The robotic process (RPA) developed in association with Ensurtek, leverages 247 Systems connection to Steadfast Technologies Insight Broking Management Software, their digital marketplace Steadfast Client Trading Platform (SCTP) as well as Ebix Sunrise Exchange.
The process completed by the RPA, is estimated to save the broker or associate up to 18 minutes for each property quoted, which Ausure is confident will free its AR’s from a previously very manual process.
Ausure AR’s Luxury Homes and Insure 247 were the first to use the technology, opting to start with Home and Content insurance as the first class of business to test. The RPA currently has the capacity to quote up to 250 residential properties a day.
The home insurance market is highly competitive and the brokers segment of the market is under pressure from direct insurers. Also, home insurance premiums are increasing dramatically. These points combined result in brokers spending a significant amount of time keying data into insurer’s systems. Using the RPA will allow the broker to provide a client with competitive cover, whilst freeing them up to focus on more advice, complex insurances and client management.
247 Systems has used process automation in association with its risk management, risk identification and indictive quoting. However, this is the first project that has used RPA to directly connect to external insurers without an API connection and offers hope for other insurers’ legacy systems.
Robotic process automation (RPA) is software technology that allows businesses processes to be completed by software robots that emulate human behaviour.
“Being able to build the RPA into our home insurance processes is a giant step forward on our systems journey. Across our group, we do hundreds of home insurance quotes for new business and renewals every day which is a significant cost keying data into insurer’s systems. To be able to automate this using the RPA is a game-changing efficiency gain that will continue to increase as we add more classes and functionality to the RPA. It also reduces the risk of keying errors. Creating more time for brokers to spend on client advice rather than back-office administration is one of the core focuses of our systems plans so delivering this RPA functionality greatly helps us with that goal.”
Article originally shared via Ausure