Top 10 RPA use cases for insurance sector

The insurance industry plays a very important role in the life of corporates as well as individuals. At any given point in time, insurance enterprises have to deal with a number of customers and their applications in different stages of the lifecycle. Manual processes become inundating to the insurance executives and the underwriters. As a result, streamlining and automating the processes not only becomes desirous but quintessential in an industry that mandates a fast-paced environment. 

Top RPA insurance use cases

RPA brings in efficiency and agility in the insurance sector. It brings to the table straight-through processing (STP) that increases productivity and accuracy at the same time. By using Artificial Intelligence (AI) / Machine Learning (ML) algorithms, RPA can handle complex processes to provide end-to-end automation. Here are some RPA use cases for insurance that highly improves performance and improves customer satisfaction –

1.  No Claim Bonus – RPA allows verifying the previous NCB status of the customer from different sites including both the private and public sector while deciding the premium of the current policy.
2. Policy issuance – RPA consolidates the new policy details collected from different channel partners, creates a consolidated file, and bulk uploads to the core system for policy document creation.
3. GL reconciliation – RPA downloads reports in spreadsheet format from different systems, reconciles the data based on different parameters, and uploads the data to the central system.
4. Payments reconciliation – During policy issuance, RPA reconciles data from the bank, channel, and the insurer and updates the core insurance system.
5. Receipt updation – RPA accesses service requests, statistical analytical system, & other systems to create a master file and uploads it to the core system to create insurance receipts.
6. Tax compliance – RPA allows integrating data from different registers and TDS master files and processes that data to upload the data to the tax collection site for compliance.
7. Installment tracker – RPA tracks installment due dates for all insured customers, generates installment letters at pre-defined days prior to the due date, and auto-emails them.
8. NTU intimations – RPA tools automate policy issuance and creates a separate spreadsheet for policies not taken up, creates emailers, and auto-triggers them to the respective applicants.
9. Accrual processing – RPA opens the periodic accrual reports, copies the renewals and actuals, updates the data as per pre-defined business rules, and emails to all stakeholders.
10. Underwriting – RPA conducts 2-way data transfer, verifies information and policies, etc., before commencing the underwriting process.

READ MORE - Case Study - RPA Automates the No Claim Bonus validation of a leading insurance provider 

Simply put

RPA automates most of the insurance processes. By using AI/ML algorithms solutions, RPA can move beyond to handle complex insurance scenarios and offers end-to-end automation.