Pre- claim verification conversation processed by chatbot
HDFC Life was struggling with high volume claims request through multiple channels like email, direct branch and others. AutomationEdge RPA enabled HDFC Life in creating autonomous business process and help them achieving 50% TAT reduction in quote generation and generate policy using chatbot
Intelligent Automation in Insurance
Insurance companies face challenges in their back-office operations due to extensive paper-based documentation processes. These processes, such as claims processing, underwriting, and manual policy quoting, result in delays, lower customer satisfaction, reduced business conversion rates, and decreased profitability.
Intelligent automation in insurance refers to the use of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), combined with robotic process automation (RPA), to streamline and automate various processes within the insurance industry. It aims to improve operational efficiency, automate complex business process, reduce costs, and mitigate risks.
AutomationEdge RPA in Insurance
AutomationEdge RPA is an intelligent solution that comes with AI and intelligent document processing capabilities to streamline the insurance process.
Also, RPA bot are configurable and perform tasks like triggering responses, integrate compatible systems and execute tasks in conditional sequence without breaks and zero mistakes.
Claims Processing Streamline claim journey right from first notice of loss to adjustment using RPA and reduce multiple touchpoints in claims processing
Underwriting Evaluate and analyze risk involved in underwriting in insuring people and assets with RPA and free up underwriters
Regulatory Compliance Leverage RPA to standardize the documentation and audit trails to maintain regulation by strict laws.
Sales & Distribution Simplify sales and distribution by automating tasks like legal & credit checks, sales records and conduct compliance
Finance & Accounts Use RPA bot to perform clicks, keystrokes, autofill tem plates, and generate reports autonomously
Policy & Administration Automate policy & administrative process like credit control, tax, and regulatory compliance to maintain policy process
Business & Process Analytics Put AI bots for audit trails to maintain compliance and get insights for serving better to customers
Policy Cancellation Create automated policy cancellation to make sure interaction easy with CRM, Excel and PDFs to Access Data
Query Resolution Offer instant resolution to customers using chatbot and resolve complex query with minimal human intervention
Data Entry & Integration Automate data extraction and processing and integrate data into the system for further process
Enterprise-wide Automation with AutomationEdge’s Insurance SolFlos
AutomationEdge’s Insurance SolFlos are ready automation workflows for Insurance that automate repetitive tasks and streamline their operations. These solutions are designed to be easy to implement and use, without the need for extensive development or programming.
The impact of automation in the insurance industry is quite positive right from creating automated claims processing and quote generation, to increasing operational efficiency and maintaining process excellence, RPA offers all.
Using NLP+OCR technologies RPA can extract claims data from multiple sources and verify the claims from the centralized data system. This rules out the requirement of claims handling by humans and bots handle the whole process.
Automated underwriting in insurance includes the use of RPA to fill populated fields, access data from various sources, evaluate loss runs, analyze customer history, and generate alerts on fraudulent cases.
RPA keeps track of all the processes and applications across organizations and offers real-time monitoring for potentially fraudulent activities. RPA bot can also generate alerts in case of fraud and maintain process efficiency