Automating Insurance Claims Processing with RPA
Claims processing lacks functionality as well as flexibility to gather a large amount of information from external and internal sites, creating humongous quantities of data. Companies have practically exceeded limits of manual processing, resulting in poor service, and infecting the customer experience. Reconciliation in finance and accounting is fundamental but a tedious task that involves handling two sets of records to ensure that the control account balance is the same as the subsidiary account balance.
- Lack of governance and cohesiveness
- Longer processing time
- Nuances in extraction of data and claim verification
- Risk of manual intervention during reconciliation
RPA in insurance claims processing redefines the workflow to integrate different claim processing information from multiple sources, thus offering a myriad of benefits. Automating manually intensive processes like error tracing, claim verification, and extraction of data allows insurers to optimize cost and manual labor. Robotic process automation is a vital cog in reconciliation as it allows companies to upload an electronic version of bank statements and reconcile it to the system using ‘matching’ rules incorporated to the system.