RPA in Insurance Industry

Automate the data-intensive manual processes for improved productivity and customer satisfaction.

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RPA in Insurance Industry

Transforming the Insurance Business Process with RPA and AI

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 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.

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Transform the Insurance Business Process with RPA and AI

What AutomationEdge RPA & AI Can Do?

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.

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.

AutomationEdge RPA with AI Capability for Insurance Industry

How AutomationEdge Helped Transform Insurance Companies?

WhatsApp, Email and RPA Bots reduced quote generation from 1 day to 5 minutes.

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Achieved 70% customer satisfaction rate in proposal creation process.

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Bank Reduced Account Closure Process Time By 70%.

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Automation Candidates in Insurance

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

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

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

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.

Entry

  • Insurance quote generation

  • Proposal generation

  • Policy generation

  • Renewals

  • Underwriting

Servicing

  • Endorsement

  • Reporting

  • Claims for Insurance

  • Reimbursement/Cashless Mediclaim

  • No Claim Bonus(NCB) transfer (B to B)

  • Payment/Premium Suspense

Exit

  • Surrender

  • Death Claim for Life Insurance

  • Maturity Claim for Life Insurance – Money Back

  • Claims Payout

Benefits of Robotic Process Automation

Lower Cost

Better Accuracy

Higher Efficiency

Scaling With Ease

Ready Bots

Streamlining Claims Processing

Non- Invasive Compatibility

Improved Regulatory Compliances

Cognitive Capability (AI, ML, Chatbot)

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Customer Testimonials

Satyaki Lodh, CIO of Borden explains how AutomationEdge improved efficiency by 60% Venkatesha Murthy VP explains how AutomationEdge helped Mashreq to automate 45% IT tickets per month
Conversational AI & IT automation give rich experience to your employees

Ready to transform data-intensive and manual Insurance processes? Get in touch.