Insurance Overall RPA Advantages:

  • Improved Efficiency

Handling customer, products and organizations around the clock, fast and effective

  • Secure data control

No manual interventions and error caused due to mishandling data

  • Customer satisfaction and retention

On time customers query resolution, accurate information provision to customers and discounts, promotional emails to customers for savings etc.

Other Processes in Insurance

New Business & Underwriting

Process Description:

  • Underwriting is the process which comprises the collection of information from numerous sources for assessing risks which are associated with the given policy. It is a very prolonged process and takes about 3 to 4 weeks on an average in the life insurance niche. As it is such a long process, about 18.7 million people do not complete it.
  • The Automation of 
    1. Collect the data from different sources
    2. Processing the data.

 

Advantages:

  • RPA can gather and also process the accurate data automatically
  • it can also ensure accuracy and delivering the work in a timely manner
  • mitigate risks and also allow more new customers to come
  • captures application data from the point of receipt
  • Securely manage the critical information
  • Effectively council the organization data
  • All of the above process in unattended mode
  • RPA can help to improve the Business by sharing the daily basis emails about the insurance.

 

ROI: Around 50%

Claims Registration & Processing

Process Description:

  • Claims processing is much data and document intensive. It needs you to collect a vast amount of information from varying sources. A claim process that is manual and lengthy can create trouble to both customer service and operations.
  • RPA can help here with automation 
    1. insurers in easily gathering data from various sources
    2. notify loss adjusters and give assignments to claims handlers, and integrate all that claim information.
    3. Sending emails to the customer about the claims

 

Advantages:

  • One large finance and insurance provider experienced rapid growth
  • Collect data from different sources.
  • Customer’s data management

 

ROI: Between 70% to 75%

Business and Process Analytics

Process Description:

  • An insurance company can improve their processes by measuring whatever they are doing.
  • Proper reporting and updating the information can help improve the business.

 

Advantages:

  • It can create reports and keep the track of information and share the details so that business can be seen.
  • Once RPA is implemented, business and process analytics allow you to gain visibility into RPA-driven workflows and enable continuous process improvement.
  • Each task performed by a software robot can be monitored and recorded at every step.
  • reducing workload from the staff and also to make their customers happy.

 

ROI: more than 50%

Manual Data Entry Process

Process Description:

  • There are many instances in the insurance industry where data is entered manually to the system like quotations, insurance claim etc. This is a very time consuming and also expensive process. Manually doing it can even lead to inconsistencies and errors in the data. RPA can easily get the work done in no time.
  • The Automation can be of 
    1. Reading input from different sources 
    2. Filling in the information about the customers
    3. Constant information updates
    4. Generating the reports
    5. Sending the emails for process

 

Advantages:

  • RPA can help here to give better output by interacting automatically with other applications.
  • Reduces the manual efforts
  • Reduces the cost of the process etc.

 

ROI: Between 70-75%

Form Registration

Process Description:

  • RPA has the ability to revolutionize the niche of insurance by Insurance automation. The prolonged and the redundant processes which are part of it can happen in ease and in reduced time with the help of RPA.
  • The Automation can be of 
    1. Taking the input for registration
    2. Filling in the information for registration.
    3. Generating the reports
    4. Sending the emails for process

 

Advantages:

  • RPA can help here to give better output by interacting automatically with other applications.
  • Reduces the manual efforts
  • Accuracy will be higher.
  • Workload can be reduced
  • Cost can be reduced

 

ROI: Around 40%