RPA Insurance Solutions
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RPA Insurance Solutions

In today’s highly volatile marketplace, insurance companies are turning to robotics process automation (RPA) to increase their efficiency, reduce costs, and stay competitive. A recent study by McKinsey reveals the insurance industry will automate 25 percent of its processes by 2025, with most of its automation potential originating from operational processes where RPA can help. From onboarding, underwriting to policyholder services, the RPA undeniably changes how the insurers conduct their day-to-day operations.

This piece focuses on the benefits of RPA in Property & Casualty insurance and the typical use cases.

What is RPA in insurance?

In the insurance industry, robotic process automation refers to deploying rule-based and low-code bots to handle mundane and repetitive tasks like collecting customer information, extracting data claims, background checks, and more. Essentially, RPA frees up the insurance workforce from time-consuming manual tasks while enabling insurers to optimize efficiency and speed up processes, ultimately translating to a better customer and employee experience.

What Are the Benefits of RPA Integration in Insurance?

RPA integration enables insurers to improve their back-office processes and customer-facing services. It also helps insurers boost employee morale and job satisfaction.

Some of the primary benefits of using RPA for insurance operations include the following:

Speedy insurance claim processing 

Conventional methods of claim processing involve several steps. Employees usually spend a lot of time gathering crucial information and documents to be entered into the system. However, with RPA integration, bots move large amounts of claims data quickly and efficiently, enabling customers to get a faster response after filing their claims.

Improved customer experience

With enhanced efficiency and speedy processes, customer satisfaction ultimately rises. RPA can wade through multiple systems and automatically send large amounts of data and documents to the relevant personnel for approval. This does not only save human efforts, but it helps meet customer and company expectations and needs.

Increased data accuracy

RPA replaces manual processes, thus enabling insurers to reduce the potential for human errors. Due to their high efficiency, RPA bots increase the reliability of data processing, which is unquestionably very crucial for regulatory compliance.

Cost savings

RPA provides opportunities to streamline business operations, cut costs, and increase productivity. Because bots take over the mundane and time-consuming repetitive tasks, companies can reassign their teams to higher-value, morale-boosting tasks that increase their bottom line.

Legacy systems compatibility

Most insurance firms use conventional legacy systems to execute their business functions. RPA bots can be configured to integrate with legacy systems that might be upgraded soon with newer versions. Robots can extend the lifespan of legacy systems as they allow for a faster configuration than traditional IT systems.

Helps with regulatory compliance

The insurance industry typically faces strict regulatory guidelines for documenting work and creating audit trails. Regulatory operations involve multitudes of tedious and error-prone processes that increase the risk of regulatory breach substantially. RPA integration eliminates the risk of human error in the regulatory process and boosts your efforts towards meeting the industry’s regulatory requirements. Bots can also validate existing customer information and generate regulatory reports quickly to enable timely filing.

What Are the Use Cases for RPA in Insurance?

RPA can help insurers optimize the following day to day front and back-office processes:

Claim management

Claim processing is an integral part of the insurance business that involves a lot of tedious tasks. RPA bots can help streamline the entire claim process from the time the insured members file the claim to adjustment and settlement. When insurers automate their demanding claim filing processes, they free up their claim process workforce to focus on resolving key issues and handling exceptional cases. With RPA integration, the standard claims are handled within minutes, thus improving efficiency and customer experience.

Underwriting

Traditionally, insurance companies must maintain and analyze multiple data from potential customers to determine their risk level. Customer data also helps insurers to customize their rates and policies to suit the needs of the clients. RPA bots can efficiently collect and analyze unstructured data from both internal and external sources and present it to the relevant department for faster decision-making.

Policy administration and servicing

RPA can combine machine learning, natural language processing, intelligent OCR, and analytics to create more engaging experiences with policyholders. RPA can be used to identify the context of customer emails and classify them accordingly. They can also help extract data, update systems, and interact with customers and staff to complete instructions and deliver confirmations in a manner that meets all regulatory and statutory requirements.

Premium renewals and cancellations

Every so often, insurers must renew their premiums. With RPA, clients can renew their premiums anytime they want. RPA simplifies the movement of crucial data across excel sheets, CRM, and email, and, additionally, depending on company policies, RPA can also allow clients to cancel or renew an existing insurance policy at will.

New customer onboarding

Filing the manual data of a new client who just bought your new insurance policy is such a time-consuming and tedious task. However, when you integrate RPA into your systems, the bots can quickly fill the data from the form into a centralized system. The bots will also create a customer profile from the analyzed data, thus helping insurance customers make informed decisions.

Get Started with Your RPA Integration in Your Insurance Business Today

There are several other ways to leverage RPA effectively in your insurance business practice. These include customer service, invoice processing, sales orders, payroll, price comparison, processing refunds and cancellations, and storing customer information. If you need help to get started with your RPA integration, don’t hesitate to contact OZ Consulting.

With our team of experienced RPA professionals, getting started with RPA is as simple as making a phone call. Contact us today to learn more.

Murray Izenwasser

Murray consults with clients to create digital solutions that align with their vision, markets, customers and products. Prior to OZ, Murray co-founded Biztegra, a digital marketing, engagement and technology agency.

He also held senior positions at some of the world’s largest digital agencies, including Razorfish and Sapient, and began his career at what is now Accenture. An IASSC Certified Lean Six Sigma Yellow Belt™, Murray earned his B.S./B.A. in computer science and finance from the University of Florida.

Who is Murray Izenwasser

Murray consults with clients to create digital solutions that align with their vision, markets, customers and products. Prior to OZ, Murray co-founded Biztegra, a digital marketing, engagement and technology agency.

He also held senior positions at some of the world’s largest digital agencies, including Razorfish and Sapient, and began his career at what is now Accenture. An IASSC Certified Lean Six Sigma Yellow Belt™, Murray earned his B.S./B.A. in computer science and finance from the University of Florida.

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