How A Premier Auto Insurance Leader Bridged Efficiency and Compliance with EvoluteIQ

In the dynamic world of auto insurance, our client stands as a notable leader, serving countless drivers across the nation. Yet, behind the scenes, the realm of auto insurance is riddled with intricate processes and workflows. From claim evaluations to policy updates, every step is a delicate dance of precision, necessitating meticulous attention to detail. This complexity, inherent to the industry, underscores the importance of streamlined operations for the company and its policyholders.

The Results

Overall reduced error rates

98% Overall reduced error rates

Improvement in overall efficiency

92% Improvement in overall efficiency due to quicker TAT and AHT (average handling time)

Improvement in employee satisfaction

85% Improvement in employee satisfaction due to reduction of manual effort

Automation

McKinsey prediction

Workflow automation has the potential to automate around 30% of tasks in about 60% of occupations.

EIQ Features Used

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The Challenge:
Shifting from Manual Workflows to Automation

Our client sought to automate their manual insurance processing workflow. Not only was their current approach time-consuming, yielding subpar accuracy; it also posed a direct threat to their bottom line. Recognizing the urgent need for modernization, they envisioned an automated system to enhance processes and financial outcomes.

Our Solution:
EvoluteIQ: Operational Innovation Meets Compliance

EvoluteIQ HyperAutomation in Auto Insurance, Operational Cockpit by EvoluteIQ

Recognizing the insurance company’s pressing needs, EvoluteIQ leveraged the EIQ platform to design a unique insurance workflow automation solution. The approach introduced bill validation, meticulous document vetting, and integrated ISL (Indexing Splitting Labelling) for refined data organization.

Automated data capture processes were set up, reducing errors and expediting data entry. The solution also boasted an advanced code review mechanism that autonomously approved entries, minimizing manual oversight and accelerating the workflow.

Emphasizing security and compliance, the EvoluteIQ solution was reinforced with robust HIPAA compliance checks to safeguard patient data. Essential regulatory compliance measures were integrated, allowing the company to operate within legal confines without efficiency setbacks.

EIQ for Enterprises

EIQ is the only integrated, low-code/no-code platform for fully intelligent business automation, driving transformation at scale across the Enterprise.

Ensure frictionless enterprise-wide interactions

Business Impact Delivered

Grow Revenues by 40%

Lower customer acquisition costs and operational expenses, raise conversion rates with minimal upfront investments

Improve Operational Efficiency by 74%

Improve overall efficiency due to process automation and quicker TAT (Turn Around Time) and AHT (Average Handle Time)

Strong Built-In Governance

Empower Workforce by 73%

Grow employee satisfaction rate through intelligent incentivization and foster productivity and time “given back” to the teams

Improve Customer Experience by 60%

Elevate customer satisfaction via efficient preventive maintenance and fewer query discrepancies

Enhance Asset Utilization by 30%

Achieve a reduction in inventory to gain equal or better customer demand with the existing supply

Strong Built-In Governance

Boost Security by 95%

Cut down data integrity issues across systems with predictive & preventive analytics

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