Free up to 20-30% of capacity with RPA in Insurance
We live in a modern era, where innovations and technologies are the only constants. When introduced and adapted, innovation provides a way for businesses to stay competitive in their market segments. Robotic Process Automation is one such futuristic technology that is taking many industry segments by storm. Insurance industry has shown tremendous growth in recent years. Various insurance industry segments such as health, car, property, travel, and lifesaver insurance involve a substantial amount of supervised back-office processes. Insurance companies routinely deal with the claims processing and underwriting as well as providing policy quotes. They are overwhelmed with high volumes of repetitive business processes and monotonous clerical tasks that hinder them from providing timely customer service, meeting growth and profit expectations, and maintaining a competitive advantage in the insurance market.
This is where Robotic Process Automation (RPA), targeted to accomplish repetitive tasks with accuracy, comes in handy to ease handling of many processes of the insurance industry. RPA, as the name indicates, is a technology that mimics the actions of human beings interacting with the user interface of the computer systems.
RPA is poised to transform the Insurance industry wherein many employees perform repetitive, mundane tasks using structured data. It introduces more user-friendliness in terms of process automation and thereby saving more time for all stakeholders. Importantly, it also manages records, performs logic execution, and executes queries in a secure manner.
Robotic Process Automation in the Insurance industry can easily handle the challenges of upgrading and enhancing functionality of existing infrastructure, so-called ‘legacy systems’, and may lower the costs and the human expenditures involved to handle these integrations. Adoption of Robotic Process Automation in insurance industry has led to revolutionary new way of engaging customers.
IntelliBuddies® is an AI & ML infused RPA platform that can increase organizational efficiency while improving customer satisfaction and minimizing operational risks. You can achieve a 70% reduction in processing time & 30% faster response to eligibility requests. Minimal errors during migration of records between systems results in faster processing time which in turn increases customer satisfaction index. You can also meet complex regulatory requirements specific to geography, products, and business lines. IntelliBuddies® in insurance industries can provide the ability to manage and quickly change and adapt to these regulations as per the requirements.
Healthcare Insurance & RPA
Over one third of all healthcare costs in the U.S. were due to insurance company overheads and providers time spent on billing, versus about 17% spent on administration in Canada.Read more...
Insurance Claims Processing with RPA
Insurance companies are strictly regulated and must adhere to laws laid out by various local and global regulatory bodies. Ensure higher compliance with these regulations by letting the bot document every step of claims processing.Read more...