How RPA is Revolutionizing Insurance Industry

We live in an age where innovation takes place every morning in every industry. For years, companies have used too much workforce in redundant processes, which is a waste of money and employees. Employees working in the same processes every day result in productivity reduction and can cause errors in critical areas. 

In an industry like insurance, these minute details are very critical to process any claims or documents. The insurance industry has started adopting various technologies like Robotic Process Automation (RPA), Artificial Intelligence (AI), etc., to automate the processes. RPA could be used to automate many functions that are part of the insurance industry. Insurance automation using RPA can be used widely in the niche to deal with legacy systems, automate repetitive tasks, and even collect external data. It helps to improve efficiency and also to build a better customer experience. 

Some of the RPA use cases in Insurance, areas where insurance companies across the world are using RPA are:

1. Claims Management: RPA in Insurance makes it possible to integrate all the different claim processing information from multiple sources. Manually intensive processes such as data extraction, complex error tracking, claims verification, aggregation of claims from various data sources, and more can be automated, thus accelerating the process and providing a better customer experience.
   A global provider of risk management reduces TAT by 76% with automation: Read how a US-based global insurance provider implemented RPA software to process insurance claims documents and reduced the processing time of documents from 30 minutes to 3 minutes
2. Underwriting: RPA can capture and process reliable data automatically and at a much faster speed from both internal and external sites. It helps to free up about 30 percent of the capacity. It can also ensure the quality and timely delivery of the work. RPA can be used to reduce risks and also encourage more new customers to arrive, with quicker response times.
3. Policy Administration: RPA allows insurance companies to automate many processes without making any changes to their current infrastructure. Essentially, it automates the transactional and administrative aspects of operations such as accounting, settlement, risk capture, credit monitoring, tax, and regulatory enforcement.
   TruBot Increases Productivity For A Leading Insurance Provider: Read how one of India’s largest insurance companies implemented RPA software solutions to increase productivity by 87%
4. Finance & Accounting: RPA systems can perform clicks, keystrokes, keystrokes, auto-filling templates, copy-pasting information, field entries, and more, automating a considerable portion of the regular bank reconciliations and minimizing transaction costs as well as policy cost footprint.
   A leading general insurance provider automates policy payments reconciliation: Read how robot process automation software helped a bank to retrieve reports, vendor reports, and internal reports for the reconciliation and achieve 99% accuracy.
5. Product Development: Automation helps insurers verify the NCB slab for policies issued daily by referring to the claim status for previous policies. For the private sector, receive status by email. For the public sector, visit the main insurance authority site. Update the system accordingly, and notify the customer.
   A leading general insurance provider automates the No Claim Bonus validation: Read how RPA software tools help a leading insurance company to reduce the turnaround time (TAT) by 65%.