Apr 22, 2024

Areteans empowers an insurance giant to automate at scale for greater agent and customer satisfaction

Credera Team

Credera Team

Areteans empowers an insurance giant to automate at scale for greater agent and customer satisfaction

The insurance industry is at a critical juncture, experiencing technology shifts, changing workforce expectations, new customer demands, societal change, and economic and political complexities all at once. This evolving ecosystem poses many challenges but it also provides insurers with opportunities to reinvent their operations to achieve long-term growth. Insurance firms worldwide are, therefore, seeking ways to transform their business models, tech infrastructure, and products and services to stay competitive and boost profitability.

Areteans leveraged its expertise to help a large general insurance company overcome operational challenges:

Onboarding of customers was a manually intensive process. It resulted in problems such as a high customer dropout rate, inefficient documentation, and fewer policies sold. Siloed systems and duplicate processes led to unhappy customers and dissatisfied employees.

Underwriters had to deal with disparate systems and handle data from numerous sources in different formats. They spent a lot of time and effort on transactional and repetitive activities, negatively impacting policy evaluation and client-facing tasks. This resulted in low productivity and a greater risk of non-compliance.

The organization followed traditional claims-processing methods, which led to agents being swamped with vast amounts of paperwork and mundane tasks. This also meant the organization was exposed to risks such as non-compliance with updated regulations, long processing timelines, and fraudulent claims, resulting in low customer satisfaction and financial losses.

The insurer realized it needed to prioritize digital transformation to supercharge productivity and drive customer loyalty. It decided to invest in a unified digital solution that would enable it to leverage data analytics, artificial intelligence (AI), and automation, to streamline workflows, reduce costs, and improve efficiency.

We teamed up with the insurance company to deliver a holistic solution to address its challenges. A team of insurance domain specialists and digital transformation experts from Areteans revamped the insurer’s business processes with an end-to-end Pega-powered solution that offers smart engine decisioning to handle new policy issuance, mid-term adjustments, renewals, servicing inquiries, and claims management in real-time. Some of the highlights of the solution are:

An end-to-end solution was designed and implemented to streamline the onboarding process. It automated the entire workflow, which enabled agents to manage leads, nurture prospects, and close deals seamlessly. They could deliver timely and relevant information, offers, and solutions to customers.The underwriting workflows were streamlined and automated using Pega Case Management. This helped provide a unified view of client portfolios.We also delivered a claims-management solution leveraging Pega, which modernized all aspects of claims handling through automation. It provides an omni-channel experience to customers, improving interactions. It has reduced the turnaround time for claims processing and improved claims outcomes with features like auto-approval options and next-best-action guidance for adjusters in real time across the claims lifecycle.

Impressed with the solution, the CTO of the insurance company said, “With a well-designed and holistic automation solution, Areteans has helped us reduce turnaround time for claims processing and better serve our customers. We are able to consistently delight our customers by delivering timely and relevant information, offers, and solutions.”

Enterprises that embrace innovative technology to reinvent customer and agent experience can improve performance and drive long-term growth. At Areteans, we combine our deep industry knowledge and technical expertise to deliver solutions across the insurance value chain and empower insurers to create transformational value.

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