurance-specific business rules, smarter automation logic, and new self-service features. It combines industry best practices for the insurance industry with the flexibility of an open platform. This hybrid approach accelerates automation efforts across disparate departments.
The platform constitutes a wide range of features and functionalities for accelerating insurance automation:
Digital, Automated Workflows
Inefficient processes rob organizations of valuable time and effort. This inefficiency is compounded by information silos, which keep vital data from reaching the agents who need it the most. ServiceNow’s scalable workflows powered by automation and AI help to eliminate low-value tasks and share vital resources.
Insurers stand to gain from the agent workspace, which improves productivity for agents, brokers, and employees by providing guided resolution, integrated solutions, and an optimized layout.
Integration with the Existing Ecosystem
Adjusting or restructuring an entire process is time-consuming and usually inefficient. Favorably, businesses can insert FSO applications right into the existing workflows. This helps them avoid any delays and hassles of rebuilding, alongside saving valuable time and money.
Financial institutions can more effectively manage evolving regulatory requirements and risks when risk control and compliance tools are integrated into the workflow. ServiceNow FSO’s real-time visibility and automated controls help insurers anticipate, address, and prevent potential disruptions.
FSO can help insurers comply with a wide range of regulations, such as those governing anti-money laundering, Know Your Customer (KYC), and data privacy. This can help insurers avoid costly fines and penalties.
The Many Capabilities of ServiceNow FSO Insurance Automation
Insurers can use ServiceNow FSO to automate their back-office functions, improve compliance, and accelerate operational agility.
Here are some of the benefits of using ServiceNow FSO for insurance automation:
With ServiceNow FSO, insurance companies can use a single platform to monitor process performance and key performance indicators (KPIs) across policy servicing, underwriting, claims, and distribution.
Businesses can enhance customer experiences and provide proactive policy servicing through the use of chatbots. They can automate policy servicing processes using predefined playbooks.
FSO’s machine learning capabilities help insurers to route issues, offer recommended solutions, identify knowledge gaps, provide contextual recommendations for guided decisions, and automate assignments — all through a user-friendly drag-and-drop interface.
Organizations can integrate telephony systems and support distributors using SMS and social media. They can further enable policy changes through a consumer-style app that utilizes native device features.
Continual Improvement Management
Insurers can initiate and track operational improvements by aligning people, processes, and data. They can easily find answers to operational issues and solve them.
Based on predefined business rules, insurers can automatically route work to the most suitable processor or underwriter. They can assign tasks to other stakeholders using visual task boards.
Surveys and Dashboards
ServiceNow FSO helps businesses to easily create surveys and conduct automated or manual analysis of survey results. Using interactive dashboards and reports, they can monitor performance and identify opportunities for improvement. They can also stay informed about distribution concerns and generate reports and dashboards as needed.
Business Service Mapping
FSO helps to map the service lifecycle from intake to post-sales through a single electronic view. Insurers can use maps to visualize and analyze business processes, identify areas for efficiency and improvement, and quickly assemble integrated solutions that are immediately deployable.
Managing complaints is, of course, immensely critical in the insurance space. Favorably, insurers can intelligently prioritize high-risk complaints and create end-to-end audit trails, improving the speed and quality of resolutions. They can utilize template communications to enhance the consistency and quality of responses.
Insurers can collect and verify documents used in workflows across Financial Services Operations applications. They can facilitate the submission of documents for verification and request postponement or exceptions.
With FSO, insurers can create specific tasks for each participant involved in a document. The platform simplifies the review, filling out, and signing process to minimize claims errors and repetitive requests.
How Can Xceltrait Help?
Insurers often hesitate to make comprehensive changes due to costs and complexities. FSO seamlessly integrates with existing systems, facilitates collaboration, adapts to new technologies, and aligns with industry standards for scalable and configurable capabilities.
Xceltrait, a trusted ServiceNow services partner, is dedicated to enhancing the customer journey and driving efficiency in the insurance industry. With our expertise in ServiceNow solution implementation, we can help set the digital foundation for your insurance business’s accelerated growth. Get in touch with us to learn more.