Empower insurers to build a high-growth responsive business

The insurance space is replete with back-office processes which are operational, high volume and repetitive
Automate insurance processes for higher growth while optimizing cost
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RPA in Insurance Department

Robotic Process Automation in Insurance We live in a modernized era, where each day pops up with some new technologies. When adapted and introduced, innovation provides a way for businesses to stay competitive in their market segments.

The insurance industry has shown tremendous growth in recent years. Insurance companies like health insurance, car insurance, property insurance, travel insurance, or lifesaver insurance are supposed to supervise a substantial amount of back-office processes.

Insurers routinely deal with claims processing and underwriting as well as providing policy quotes. They are overwhelmed with high volumes of repetitive business practices and monotonous clerical tasks hinder them from providing timely customer service, meeting growth and profit expectations, and maintaining a competitive advantage in the insurance market.

Robotic Process Automation is the latest technology with vast opportunities to ease many processes of the insurance industry. Robotic Process Automation is a great technology that copies the actions of human beings interacting with the user interface of the computer systems.

Robotic Process Automation in insurance industry is poised to transform the insurance industry where many employees perform repetitive, mundane tasks using structured data. It introduces more user-friendliness in terms of process automation and thereby saves more time to rescue the workforce.

Robotic Process Automation in Insurance is software that can manage records, calculations, queries, and safe transactions.

Robotic Process Automation in the Insurance industry can easily handle the challenges of system updates as it can work on top of existing infrastructure, so-called ‘legacy systems’, and may lower the costs and the human expenditures involved to handle these integrations.

IntelliBuddies® can help your team in tracking the industry as a whole to become more efficient and customer focused.

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Claims Registration
& Processing

Integrate and process claims coming from multiple sources. Extract data and verify the authenticity

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Underwriting

Gather the information from various sources and assess the risks associated with the given policies

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Policy
Administration

Automate transactional and administrative part of activities such as accounting, settlements, risk capture, credit control, taxation and regulatory compliance

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Form
Registration

Automate and assist process completion quickly

N/A

Policy
Cancellation

Tally cancellation date, Verify inception date and policy terms before cancellation

Benefits

  • Claims Processing - RPA in Insurance Industry can assist the company in verifying claims automatically. The verification process done manually takes more time and labor-intensive, it may sometimes lead to an error in entering the confidential details of the individuals.
    RPA in Insurance Industry can reduce the amount of time on repetitive processes and eliminate human errors. Successful claims processing is essential to the lucrativeness of insurance providers. The claims can be processed in a much more systematic, precise, profitable manner.
  • Processing Time - RPA in Insurance can activate a 70% reduction in processing time & 30% faster response to eligibility requests. Zero errors in the daily migration of records between systems along with increased customer satisfaction ratings.
  • Application Integration - RPA in Insurance can Automate the legacy system by integration resulted in bringing data from various systems onto a single platform, thus connecting all the core systems.
  • Reduced Time - By adapting RPA in Insurance, will reduce the processing time successively and increases productivity.
  • Regulatory Compliance - Insurance industries need to meet complex regulatory requirements specific to geography, products, and business line. RPA in Insurance industries can provide the ability to manage and quickly change and adapt to these regulations as per the rules.
image insurance
image insurance

Free up to 20-30% of capacity with RPA in Insurance

Robotic Process Automation in Insurance is a revolutionary new way to engage with your customers. IntelliBuddies® can increase your organization's efficiency while improving customer satisfaction and minimizing operational risks.

Robotic Process Automation (RPA) in Insurance is an emerging technology that can energize insurers to grow the responsive business while optimizing cost rapidly. RPA creates software bots that mimic human actions in transactional, administrative tasks that are repetitive, rules-based, and require no decision-making process.

RPA allows employees to focus on tasks that require manual force, such as reasoning, judgment, and emotional intelligence, thus creating more value for their organization.

You can use Robotic Process Automation in Insurance to automate various tasks including:

  • Automated Claims Processing
  • Data entry into critical systems
  • Download policyholder’s data from multiple sources
  • Read and scan data
  • Data compilation from numerous systems
  • Authenticate insurance period
  • Flag mismatch/errors in data
  • Initiate follow-up alerts
  • Deliver quick approvals
  • All-round view of available data to customer support staff
  • To overcome the challenges of system updates and make integration more effortless, it lowers the costs and the human expenditures involved in system and software updates.
  • To run the data processing more smoothly, faster, and error-proof and creates efficient data processing.
  • To track the processes and ensure that compliance with the regulations is in place. External audits thus become much less of an issue for insurance companies that make effective use of automation.
  • To handle the tedious, repetitive tasks like regulatory reporting, claims processing, document verification, or manual data tabulation, the human-specific capacity for creative, innovative work may be better used for customer experience, personalized, and improved by human interaction.
  • Claims Registration and Processing - RPA in Insurance is used to integrate all the different claim processing information from multiple sources. It can automate the manually controlled processes like data extraction, complex error tracking, claim verification, claim relevant data sources integration, speeding up the process, and creating a better customer experience.
  • Form Enrolments - RPA in Insurance can automate the form registration completion in just 40% of the actual time taken, with half the workforce required.
  • Underwriting - Robotic Process Automation automates data collection from various external and internal sites, thus reducing the time taken for underwriting.
  • Policy Admin and Servicing - RPA in Insurance automates the transactional and administrative parts of accounting, settlements, risk capture, credit control, tax, and regulatory compliance.
  • Policy Cancellation - RPA in Insurance automates the transactional tasks such as tallying cancellation date, inception date, policy terms, and so policy cancellation can be carried out just one-third of the time.

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