Insurance sector has always been facing numerous challenges, whether its profits, regulations or compliance; this has led to the birth of ‘Digital Insurers’. Yes! Digital Insurers are the ones for whom customer experience and operational efficiencies matter a lot.
Like other industries digital insurers leverage technology to respond quickly to customers’ demands, are available 24×7 and provide a rich customer experience.
So what are these technologies that make digital insurers different from other insurance companies?
Though there has been a lot of digital transformation happening in insurance industries with technologies like telematics, business intelligence and many more, but one thing that has impacted the bottom line hugely is robotic process automation (RPA).
Robotic Process Automation is on top of the agenda of digital insurers and has provided a competitive advantage to them in terms of optimizing operational efficiencies and customer experience.
Robotic Process Automation in Insurance
RPA helps organizations to automate any mundane repetitive tasks in any process across various departments. It can analyze and process voluminous data quickly and accurately.
Any task that is rule-based can be automated, once the business rules are set, the system makes decisions consistently and accurately every time. As the task is performed by software robots, this eliminates the possibility of errors; also software robots don’t take leave/break or don’t get tired thus processes the information 24/7 without fail.
Thus while software robots are doing mundane and repetitive tasks, your employees can be utilized for complex and innovative tasks.
Process suitable for Automation in insurance
RPA in insurance are applicable in many processes like claims payment process or insurance payment process; generally there is a large team who does the claim processing manually. They follow a standard operating procedure, and that is really made up of a series of reads from their terminal, a series of decisions or business rules and then a series of actions that they take by entering information manually.
Apart from these there are other use cases like : Policy application processing, Claim processing, Enrollment, Account Management, Underwriter support, Customer support, Billing, Collection, Report Consolidation, Reconciliation, Account payable, Account Receivable, HR Administration
[Also Read: RPA in Insurance: Benefits, Use Cases & Challenges 2023]
AutomationEdge RPA solution deployments in the insurance companies
AutomationEdge RPA solution has helped large global insurance companies transform in to the leading digital insurers. It is successfully deployed in more than 5 insurance companies both life and general insurance companies. AutomationEdge has Implemented various use cases like payout process, new business process, ID management for different insurance applications, no claims bonus and policy servicing to name a few. Few of bots that we have been deployed are processing payout of USD 1 billion + per year automatically. Time for new business quote generation and policy servicing are improved many folds. For example a leading global insurance company is getting benefits like increased business revenue by reduced TAT for new insurance policy quote generation from 3 days to few seconds.