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The insurance workforce’s schedule looks repetitive, mundane, and highly time-consuming. Crucial tasks, such as underwriting and claims are long and tedious. Such lengthy processes negatively impact organization efficiency, profitability, and customer satisfaction.
Robotic Process Automation (RPA) is empowering insurers with BOTS to meet this challenge. The bots can imitate humans and handle all transactional and administrative tasks without any human intervention. RPA can handle all manual, repetitive tasks that do not involve any strategy or decision making, easing processes and enhancing efficiency.
As RPA completes tasks faster with accuracy, it frees up time for the workforce to focus on prime tasks, such as reasoning and emotional intelligence, to add significant value to the organization.
Implementing RPA in Insurance
Claims processing requires collecting large amounts of data from various sources. RPA automates data collection and ensures faster processing of claims by integrating data gathered from multiple sources. With fast data extraction and collation, integrations, error tracking, and verification, the claims process is quick with high customer satisfaction.
Just like claims, underwriting also involves a lot of information extraction and collation efforts. This process also takes a lot of time as analysis of information collated for risks involved and concluding requires a few weeks. RPA automates the process of information gathering that considerably reduces the time required. The information gathered aids in underwriting as well as pricing models.
All the RPA-based tasks and processes are tracked and recorded. This information helps in tracking workflows and improving internal processes such as workload distributions. It leads to increased customer satisfaction and operational efficiency.
Filling forms is a redundant task that eats up workforce and time. With bot-assisted form filling, the process is completed quickly with a minimal workforce.
The insurance space has strict guidelines to be followed during documentation and audits. This process is manual and error-prone. Bots can automate customer information validation and report generation without any manual intervention required on regulatory compliance.
Business Process Management (BPM) might seem like a challenge for insurers as they rely heavily on legacy systems. RPA complies and can fit in with any existing systems, thus integrating technology with legacy systems.
Processes like claims and quote entries are manual and expensive tasks for insurers. RPA ensures process completion at a fraction of the cost and time with chances of errors close to nil.
RPA makes business more manageable as the number of bots deployed can be scaled up or down based on demand at any time.
Policy cancellation, another time-consuming task, can be completed in less than half the time with RPA in place.
Neutrinos – Equipping Insurers with New-Age Technologies
Neutrinos, a low-code multi-experience development platform, offers specialized solutions for the insurance industry. Neutrinos is helping leading insurers take impactful digital transformation decisions. We have experience in legacy modernization and integration of new-age technologies, such as AI, ML, RPA, and IoT.
Read the blog “How to Avoid Legacy Trap with Low Code” for more information on legacy modernization.
Are you looking to enable advanced digital solutions in your insurance business?