Repetitive, mundane and highly time consuming, that’s what the days in the lives of the insurance workforce looks like. Tasks like underwriting and claims processing are long, tedious and manual tasks that negatively impact organization efficiency, profitability and customer satisfaction. An emerging technology, Robotic Process Automation or RPA is changing the way insurance companies operate by empowering them with BOTS.
The BOTS can imitate humans and handle all transactional and administrative tasks without any human intervention. RPA can handle all manual, repetitive tasks that do not involve any strategy or decision making, easing processes and enhancing efficiency. As RPA completes tasks faster with more accuracy, it frees up time for the workforce to focus on more important tasks like reasoning and emotional intelligence that add significant value to the organization.
How the insurance industry is implementing RPA?
Claims Processing: A lengthy, manual task, claims processing requires collection of huge amounts of data from various sources. RPA automates data collection and ensures faster processing of claims by integrating data required from multiple sources. With faster data extraction and collation, integrations, error tracking and verification, the claims process is much faster and customer satisfaction is higher.
Underwriting: Just like claims, underwriting also involves a lot of information extraction and collation efforts. This process also takes a lot of time as analysis of information collated for risks involved and arriving at a conclusion requires a few weeks. RPA automates the process of information gathering which considerably reduces time required. The information gathered aids in both underwriting as well as pricing models.
Analytics: All the tasks and processes handled through RPA are tracked and recorded. This information helps in tracking workflows and improving internal processes like workload distribution which improves customer satisfaction as well as operational efficiency.
Registrations: An everyday redundant task in the insurance industry, form filling is a necessity that eats up workforce and time. Through Bots assisted form filling, this process can be completed in half the time and with minimal workforce involvement.
Compliance: The insurance space has strict guidelines in place that need to be followed during documentation and audits. This process is manual and error prone. But with RPA, processes like customer information validation and report generations can be automated without any manual interventions required on regulatory compliance.
Legacy system integration: Implementation of systems like Business Process Management (BPM) might seem like a challenge for insurers as they rely heavily on legacy systems. RPA can be implemented easily as it complies and can fit in with any existing systems.
Data entry: Processes like claims and quote entries are manual and expensive tasks for insurers. With RPA, they can get the job done at a fraction of the cost and time, chances of errors close to nil.
Scalability: RPA makes life simpler as the number of Bots deployed can be scaled up or down easily based on demand at any time.
Cancellations: Another task that is currently time consuming, policy cancellations can be completed in less than half the time with RPA in place.
A low code MXDP with specialised solutions for the insurance industry, Neutrinos is helping leading insurers take impactful digital transformation decisions. We are experienced in legacy modernization and integration of new age technologies like AI, ML, RPA and IoT. Get in touch with our experts for more details on our Insurance specific solutions.