The importance of insurtech

If there is one thing insurance companies need to embrace today, it's insurtech. Technology is changing the playing field every day, and it's important to be aware of the possibilities it creates for your company. Software like Avola Decision helps you improve the productivity and performance of your company. We do this by tackling the decisions an insurance company takes every day, as they are the root of its success.

The operational decisions an insurance company takes (accepting a client, handling a claim, assessing risks, etc.) are vital to its success. A wrong decision can lead to a lost client, a mistake in reimbursement or even a damaged reputation which can end up being very costly for your organisation. In most organisations, the business logic behind decisions is locked up in processes or code which makes it hard to understand or adapt. This slows down the decision making process considerably.

Automating the key operational decisions

Failing to invest time in the key operational decision of your company and keeping them locked up in processes or code has consequences. We've listed some of the most frequently occurring issues this creates here:

  • The business rules and logic are taught to the co-workers, who interpret them and take the decisions leading to inconsistent, subjective conclusions and frequent mistakes
  • The decision process is time consuming (e.g. it can take weeks for a potential client to know whether he will be insured or not)
  • The process is rigid and hard to adapt: a change in rules needs to be taught to every co-worker
  • There is a lack of governance and control
  • There is a lack of transparency and traceability

The solution? The key operational decisions of your organisation should be considered separately from the process models and given just as much (if not more) attention. Decision modeling allows you to structure your business rules and logic in a way that is easy to understand for everyone. Using Avola Decision, the decision models can then be automated.

Automated decision modeling will tackle all the issues mentioned above. It will decrease the response time drastically, while keeping the decisions consistent throughout the entire organisation. Decision modeling also puts the business back in control of their business rules and decisions, as they can make the models themselves and appoint the necessary and qualified people to make changes.

Automated claim handling

Avola Decision can help your organisation optimize its claim handling by implement straight-through processing whenever possible. Instead of solely relying on the judgment of claim handlers, which can be very objective, you can use decision modeling to handle claims. Start by structuring the business logic behind your claim handling process in decision models. This makes them transparent and easy to understand for the entire business. The next step is to automate the decision models and test them. Once they've been sufficiently tested and approved, you can use the decision models to drive your claim handling. The black and white cases can be handled in a straight-through manner, so your claim handlers can focus on the difficult cases that require human judgment.

Customer and risk acceptance

Take the subjectivity out of your customer and risk acceptance processes by implementing decision modeling. Instead of teaching your co-workers the business rules and logic behind the acceptance process, you can structure them into decision models which can then be automated. This will make your customer and risk acceptance process more reliable and consistent, as the automated decision rules will ensure that the same input always leads to the same conclusion. You'll also be able to provide your (possible) customer with the decision made immediately, as well as the reasons they were (not) accepted.

Straight-through insurance advice

Increase the quality of the services you provide by creating a self-service portal for customers. This portal could be implemented on your website, so customers can have easy access. All they would have to do is answer the questions you've provided with their information, after which they will automatically receive your advice. This will save both you and your potential customers time, as well as attract more traffic to your website. This can easily be achieved by structuring the business logic behind automated decision models, and using Avola Forms to create easy forms your customers can fill in.

Interested in implementing automated decision making?

If you are interested in the Avola Decision platform, and want to get to know its possibilities, we will happily organize a demo for you (online or in office). Please leave your details below and we will contact you as soon as possible!