Using Robotic Process Automation (RPA) in Insurance

by | Aug 31, 2021 | Automation, Business Process Automation, Hyper Automation, Robotic Process Automation, RPA

Practical examples of RPA in the insurance industry

The world of business contains so many time consuming, repetitive tasks. In the case of the insurance industry, it is one of the biggest culprits. Consider daily tasks like underwriting, customer onboarding, processing claims and other policyholder services. They can all benefit by using RPA in insurance.

Improving efficicienci in the insurance industry with RPA

Determining which processes to automate in insurance

 
There’s so much that goes into the insurance process, all are important. Unfortunately, this repetitive work can become mind-numbing. It will also affect productivity in the long term. Implementing RPA processes equips insurers with the resources to support their business.
This support not only frees up time but also reduces costs. Additionally, it also improves customer satisfaction. Basic requirements for automation with RPA is that it is repetitive, follows a set of rules and does not need to make decisions. As a result, accurate, more efficient RPA systems complete these mundane tasks.

Using RPA in insurance

Within the insurance industry, there are so many processes that can use automation. We’ll discuss this further to showcase some of the opportunities that exist.

Underwriting

This is the foundation of all insurance policies. It evaluates the risk exposure of each customer. It involves handling and processing a lot of information and data to underwrite a policy. This could take weeks. RPA thrives on data processing and automation. This makes it easier than ever to underwrite new policies.

Registering and processing insurance claims

Insurance claims involve collecting a lot of information and data for validation. Manual processing is time-consuming and runs the risk of misinterpretation or losing data. To speed up this process and process claims, an RPA system will make the world of difference. This is because it is able to extract and integrate information from many data sources. the end result? Both employee and customer satisfaction.

Policy services

Given the nature of the insurance industry, safely storing data and updating it with ease is important. This includes everything from creating quotes, underwriting and administering policies – all of which needs to be done in a way that offers the best cover for customers while ensuring that the businesses best interests are also taken into account. On the other side of things, it can also be used to process policy cancellations and all of the information required for the cancellation to truly take place.

Financial management

Quickly and easily manage new and existing policies and their associated premiums with the click of a button. You can also manage business expenses within a similar set-up that allows regular payments to be made and invoices sent out when necessary.

Scalability

As with most digital systems, the greatest advantage is being able to scale the system to meet the growth of your business.  You can deploy additional bots to meet business demands, or reduce the number used as required. All of this can be done at no additional cost and with minimal effort.

Contact us today to find out how RPA can transform your business.