Robotic Process Automation @ Insurance Sector
The Insurance industry deals with overflowing amounts of monotonous clerical jobs which results in drop customer satisfaction and serious time sinks. During the course of handling day-to-day insurance operations like underwriting, claims processing, policy servicing, etc., insurers are flooded with overwhelming levels of routine, repetitive, and operational tasks. This has contributed to rising costs and stalled growth in the insurance space. RPA in Insurance is well and truly touted to be the technology that significantly positions the industry as a whole to become more efficient and customer-focused.
IntelliBuddies® is an AI infused Robotic Process Automation, which comes bundled with all the essential tools and technologies for the automation of your front and back-office operations. IntelliBuddies® comes with a large set of very useful activity libraries with a built-in intelligent automation framework along with AI and machine learning capabilities. The platform also provides a Process Designer tool to orchestrate the flow of work across human, buddy, and systems to enable enterprises to define end-to-end automation. Further, the platform provides the Control Room Portal for enterprises to manage their buddies in terms of their security, scheduling, orchestrating, reporting, and auditing. Overall, IntelliBuddies® would help enterprises in automating both rule-based and knowledge-based tasks and thereby reducing cost, improving response time, facilitating business growth, and at the same time achieving compliance.
Claims Registration and Processing
Claims processing requires companies to gather a vast amount of information from a number of sources, creating exhaustive quantities of data. Current claims systems lack functionality as well as flexibility and have reached their practical limits which have resulted in excessive levels of manual processing. In turn, this has inhibited efficiency and flexibility, thus slowing down service and negatively affecting the customer experience. We are now starting to see AI being inculcated within the claims management process extensively to cut down on processing time.
Underwriting requires the risk evaluation and exposure to clients. This involves gathering information from various sources and assessing the risks associated with the given policy. A great deal of data scrambling, analyzing, and determining the risks involved before landing on a conclusion takes more than 2-3 weeks on average.
The insurance sector faces strict guidelines for documenting work and creating audit trails. Regulatory scrutiny of the insurance space has never been more acute, than it is today. With a multitude of tedious and error-prone processes in insurance, the risk of a regulatory breach increases multifold.
Policy Admin and Servicing
From quoting, rating, underwriting to distributing customer services – policy administration links all the functions of an insurer. Current policy administration systems that have been around for decades are expensive and high-maintenance. They cannot scale quickly enough to meet the growing demands of customers or support business growth.
Process and Business Analytics
Insurance companies can improve and serve customers better only if they can measure what they are doing. The vast number of operational and paper-intensive processes make it difficult to track and measure operational efficiency or identify areas of improvement.
The form registration process is a redundant task, but a necessary task in the insurance space. RPA can automate and assist process completion in just 40% of the actual time taken, with half the workforce required.
Policy cancellation involves many transactional tasks such as tallying cancellation date, inception date, policy terms, etc. With RPA in Insurance, policy cancellation can be carried out in just one-third of the time.
Benefits of RPA in Insurance
Automate insurance processes to reduce costs, streamline operations, and improve customer experience
- Reduce costs: Streamline insurance operations and improve productivity by automating repetitive processes.
- Accelerate claims handling: Automate document processing and claims workflow to improve timeliness and accuracy.
- Enhance underwriting: Improve access to internal and external data sources to enrich the risk analysis and product development.
- Improve customer service: Provide real-time access to customer data and accelerate the completion of customer requests.
- Increase policyholder retention: Identify retention risks and proactively offer products/services to meet customer needs.
- Empower human resources: Free-up employees to perform value-adding analytical activities.