How PEGA Helps Insurers Keep Pace Digitally

Constantly changing regulations and increasingly demanding customers. How can an insurance company meet the expectations of an „instant feedback“ culture?

Comprehensive digital support on the channel of choice, a fast, case-closing solution to every query, and all of that 24 hours a day? These are just some of the expectations that modern customers have of an insurance company.

But from an insurer’s perspective, this is often not so simple. Employees aren’t available around the clock, brokers tend to operate independently, and on top of that, legacy systems are frequently in use that are not connected to one another, or only partially so.

Processing a single business transaction therefore often means using several different systems at once and manually transferring data from one application to another. In the worst case, this is even a „standard process“ that is carried out accordingly often.

In the past, attempts at streamlining often came at the customer’s expense. Today, however, we have technologies available that keep the customer at the center.

But unless you happen to be a start-up, you can hardly rebuild your existing environment from scratch digitally, can you?

Modern solutions mean this dilemma doesn’t even have to arise in the first place. Instead, there are now ways to expand, connect, and even automate existing structures, delivering noticeable improvements within a short time. This not only gives customers the added value they’re looking for, but also relieves the burden on employees and brokers at the same time.

How exactly can today’s technology help with digitalization?

Two key components play a decisive role here: the implementation of bots, and the use of low-code technology. Ideally, both areas even come from the same toolkit.

Through the use of RPA (Robotic Process Automation), standard tasks or pure „copy & paste“ activities can be taken over by bots.

For example, a simple chat conversation could in future be handled by a bot around the clock. In the best case, the request can be resolved completely by the bot. If that isn’t possible, however, the entire conversation history can be handed over to an employee effortlessly and within seconds, allowing for seamless continued handling.

This not only saves valuable resources, but also guarantees the customer round-the-clock availability without having to forgo personal contact, should that be desired. Further opportunities for digitalization lie in fields such as machine learning, artificial intelligence, and speech recognition.

Through efficient implementation of „cutting-edge“ innovation, insurance companies continue to be the trusted partner customers are happy to rely on, one that is only the push of a button away, even in a crisis.

What might the implementation of low-code technology actually look like?

Using a real-life example, we’ll show you how you can optimize a typical operational process in everyday insurance business.

Imagine the following scenario:

Your customer has had a car accident. On top of everything else that now needs to be dealt with, they also have to take care of the claim.

But instead of tedious phone calls and paperwork, they now record the claim directly and digitally via an app or the portal. The claims history, current coverage, and a comparison with similar claims are then automatically analyzed.

The resulting score determines whether the claim is automatically approved, forwarded to a claims handler, or rejected.

If approved, further information is automatically provided (e.g., the nearest repair shop) and an appointment is proposed.

At the same time, the selected repair shop is informed about the claim and can make its own preparations. After the repair, the invoice is transmitted electronically to the insurer.

This triggers the next actions (e.g., instructing payment to the repair shop, a notification letter to the customer, automatically scheduling a care call).

The care call is automatically initiated with the customer at a later point, and feedback can be collected. In addition, a personalized offer for additional insurance services or adjustments can easily be made. The feedback gathered can be used for future adjustments to the service.

How does PEGA help implement such a digitalized customer journey?

A prerequisite for such a holistic approach is that the necessary systems are linked together in the background. Low-code platforms, such as the PEGA platform, already offer the ability to map out the customer journey just described within the system.

PEGA establishes the connection between the contact channels (phone, chat, web portal, social media) and the sometimes disparate backend systems. You design the journey quite simply within the platform, for which no software programming whatsoever is required. Instead, the process is modeled using a visual interface.

With „standard connectors,“ you establish the connection to the systems of record and only need to configure them.

If human interaction is required, employees, customers, or brokers have access to all relevant information in a single system and can be guided through the process.

Without any additional effort, you can also use the PEGA platform to provide an app that ensures a seamless connection.

If you’d like to find out whether your company, too, can benefit from the innovative solutions of the PEGA platform, simply click here — I’d be happy to advise you on individual solutions.

For more news about PEGA, and to learn more about how we help companies digitalize and streamline their business processes, feel free to follow us on LinkedIn.