Data-Driven Insurance: Top Process Intelligence Use Cases

​​The pursuit of profitability, growth, and enhanced performance has become a top priority for insurance carriers. However, with countless Insurtech solutions available, each offering a unique set of technologies, determining the best starting point can be a daunting task.

To effectively identify areas that require attention, it's essential to have a deep understanding of your team's processes across various functions, such as claims processing, policy pricing, customer communication, and fraud detection.

The good news is that many insurance companies already possess the key to unlocking scalability and success: leveraging the wealth of data and insights readily available within their organizations. By harnessing the power of this information, insurers can make data-driven decisions, streamline processes, and propel their businesses forward in an increasingly competitive market.

For Insurance Companies, Process Intelligence Sheds New Light on Existing Data and Behaviors

Insurance companies are discovering significant opportunities by examining the information they already possess: the ways in which their employees tackle daily challenges and engage with internal systems. By analyzing the data generated from their day-to-day operations, insurers can:

  • Sharpen highly tailored policy offers based on lifestyles, affordability, risk tolerance
  • Answer complex customer questions via chatbots
  • Automate policy administration tasks like data validation and document generation
  • Simulate complex scenarios to model future risks 

Process Intelligence captures and analyzes every click, application opened, cursor gesture, and keystroke, utilizing Generative AI to contextualize user behaviors. This powerful tool provides deep insights into your employees' actions and intentions, enabling you to identify more efficient ways of conducting business.

How Process Intelligence Outshines Other Methods for Insurance Companies

Unlike traditional process discovery methods, AI-powered Process Intelligence doesn't require significant effort from your team — they simply continue their daily activities. There's no need to overhaul how your systems track data, create cumbersome event logs, or force legacy insurance infrastructure to perform tasks it wasn't designed for. Process Intelligence seamlessly integrates with your existing systems, autonomously observing and analyzing processes without requiring any fundamental changes to your current setup.

Legacy systems are a major obstacle hindering growth, as reported by KPMG. These outdated systems often struggle to effectively track or aggregate user behaviors in a manner that can be easily utilized by modern technologies. However, Process Intelligence offers a solution that doesn't come with a long list of burdensome IT requirements. Being platform agnostic, Process Intelligence seamlessly integrates with your organization's existing technology stack, regardless of its components.

Process Intelligence represents a shift in business strategy from time-consuming, retrospective reporting and analysis to an agile, real-time approach that is constantly in motion and monitored. Rather than waiting for outcomes, Process Intelligence places you at the center of the action by analyzing user interactions with core systems as they happen, rapidly generating valuable insights. For example, a leading benefits provider used Process Intelligence to identify inefficiencies and implement changes, enabling the company to achieve its savings goals five months ahead of schedule.

3 Powerful Use Cases for Process Intelligence in Insurance

The insurance industry scores the value of GenAI-related technologies a 4.1 out of 5, making it one of the top technologies carriers use to invigorate and scale operations. For an industry that runs on making decisions based on data—contracts, reports, and supporting documents — AI-powered Process Intelligence is lending a much-needed hand. Let’s see how three different insurance providers made big changes with the powerful tech.

1. Group benefits insurance provider

What they wanted to scale: Mergers & Acquisitions Efficiency 

This particular carrier found itself lost in a maze of a bloated tech stack due to a fast-paced acquisitions growth strategy. The complex technology landscape led to vital data being secluded in numerous hard-to-track silos. Employees using a wide range of software solutions developed their own strategies for tackling processes, which degraded standardized practices and compounded inefficiencies. Management faced challenges integrating conventional process discovery methods with their legacy systems when attempting to streamline operations.

Process Intelligence was the perfect solution to clean up process inefficiencies in this situation. Without the need to force employee activities into the rigid specifications of event logs, Skan's Process Intelligence observes clicks, keystrokes, and activities as they occur. The carrier utilized this technology to identify opportunities for automating manually prepared emails and letters, as well as pinpointing areas that would benefit from employee retraining.

2. Property and Casualty Insurance Company

What they wanted to scale: Operational Excellence

The SVP of Claims Transformation at this Fortune 200 insurer describes Process Intelligence as “automated Six-Sigma Black Belts working 24/7 to help accelerate cultural transformation.” Let’s see how they used it to 10X cost savings over manual process discovery methods. 

Their traditional strategy involved creating manual process maps. But by the time they were finished and reviewed, insights were woefully outdated. They needed something that could: 

  • Keep up with their fast-moving business
  • See how tasks performed mid-flight
  • Identify growth opportunities before they withered on the vine

Real-time process maps were the answer. Skan analyzed costs of various interactions and clocked how long key tasks took employees to complete. This in-depth analysis helped the company pinpoint areas where automation would drive the greatest OPEX improvements. Through optimization recommendations gleaned from Process Intelligence, the number of decisions and interactions made by the insurer’s Full-Time Employees jumped by 16%.

3. FM Global: Commercial property insurance

What they wanted to scale: Operational Excellence

FM Global had a big target: handle an increasing number of claims without expanding the size of their team. Central to their goal was scaling customer satisfaction, a hallmark of their business and a critical factor for their continued growth and success. 

What FM Global loved about Skan Process Intelligence: 

  • Skan analyzed data without transferring sensitive data off their servers—a huge plus for their strict data privacy policies
  • Insights were gathered without disruption to daily operations (employees did not need to manually log tasks, answer long surveys, or undergo distracting observation)

FM Global recognized that to achieve their targets, they needed deeper insights into the factors hindering growth. Their Digital Enablement and Automation Services Lead emphasized the importance of avoiding the automation of bad processes, stating, "You're just going to make bad things happen faster, and that is not what anyone wants."

This realization prompted FM Global to closely examine how their team utilized internal technologies and tools. They put their process times under the microscope to identify deviations from standard operating procedures. This in-depth analysis yielded a significant breakthrough – pinpointing the precise areas where they could refine their customer-centric approach.

Discover the Valuable Insights Hidden in Plain Sight

Wearables and other sensors are enabling "pay-as-you-live" pricing, while dynamic fee structures and a shift towards holistic individual insurance coverage are becoming more prevalent. These changes are leading to a significant increase in the complexity of data involved in underwriting and claims processing. Process Intelligence offers a solution to help scale your business in the face of current and future data demands, safely and efficiently, with minimal strain on your IT infrastructure.

Process Intelligence is more than just a tool; it's a transformative journey that drives your business towards unparalleled efficiency, customer satisfaction, and strategic growth. The time to take the first step is now.

Book a demo to witness how Process Intelligence combines elements of process mining, data analytics, business intelligence, and AI to provide a comprehensive view of your insurance workflows, setting the stage for a more agile, data-driven future.


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