March 09, 2023
Reporting automation in insurance has become a pivotal need for companies in the space, with growing reporting needs and dependence on these technologies by teams to provide robust reviews, results, and actionable insights.
Robotic Process Automation or RPA can help to automate periodic reporting for the sector.
Automated report writing software or mechanisms have already transformed the external and internal reporting frameworks of insurers with more extensive applications alongside.
Report automation is enabling teams to lower the time required for central reporting of results and also enabling higher time for reviews simultaneously.
Automated report scheduling and other features are also lowering time spent in manual tasks across the industry.
Automation is also being deployed for swiftly executing central reviews, highlighting major assumptions and segments along the way.
Dependence on numerous systems owing to acquisitions or legacy procedures often leads to scenarios where insurance companies are saddled with platforms that do not have suitable interactions between various systems along with lacking proper quality checks or controls.
How Is The Insurance Industry Benefiting From Report Automation?
In most cases, insurance companies usually report their results on a quarterly basis, while some have monthly reporting requirements internally. This leads to more pressure on already-limited resources. Consolidated timelines for reporting are also coming down, thereby scaling up the pressure points.
Hence, reporting automation in insurance is reducing these pain points for teams, making it easy to automate reporting flows and scheduling, with a focus on higher efficiency, better system and process-wise integration, and granular analysis, while ensuring the acquisition of timely and frequent data-based insights.Â
Automation helps alleviate issues with regard to data quality, consolidating data from multiple teams and sources, and a central reporting mechanism where all stakeholders are involved.
Insurance companies no longer have to depend on actuaries to execute manual tasks of data processing which are also repetitive.
Report automation makes it possible for the actuarial process to work as a partner for driving future commercial growth.
Life insurance companies are already using automation for reporting, along with functions li, aggregating model results, calibrating ESG inputs, extracting data from various source systems, and more.
Automation is not only scaling up process efficiency and reporting but also scaling up compliance with regulatory requirements and auditors.Â
The hyper-automation sector has witnessed sky-rocketing growth over the years, with Gartner estimating the segment to have touched close to US$600 billion by 2022.Â
Some Additional Business Use Cases Along With Reporting
Underwriting
Automating renewals, data collation for new businesses, and of course, performance reporting and peer review mechanisms.
Payments and Billing
Automating reconciliation and payments, while taking care of settlements, premium collection, claims to process, and periodic premium adjustments or payments.Â
Managing Claims
FNOL (first notification of loss) intake for claims, collecting data for assessing claims, claims updates and tracking for all stakeholders. Building profitability reports and centrally disseminating the same with automation.Â
Distribution and Sales
Automating sales reports, credit and legal checks, and compliance needs. Sales record management and updates are taken care of, along with sales funnel reports.
Regulatory Aspects
The insurance industry can automate regulatory controls and compliance with easy log file access, compliance tracking, and internal review procedures along with compliance report generation.
As can be seen, report automation helps insurance companies break barriers across teams and divisions, simplifying data collection across teams and systems, while collating and organizing the same for timely reporting both internally and externally.
Better data management, organization, and periodic reviews and insights completely change the game for insurers today.
This is perhaps one of the biggest advantages of using automation and something that can become a differentiator for the insurer in the future.
FAQs
What is reporting automation?
Reporting automation is the usage of automation and associated technologies for data collection, organization, and timely report generation and scheduling. This ensures a system where generating reports and disseminating the same becomes a seamless affair, while solving pain points related to data quality, collection, and integration.
What are the benefits of reporting automation in the insurance industry?
Reporting automation alleviates several problems for insurance companies, helping them generate reports in a timely manner with access to actionable and valuable insights. At the same time, data collection and management is also greatly simplified by reporting automation. It helps with central sharing and access to reports and scales up overall efficiency and time for reviews.
What types of reports can be automated in the insurance industry?
There are various kinds of reports that may be automated throughout the insurance industry, including performance reports, sales funnel reports, compliance and auditory reports, underwriting reports, claims and profitability reports, and reports across the spectrum of actuarial processes.
