AutomationEdge Robotic Process Automation with AI solution allows you to automate business processes rapidly. Robotic process automation utilizes intelligent robots known as virtual workforce (or bots) which can interact with software applications like ERP systems, service desks, databases and other business applications.
Insurance companies are vigorously immersed with back-office forms as most of the documentation process is paper based. Insurers regularly handle an exceptionally high volume of business processes like claims-processing and underwriting as well as providing policy quotes manually which creates significant delay in time and also affects the customer satisfaction, business conversion and profitability.
AutomationEdge RPA with AI capability can analyze large volumes of data and deal with exceptions and translate them into insights to take actions. AutomationEdge RPA can go beyond just cost reduction and efficiency by adding significant value to businesses with personalize and higher degree of self-service.
Thus, numerous insurance agencies worldwide are focusing on intelligent automation to streamline their business procedures and enable them to attend new customers and focus on growing business.
How RPA helped Insurance Companies?
3 min. vs. 3 hrs.
Time cut for house loan insurance 100 application processing
While some of these organizations as of now make utilization of halfway automation — to check paper records or to accelerate information section, for instance — more prominent robotization capacities will be offered to insurance process by using Robotic Process Automation (RPA). RPA can give added support to help insurance companies automate whole work processes and streamline a more prominent number of their operational exercises.
Policy Administration & Servicing
Customer facing Chatbots can provide answer for policy status and payments, policy auto-renewals, and RPA Bots can alert customers in case of pre-loss warnings based on data and guide for preventive repair and maintenance. The customer experience will increase as Chatbot can provide better service to customer by working 24/7 without rest.
Underwriting & Pricing
AI and Analytics can give insights to insurers for risks. This will help for personalized flexible covers and move from being risk insurers to risk mitigators with services for alerts, repairs and rewards. RPA can analyze the claim history of reports from past years and provide the insights based on previous losses.
Claims & Fraud Detection
RPA and AI together provide self- service solution and bring the transparency, speed and efficiency to the claim process. Claims Processing brings large amount of information to be processed manually from different sources for verification and settlements. This results in increased TAT and errors in the process. Using RPA, De-dup and AML like processes can detect right data to avoid fraud or suspicious data.
Insurance quote generation
Claims for Insurance
No Claim Bonus(NCB) transfer (B to B)
Death Claim for Life Insurance
Maturity Claim for Life Insurance – Money Back
Benefits of Robotic Process Automation
Scaling with ease
Streamlining Claims Processing
Non- invasive Compatibility
Improved regulatory Compliances
Cognitive capability (AI, ML, Chatbot)
Good Work Speaks for Itself
“Congratulations AutomationEdge team. Happy for AutomationEdge and it deserved this Gartner recognition. We are super satisfied with the RPA product.”
Goutam Datta, Vice President,ICICI Lombard General Insurance Co. Ltd.