With workflow automation tools, your insurance company stands to save time, save money, improve consistency, and reap other benefits as well. But how exactly do these automation tools work? How do you get the most value out of them, and how do you decide what’s the best fit for your organization?
An Introduction to AI Enabled Workflow Automation Tools
AI enabled workflow automation tools are productivity products designed for businesses that can take almost any business process and make it more streamlined and automated. The AI component applies artificial intelligence to the workflows, helping businesses identify areas for improvement, accelerate automation potential, and ultimately drive better business results.
There are many different kinds of AI enabled workflow automation tools on the market, but not all of them can benefit insurance companies equally.
The Benefits for Insurance Companies
Why are these tools so beneficial for insurance companies?
- Consistency. AI-driven workflow automation enhances consistency by reducing variability in repetitive processes. Rather than relying solely on manual execution, insurers can leverage AI agents with automation as a copilot, ensuring workflows follow predefined best practices. While human expertise remains crucial, AI minimizes errors, increases reliability, and supports better decision making and long-term planning.
- Acceleration. As you might imagine, automation also accelerates the processes in your insurance company. Instead of manually changing hands, tasks are automatically reassigned. Instead of demanding minutes or hours of manual effort, many tasks are handled without any human intervention. Accordingly, AI workflow automation can help you get more done faster, expediting the delivery of everything from customer service to claim approvals.
- Streamlining and optimization. With the help of AI enabled workflow automation tools, you can take a much closer look at the processes in your organization and find them to improve efficiency. You might be able to cut more waste, build in more redundancy to reduce risk, or make your processes more intuitive. This optimization potential can help you save money and increase productivity simultaneously.
- A better customer journey. Many of your customers will appreciate the integration of your AI enabled workflow automation. If they have questions, they’ll get answers faster. If they need help, they can get it immediately. If they need some complex industry or policy term explained to them, they can get a clear, concise explanation.
- Time savings. Automation can save a ton of time, especially at scale. Depending on the circumstances, you might be able to avoid hiring new people to expand your capabilities, or you might be able to free up time among your most productive and skilled employees. When they aren’t bogged down with manual tasks, they can use their time for even more important endeavors.
- Cost savings. In many situations, insurance companies save money by integrating AI enabled automation workflow. In addition to saving on labor costs, you can prevent problems, retain customers, and make sure your entire organization runs more efficiently.
Getting the Most Value
So, how do you get the most value out of your AI-enabled workflow automation tool?
- Do your due diligence. Don’t assume that just because something is AI enabled, that means it must be beneficial for your organization. You need to do your due diligence to determine whether this AI tool is a good fit for your organization, and determine how it compares to similar tools on the market.
- Plan carefully. How exactly do you want to use this workflow automation? What rules do you want to put in place? How are you going to integrate it with the rest of your technology stack? Are there protocols in place for tasks these tools can’t handle?
- Experiment. Simple split testing procedures are ideal for experimentation, and you’ll need to experiment if you want to get the most out of your workflow automation tool. Test multiple approaches to the same problem to see which one is most efficient or most suitable to the task.
- Tap into the full potential of AI. Workflow automation tools aren’t new, but AI is – and it can multiply the potential of workflow automation many times over. Make sure you take full advantage of available AI features.
- Continuously adapt. Finally, make sure you adopt a mentality of continuous improvement. These types of tools have nearly limitless potential, and they seem to keep getting better.
With the power of AI, workflow automation becomes even more powerful and more potentially profitable for your insurance company. It’s important to do your due diligence when researching AI workflow automation tools, and you’ll need to plan and set up your tool carefully, but if you do, you’ll be in line to enjoy all the benefits of this relatively new technology. Visit arcee.ai for more.
