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RPA Guarantees Leveraged Insurance Services
Insurance companies, whether vehicle, health, life insurance, property insurance, etc. are strenuously occupied with back-office work and operations that run in the background since most of the documentation is manual and paper-centric. Insurers are always burdened with voluminous business processes that are to be handled, whether relating to claim processing, underwriting or giving policy quotes based on different segments. These processes are not only tedious but also time & energy-consuming which may have a backlash on customer satisfaction, business growth, conversions, and profit returns.
As a result, several insurance companies are adopting automation techniques to systematically align the business processes & enhance the ability to cater to more customers. While a few of these Insurance companies have already adopted automation partially, many are converting to full RPA mobilization. Robotic Process Automation (RPA) combined with Artificial Intelligence and Data Science allows automation through a virtual workforce or bots that communicate with software applications to identify useful information pattern and generate reports, process forms, and help insurance companies determine periodic targets. These applications could be related to Enterprise Resource Planning (ERP), databases, service desks or other business applications. The power which RPA in Insurance renders to the back-end systems can change the current working standards and lead to better business turnover and increased customer base.
Challenges the Insurance industry is facing
Like other companies in different sectors, the Insurance industry is also constrained by business challenges like data management, value-based intelligent data mining, instant report generation, error handling, data rectification, performance tracking, notifications, etc. Since all insurance providers are highly reliant on back-end processes, repetitive tasks, and paper work, they face some serious operational challenges. These include:
Manual information inflow from different data sources
Insurance companies deal with information of mixed formats which also include data from different sources like paper documents, e-documents, etc. where all of the data is entered manually in the system. This task becomes highly repetitive, cumbersome, error-prone & expensive if human employees are engaged.
Bequest applications and disparate systems
Many insurers still count on legacy systems to generate and maintain core business data through software applications. But when new solutions like ERP or BPM are implemented, the companies fail to integrate these with the existing setup. With this problem, some companies are integrating modernized systems using emerging technologies like IoT partially, while, some are changing the entire insurance management ecosystem. Again, this becomes very time-consuming and expensive.
Conserving regulatory compliance
Insurers are expected to act in accordance with the compliance standards as per government norms, which may change dynamically. While they are all meant to benefit of the company, this can result in disparities in financial & operational activities due to the need for regular updates.
How can RPA help in Insurance?
RPA and Insurance form a unique combination which has the potential to deter most of the obstacles that insurance companies encounter. According to research, RPA can easily free up 20% – 30% of the capacity at an enterprise level, while minimizing operational risks. Here’s how RPA can subdue all the obstacles:
- It streamlines claim processing by automating time-consuming tasks for improved work efficiency, accuracy and customer experience.
- With the ease in scalability where the current RPA resource count can be increased or decreased based on business requirements and for the prevention of financial leaks.
- With non-invasive capabilities, RPA can imitate human keystrokes & mouse clicks, interact with the user interface of computer programs & applications. RPA can be implemented as an add-on to existing applications or programs without the need for coding or programming skills.
- RPA fosters enhanced regulatory compliance which ensures increased data accuracy with proper log maintenance by software robots. With this, compliance along with regulations can be observed on a regular basis through regular monitoring. This lets the insurance companies keep compliance checks in place for internal auditing, policy planning, determining guidelines, etc.
POLICY ADMINISTRATION AND SERVICING
Chatbots provide an effortless working scenario that can simulate a prompt conversation with human users to enhance the customer experience and ensure better service to customers. With the use of Chatbots, responses to policy status information, payments and auto-renewals, can be provided instantly. RPA bots also alert customers for any pre-loss warnings based on the data and accordingly guide them for a preventive adjustment & maintenance. They also do a comparative analysis of other competing policies and highlight the benefits of the best option. Read More >
CREDIT UNDERWRITING AND PRICING
With artificial intelligence and analytics playing pivotal role in insurance, better insights relating to risks can be derived and the insurers can be cautioned promptly. This will help in designing personalized flexible covers that fit an individual’s budget and ensure optimal risk mitigation. RPA can also analyze previous claim history reports and make predictive analysis for upcoming claims or policy selections. Read More >
CLAIM & FRAUD DETECTION
RPA has the capability to bring in transparency in the system with in-built efficiency in the claiming process. Claim processing involves deriving value from voluminous information that has to be processed manually verified, validated, secured, and settled. This increases the turn-around-time with increased possibilities of errors. With the help of De-dup and AML, the right data can be pulled out by avoiding any suspicious or duplicate data. It provides a customer self-service solution that can cater to all situations. Read More >
RPA is much more than a technology trend. It embraces business processes and their compliance functions to make the best out of human capabilities and machines for getting an advanced solution to insurance processes. By using RPA in the system, the compliances can be well-regulated and with the foundation that RPA sets, the whole work process gets aligned. The standards on how customer records need to be maintained, how threshold levels are reviewed and handled, and how internal audits are done before external audits take place are met through RPA alignments to tax laws, PCI standards, and HIPAA privacy rules. Periodic system updates or improvements in line with these regulations are ensured by Bot processes without letting the business suffer. Read More >
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Custom use case:
Just like human beings, these robots make use of the user interface for gathering data and interacting with applications to perform high-volume, tedious, monotonous and manual tasks. This helps businesses to shift their focus on more strategic and revenue-generating activities. Just like human beings, these robots make use of the user interface for gathering data and interacting with applications to perform high-volume.