Revolutionizing Insurance Processes with Robotic Process Automation (RPA)
The insurance industry sees huge amounts of monotonous clerical jobs every day. In managing day-to-day operations, insurers spend considerable time and resources on repetitive and operational tasks. RPA in insurance can help you put your time and resource to better use by designing a high-growth business strategy while reducing cost.
How We Help You
With RPA solution, insurance providers can maximize their performance both in the back-end and front-end by automating their manual and repetitive tasks and focusing more towards delivering exceptional customer service.
We help you,
- Automate manually intensive processes
- Integrate data in legacy applications and disparate systems
- Maintain regulation and compliance
- Reduce processing time
- Increase ROI, decrease operational costs
- Increase productivity
- Improve collaboration between various divisions
Transforming Insurance Operations with Intelligent Process Automation
Automation is revolutionizing the insurance industry. By automating routine tasks, insurers can increase efficiency and reduce costs while improving accuracy and compliance.
Offerings
Claims Processing
Underwriting and Pricing
Policy Administration and Servicing
Sales and Distribution
Automating Claims Processing with RPA
Claims processing involves handling and vetting large 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 tedious.
Solution
RPA in insurance claims processing redefines the workflow to integrate information from multiple sources. Automating manually intensive processes such as error tracing, claim verification, and data extraction allows insurers to optimize cost and labor. RPA is a vital cog in reconciliation as it lets insurers to upload e-statements of bank and reconcile it to the system.
Automating Underwriting and Pricing with RPA
Underwriting requires gathering information from various sources and analyzing and identifying the risks involved in a specific policy. This takes up to 3 weeks and the insurance space is replete with a policy administration system that links all the functions of an insurer.
Solution
To reduce operational costs while improving the efficiency of insurance underwriting, implement RPA throughout the workflow. Data is gathered from internal and external sites automatically, reducing overall production time. RPA also feeds all relevant information real-time to the internal system and produces a report, making underwriting extremely efficient.
Automating Insurance Policy Administration with RPA
Account servicing and transaction involves form registration, policy cancellation, identifying policy premium discrepancies, and creating claims payments. This includes a lot of cross-verifications in personal information, and looking for discrepancies and duplicate partner data.
Solution
RPA in the insurance industry allows all key players within each silo to accomplish a plethora of operations with optimized navigation across divisions. Bots automate updates to personal and account details, reject or cancel policy if a payment isn’t processed by the given deadline, identify policy premium discrepancies across systems, and resolve duplications of partner data.
Automating Insurance Sales and Distribution with RPA
Sales and distribution include creation of sales scorecards and funnel reports to push notifications to agents. The agents oversee the compliance, legal, and the credit standing throughout the process. There is also a lot of data updating work involved across teams.
Solution
Robotic process automation in insurance can simplify the intimidating task of sales and distribution by deploying bots, eliminating human errors and allowing employees to work on crucial innovative tasks. The perils of creating a plethora of sales scorecards and credit checks are negligible using RPA. It also ensures customer satisfaction through timely deliveries.
