Insurance Carriers & Brokers

All you need to know about standardization, automation, and digitization for the insurance industry!

Improve policyholder experience, while plugging costly claims leakage. Map end-to-end (E2E) processes for both knowledge-workers and policyholders—and then find the opportunities to boost revenue, reduce waste, save time, and introduce game-changing automation throughout.

The Lab knows insurance like no one else. We’re also North America’s undisputed authority for transformation-enabling standardization, robotic process automation, and advanced analytics, with all our work performed remotely by our U.S. experts in Houston. Take advantage of the thought-leading articles, case studies, and videos below. Then contact us to book your no-obligation 30-minute screen-sharing demo.

The recently-hired COO of a large, successful, third-generation, family-controlled insurance brokerage struggled with a range of frustrating challenges. Challenges to the face-to-face mode of doing business seemed to grow larger with every passing year—even for the sales team. The COO understood the essential role of personal, “manual” effort in client sales and service interaction.

A U.S. Top 15 P&C insurer recently sought to accelerate end-to-end (E2E) standardization from first notice of loss (FNOL) through subrogation. In just eight weeks, they were able to map all the processes and identify opportunities for reducing their expense and loss ratios.

Processing online applications for specialty insurance coverage—such as earthquake, flood, inland marine, standalone wind, wind deductible buyback, and others—is a ton of work for your insurance brokerage’s Special Markets team. Even when applications or requests for quotes arrive online, there’s still, unfortunately, a lot of manual, sit-at-the-computer work to be done. In this article, we’ll show you how we recently configured an RPA “bot” to do this manual process. We’ve even created a little three-minute video of it.

A U.S. Top 15 P&C insurer recently sought to accelerate end-to-end (E2E) standardization from first notice of loss (FNOL) through subrogation. In just eight weeks, they were able to map all the processes and identify opportunities for reducing their expense and loss ratios.

Key performance indicators (KPIs) are essential for monitoring, managing, and profitably growing your insurance brokerage. Depending on what you want to accomplish, some KPIs can be transformational. With the right data and supporting automation, these “Super KPIs” give you the power to predict, preempt, and prescribe like never before. There’s more detail about “Super KPIs” right in the intro to this catalog. I think you’ll find it interesting and valuable.

Your insurance company's employees are its greatest assets. Yet the Great Resignation is testing operations resilience like never before. You need to leverage every person-hour of capacity. You need to weed out every wasted keystroke. You need to automate every task that can be automated. And you need to make each worker’s job higher-value and more fulfilling, to retain your high performers. The Lab cannot change what’s happening in society. But we can help you achieve all of the above. In just months. And we make it easy for you.

Processing policy cancellations is an insult-to-injury chore for any insurer: You’ve got to pay your staff to process policyholders who are leaving you. There’s a much better way: Automate this activity, in just weeks, with RPA bots from The Lab. Check out how we can help you do it, in this fast-read article—replete with embedded two-minute video of the bot in action!

A leader in life insurance products for direct-marketing channels in the U.S. struggled to recruit and retain customer service reps (CSRs) for its contact-center operations. And the implications were more serious than simply long, frustrating wait times for callers. That’s because nearly half of all inbound calls involved intense efforts by CSRs to reinstate lapsed policies and avert cancellations. Although policy lapse rates had not increased, the shortage of experienced staff meant that success rates for reinstatement efforts were declining steadily. Consequently, this profitable life insurance division of a global, multi-line insurer was finding it harder to maintain its levels of in-force policies—and margins were steadily eroding.

There’s no way on earth that your insurance brokerage’s staff can send out policy-renewal notifications at 60 days, 30 days, two weeks, one week, and “day of,” without missing a single one. But bots from The Lab do it easily. Learn how, in this fascinating new article!

Do you really still have people performing these rote, error-prone chores? “Reconciliation” is just a fancy word for “making sure things match.” It’s an essential  cross-checking chore that can be found in all industries....

Key performance indicators (KPIs) are essential for monitoring, managing, and profitably growing your life insurance company. Depending on what you want to accomplish, some KPIs can be transformational. With the right data and supporting automation, these “Super KPIs” give you the power to predict, preempt, and prescribe like never before. There’s more detail about “Super KPIs” right in the intro to this catalog. I think you’ll find it interesting and valuable.

Let The Lab help you standardize your insurance knowledge work! Unlock the power of robotics & AI Harness advanced analytics Turbocharge productivity If you’ve been tasked with bringing your insurance knowledge-work...

Your insurance operations have literally hundreds of opportunities for robotic process automation or RPA. Claims, policyholder services... you name it.   You need to get automated, fast. But if you haven’t tried, it can...

This is part 2 of a 4-part-series. Find the other parts here:   Part 1: How to reduce insurance claims leakage—and the loss ratio—via standardization, business intelligence, and robotic process automation (RPA)   Part...

More