Automating Insurance Underwriting and Pricing with RPA
Underwriting requires gathering information from various sources and analyzing the risks involved in a specific policy. The process of data collection takes a minimum of 2 to 3 weeks to oversee large amounts of data scrambling, analyzing, and foreseeing the risks before arriving at a conclusion. The insurance space is replete with policy administration that links all the functions of an insurer.
- Risk of documentation errors
- Delays in processing
- Lack of communication between various divisions
- Overuse of human workforce
- Reduced ROI
- Increased operational costs
- Lack of governance and compliance
To reduce operational costs while improving the efficiency of insurance underwriting, it is important to implement RPA throughout the workflow. Robotic process automation automates the process of gathering information from various internal and external sites, thus reducing the overall production time. RPA updates multiple fields and updates the same in the internal system and produce a report. Robotics in insurance industry fill the void left in the insurance space through issuing policies and updating policies for planned events.