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Complete Automation of Complex Insurance Processes

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Complete Automation of Complex Insurance Processes

Originally published by CIOReview "10 Most Promising Low Code No Code Platform Solutions Providers 2023"

Liberate enables P&C insurance companies to build fully automated claims and underwriting journeys to reduce costs and improve customer experience.

“Businesses in this segment are facing numerous profitability challenges due to increased expenditure, climate change, and inflation. They are also struggling to on-board qualified candidates who can optimize the customer experience. The smartest way to address this issue is the implementation of cutting-edge technology,” says Amrish Singh, founder and CEO, Liberate.

However, technology adoption is often a complex process and demands a significant investment. Liberate’s low-code/no-code platform relieves insurance companies from expensive large-scale technology upgrades at a fraction of the cost.

Liberate has designed two major software solutions to drive clients toward success. The first one is the customer experience platform that insurance providers can use to create any digital customer experience, including a digital FNOL or digital servicing experience, obviating the need for call centers.

The other software solution from Liberate is the workflow automation platform that allows insurance companies to automate complex workflows without any manual intervention. Take claims processing, for instance. It typically requires significant time and effort from claims adjusters and other stakeholders. Liberate’s platform fully automates the process, leading to improved customer experience and cost reduction. Also, employees are freed from mundane manual tasks, which boosts their morale and makes them more efficient.

Liberate follows a detailed, step-by-step process for assisting clients. It starts with a discovery call to understand the issues that clients face. The company then enables clients to utilize its library of pre-built use cases or templates to streamline the solution- design process. For example, Liberate has created a large library of digital FNOL solutions for auto insurance, home insurance, and commercial insurance. Clients can use these templates to go live without long and costly implementation cycles.

“We don't give our customers a Swiss army knife and tell them to create something on their own. We provide a set of pre- fabricated, pre-designed use cases as a jumping-off point for clients to use our local platform,” says Singh.

The robust solutions the Liberate offers have been used in multiple scenarios. In one instance, many of its clients run call centers to accept claims, which is resource intensive. Liberate enables these clients to replace call centers and conduct straight-through processing of claims. Simultaneously, many insurance companies utilize its solutions to make the underwriting process more efficient by automating data collection and risk analysis.

Another interesting use case is of the insurance agencies that rely on multiple technology solutions to run their daily operations. Connecting the different systems is no less than an uphill journey. Liberate’s solutions facilitate connectivity as an automation middleware.

The most notable aspect that sets Liberate apart from other players is its library of hyper-focused use cases in the insurance sector. More importantly, it provides the blend of back-office process orchestration or automation and front-end digital experiences, often unseen in the insurance sector.

“We believe in gradual change and progressive modernization instead of radical transformations. That's a significant benefit of our technology—clients don't have to lift and shift their tech stack, which sometimes carries many risks. Instead, they can gradually do so,” says Singh.