Customer demand for immediate servicing in Insurance

By Ben Phillis, Commercial and Business Development Director at Alula Technologies

10 Jan 2024, 06:54

In recent years, there have been significant shifts in consumer expectations and demands when it comes to healthcare and life insurance. Today's policyholders are no longer satisfied with the traditional processes that once dominated the insurance landscape. They crave immediacy, transparency, and digital sophistication in their interactions, particularly when it comes to the speed of claims servicing. Their expectations mirror the instantaneous, on-demand nature of services they experience elsewhere in their digital lives, and it is clear that the insurance industry must evolve to keep pace.

In the face of this mounting pressure, insurers are turning to advanced technologies as essential components in delivering the immediate servicing that customers now demand. However, the application of technology must be done strategically. While we strive for speed and efficiency, we cannot afford to lose the human touch, especially in cases requiring sensitivity and empathy.

Technology Integration

At Alula, we have embarked on this journey by integrating a range of advanced technologies into our processes that benefit our customers. We leverage cloud computing due to its scalability and accessibility - essential for rapid claim responses. Artificial Intelligence (AI) and Machine Learning (ML) are used to assist in assessing the validity of claims, identifying potential fraud, and even calculating payouts. Our mobile apps and portals empower our customers, giving them real-time access to claim submissions, document uploads, and status tracking. Additionally, Robotic Process Automation (RPA) is transforming our approach to routine tasks, including data entry, document verification, and generating payout calculations. Our solutions streamline routine tasks, making the claims process a much smoother experience for both the insurer and the policyholder.

Exploring New Frontiers

Our journey doesn't stop here. Alula is actively exploring the potential of chatbots and virtual assistants to provide instant support and streamline the claims process for policyholders. We're delving into the capabilities of Natural Language Processing (NLP) and digital imaging to expedite the processing of claim documents by extracting pertinent information quickly and accurately. The exploration of blockchain technology is underway to create a transparent and immutable ledger, aiming to reduce fraud and ensure the integrity of claims data. Predictive analytics is another frontier we are venturing into, forecasting claim trends and proactively identifying potential fraudulent claims to facilitate faster decision-making.
Our influence in the market goes beyond these technological implementations. It also incorporates our continued commitment to embracing innovation. These advancements are not mere add-ons but are essential components that define our market leadership and our approach to meeting customer demands.

I anticipate that the future will be about interconnected systems — technologies that not only work in silos but communicate, learn from each other, and evolve. Our solutions are designed with both insurers and policyholders in mind. This integration will be significant as the agility thereof ensures that we help revolutionise how insurers meet the growing customer demand for instant services.

About Alula

The Alula Technologies group provides business critical solutions to Life and Health insurance and Pensions companies. Our solutions modernise policy administration, digitalise policyholder and channel engagement, and intelligently automate key insurance business processes. We also integrate first and third-party data, including health and wellness data, to drive more efficient operations, improved policyholder experiences, and a better understanding and management of risk.

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