RPA in Insurance: How is it Beneficial?

RPA in Insurance

The insurance industry is constantly evolving. The processes are complex and time-consuming. RPA in insurance is becoming a driver of efficiency and simplicity in the sector. It enables delegating the mundane functions to RPA bots, allowing insurance agents and employees to focus on delivering a better user experience.

There are hundreds of manual processes in insurance. From filing customer profiles to sending data to underwriters, most operations work with human intervention. However, Robotic Process Automation in insurance is improving the processes by taking up these tasks from the hands of human personnel.

RPA services are in high demand. Since they help in achieving productivity and efficiency, the insurance sector can benefit from them. The examples of RPA in insurance can be found in claims processing, underwriting, and many more activities. It helps insurance providers in both frontend and backend activities.

This article will highlight the importance of RPA in insurance industry. After that, we will focus on the different RPA insurance use cases that showcase the technology’s best possible use in the sector. RPA implementation makes sense in the insurance industry because of the complications that make insurance policies unfavourable for many people.

Checkout 11 RPA use cases in Different Industries you ought to know

Robotic Process Automation in Insurance

The biggest problem the insurance sector faces is the lack of communication between legacy systems. There is no interdependence. Multiple moving parts in the system lead to difficulties that are rather left to their own accord. For example — there are separate systems for entering data, which do not communicate with the system for data extraction from the system.

RPA in insurance domain solves this problem. It streamlines the processes without intervening with the organization’s infrastructure. Whether it is new customer onboarding or policy processing, insurance automation ideas range from the basic to the most sophisticated process.

Benefits of RPA in insurance

RPA insurance services can improve the efficiency of the entire system. Since they are fast and available 24×7, manual processes can be completed without any hassle. Here are some of the benefits of RPA in insurance -

  1. Robotic Process Automation in Insurance Claims Processing
    Insurance employees need to gather a massive amount of information from different sources to process claims. RPA in insurance claims processing can gather and transfer the data at the click of a mouse. It speeds up the claim processing process.
  2. Robotic Process Automation in New Customer Onboarding
    Filling the manual details of a customer who bought a new insurance policy is time-consuming. By setting a trigger, RPA bots fill the data from the form into a centralized system. They automatically create a customer profile based on the data.
  3. Robotic Process Automation in Policy Cancellation/Renewal
    RPA implementation enables faster policy renewal and cancellation. It simplifies the movement of data across excel sheets, CRM, and email. Based on that, the bot can allow quick cancellation or renewal of an existing insurance policy.
  4. Robotic Process Automation in Data Accuracy
    Insurance involves a lot of activities. The system is prone to human errors who are tired of doing the same processes. RPA software increases data accuracy as the bots work through pre-determined triggers without getting tired and with 24×7 availability.
  5. Robotic Process Automation in Customer Experience
    While complaints and insurance claims are commonplace, RPA bots can take over this process. RPA solutions offer the ability to register complaints and redirect them to the required personnel. They can also take requests from customers on different issues.

Now that the benefits of RPA in insurance are clear let’s move on to understanding where Robotic Process Automation (RPA) services actually help the companies.

RPA Insurance Use Cases

There are a plethora of RPA use cases in insurance industry. As the domain evolves with the help of technology and moves towards digital transformation, new use cases emerge regularly.

Here are the top 5 RPA insurance use cases:

  1. Insurance claims processing: Claims processing is a tedious task. RPA bots collect customer data from the system, extract data from third-parties, and feed it into the final report. They can easily scan through PDF files and scrape data within a matter of minutes. This has drastically improved the customer experience as the insurance claims are now processed much faster than ever before.
  2. Underwriting: One of the best examples of RPA in insurance is found in underwriting. The process involves analyzing the risk factors associated with each policy. RPA solutions provide data from various sources to underwriters for calculating the risk. It can populate information in multiple fields that can reduce the time taken to assess the risk factors and help the underwriting team make better decisions.
  3. Payments & amounts: Another of the best Robotic Process Automation examples in insurance is processing insurance amounts and payments. RPA solutions trigger bots that can extract invoice data from pdfs, automate the payment process, generate invoices, and send them to third-parties. Insurance companies can automate the accounting processes to enable a smooth flow of money going out and coming in.
  4. Policy quotation & comparison: Robotics in insurance industry helps in generating quotations and price comparisons for different policies. Bots collect the data from the request form, send it to the CRM, and prepare a pre-determined report based on the request parameters. They can also offer policy comparisons by capturing data from the system and generating a pdf file with the information for different policies.
  5. Insurance premium: An RPA system automatically calculates the insurance premium by gathering information about the customer from the CRM. Whether it’s a new policy or the renewal of an existing, accumulating data and calculating the exact amounts that need to be paid, the RPA bot can simplify the premium payment process twofold. It also provides the insurance company with accuracy in calculating premiums.

Read more: 7 Step Guide of RPA implementation for Enterprise Digital Transformation

RPA in Insurance Companies: for Better Customer Experience

The ultimate goal of RPA in insurance is to deliver a top-notch customer experience. Whether it’s through faster claims processing or providing data in real-time for proper analytics — Robotic Process Automation (RPA) services are taking over traditional legacy systems for the better. They provide an improved way to deliver insurance outcomes and in a seamless manner.

BoTree Technologies, a leading RPA software development company in the insurance industry, offers complete RPA implementation. Connect with our RPA consultants for a quick consultation on RPA in insurance.

Originally published at https://www.botreetechnologies.com on April 30, 2021.

Leading Ruby on Rails, Python — Django & Mobile App Development Company provides custom web application solutions. Site: www.botreetechnologies.com

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