Automating Policy Admin & Servicing in Insurance with RPA
Account servicing and transaction involves form registration, policy cancellation, identifying policy premium discrepancies, and creating claims payments. The insurers are bound to crosscheck various policy premium discrepancies across different planned events and analyze duplicates partner data.
- Regular updates in personal and account details
- Reduced productivity
- Increased cost and manpower
- Use of extensive paperwork
RPA in insurance industry allows all key players within each silo to accomplish a plethora of operations with optimized navigation across divisions. The software bots automate updates to personal and account details, reject or cancel policy if a payment isn’t processed on the given deadline, identify policy premium discrepancies across systems, and solve duplicate partner data.