RDA in Insurance
Safeguarding you & dear ones
As an insurance Underwriter, you have figured that you are spending a lot of your time compiling information from your clients, inputs for which have come online or offline, submitting it to insurance systems for obtaining ratings and then evaluating the risks to aid you to underwrite policies. Turnaround time is the victim of such manual, high-volume and low-value activities, often inhibiting your ability to acquire and serve a larger pool of clients, giving way for competitors to transgress.
Needless to say, you would surely wish to focus on minimizing manual efforts and human errors, thereby spending more time on your core competence – RISK EVALUATION and be able to increase your business and customer satisfaction levels.
Most Underwriters are now asking, how can they achieve faster and more accurate execution of such processes, minimize human intervention, save on time, cut costs, and improve the client experience.
You may now be asking, HOW?
The answer is - It will take a new and different approach. One where automation becomes the cornerstone of the platforms that are needed for underwriting policies. Now, all that the Underwriters need to do is identify scores of places where mundane and repetitive tasks occur. And, with minimal time and expense, digital automation (DA) can take over. The IntelliBuddies® RDA platform combines the power of Robotic Process Automation (RPA), AI & ML and Business Process Automation (BPA) tools as one bundle. This not only allows leaders to automate their low-value/high-volume tasks but also, introduces workflows and AI & ML to realize the full potential of digital automation. Unlike other automation platforms, the IntelliBuddies® RDA platform doesn’t require a huge time and cost investment and best of all can be easily set up and managed for your purposes with Digital Automation in the Insurance industry.
Many automation possibilities within Insurance sector
- Claim Processing:
RPA buddies can collect and validate claim data from various sources, such as emails and forms. BPA helps to automate the routing of claims to the relevant departments for assessment and approval. AI cognitive services can detect fraud by analyzing historical claims data for irregularities. Automated notifications can inform customers about the status of their claims.
- Policy admin and servicing:
RPA Buddies can automate data entry tasks by extracting information from various sources, such as applications and documents, and populating policy administration systems. RPA can automatically generate policy documents, contracts, and certificates based on predefined templates. BPA can manage the workflow, routing the documents for approvals and signatures. It can manage the end-to-end claims process, including document collection, assessment, and payments, reducing processing time and errors. AI can identify suspicious activities and patterns indicative of fraud in real time, helping insurance companies prevent fraudulent claims and reduce losses.
- Regulatory compliance:
RPA Buddies can collect data from various sources, such as forms and documents, and enter it into compliance-related databases and systems accurately and efficiently. BPA streamlines compliance workflows by automating task assignments, approvals, and notifications. It ensures that compliance processes follow standardized, auditable procedures. AI-driven analytics continuously monitor regulatory changes and assess their impact on insurance operations, helping organizations stay updated with evolving compliance requirements.
- Integration with legacy applications:
RPA Buddies extract and migrate data from legacy systems to modern applications seamlessly. They automate real-time or scheduled data synchronization between legacy and newer systems.
- Policy Underwriting:
RPA bots can collect and input data from multiple sources, such as application forms, databases, and external data providers, into underwriting systems quickly and accurately, reducing manual data entry errors. BPA can automate document verification processes, ensuring that all required documentation, such as medical records or financial statements, is complete and up to date, streamlining underwriting workflows. AI-powered algorithms can analyze vast amounts of data, including historical claims, customer information, and external factors, to assess risks accurately. These algorithms provide underwriters with valuable insights and recommendations, aiding in decision-making and pricing policies.
- Premium Collections:
RPA can validate customer data, policy details, and premium amounts, and it can automatically generate and send payment reminders and notifications to policyholders based on predefined schedules. BPA manages the workflow, ensuring that reminders are sent consistently.