In today’s fast-paced world, the global technological landscape is progressing towards more and more disruption. Disruptive technologies such as AI and ML are transforming the digital landscape and significantly changing how various industries operate.

Robotic Process Automation( RPA) is one such emerging technology that has immense potential to transform various industry verticals.

Enabling RPA to manage processes not only streamlines and optimises  organizational workflows, it also offers superior scalability and flexibility within the enterprise.

The Insurance sector is first to adopt and leverage the power of Robotic Process Automation.

The Insurance industry is full of back-office processes which are manual, operational, high-volume and routine in nature. Underwriting, claims to process, and policy servicing are essential processes, yet, they are undeniably tedious, slow and repetitive.These inundated and inefficient processes cast a huge impact on the overall efficiency of the organisation.

That’s exactly where the need to streamline business processes and automate transactional tasks using RPA comes into the picture. Leveraging RPA in the Insurance sector helps in handling routine and time-consuming processes smoothly. It frees up the workforce to focus on customer-centric strategies, thereby reducing costs and scaling up operations.

Why is RPA a good fit for the Insurance Sector?

According to a survey, 81 percent of the workforce in the Insurance industry regarded their organisations’ work environment and business processes as either ‘complex’ or ‘highly complex’.

Since Insurers are predominantly occupied with routine, tedious and operational activities, it has led to rise in costs and further stalled the growth in the Insurance sector.

RPA can perform repetitive tasks quickly, consistently and more precisely than humans. Simply automating routine tasks like multiple log-ins and copy-paste between spreadsheets frees up employee time by a significant amount.

It enables workers to focus on strategic tasks that require sound judgment, reasoning, emotional intelligence, thereby bringing more value to the organisation. Besides, it also enhances accuracy and data quality while speeding up the processes.

Therefore, RPA in the Insurance sector results in smooth management of time-consuming workloads, streamlines business processes and improves customer experience.

RPA is empowering businesses across the insurance vertical to build operating models around automation and optimization. It also facilitates communication between legacy and newer systems which were not possible earlier due to extensive navigation and analysis.

Benefits of RPA in Insurance Industry

RPA is truly re-inventing the Insurance sector. According to a study, RPA can quickly free up around 20-30% of the capacity at an enterprise level, while reducing operational risks. It offers a raft of benefits such as:

  • Reduction in costs due to highly automated and mechanised processes.
  • Increased accuracy and negligible chance for errors.
  • Higher productivity by reduced employee turnover.
  • Smooth processing of claims.
  • Ease in Scalability.
  • Digital Assistants on Insurance Website and automated policy renewal notifications.

RPA in Insurance Use Cases

Let’s look how implementation of RPA in critical insurance processes can bring about a significant difference:

New Business and Underwriting

Underwriting entails collecting information from multiple sources to evaluate the risks associated with any given policy. Since it involves a great deal of data collection, it takes about 3-4 weeks in life insurance.

It has been estimated that due to the prolonged nature,18.7 million people simply give up before the process is complete.

RPA can facilitate collection and processing of accurate applicant-related data from both, internal and external sites, quickly and automatically. The use of RPA can mitigate risks and enable more new customers to join with quicker response times.

Claims Registration and Processing

The claims process is heavily dependent on data, documentation, and relies on collection of information from numerous sources. This makes the process lengthy and time-consuming, which also impacts customer service.

RPA in insurance claims processing has brought about a significant change. It helps to integrate all sorts of claim processing information from multiple sources. RPA can automate complex procedures such as data extraction, complex error tracking, and claim verification,thereby speeding up the process and rendering an enhanced customer experience.

A study indicated that by leveraging RPA, claims can be processed 75% faster.

Regulatory Compliance

Due to repetitive and error-prone insurance procedures, the chance of regulatory breach increases manifold.

RPA in Insurance can automate verification of existing customer information, generation of regulatory reports and sending out account closure processing information.

RPA also eliminates the need for insurers to go through operations to manually enforce regulatory compliances. It also maintains a complete record of changes and ensures that the data is accurate.

Business and Process Analytics

Due to a host of operational and paper-intensive processes, it becomes quite difficult to track and evaluate operational efficiency and define areas of improvement.

With proper automation processes in place, the tasks performed by software robots can be tracked and recorded, without manual efforts. Using RPA can provide valuable data such as the number of transactions processed and exceptions encountered.

Policy Admin and Servicing

RPA is starting to integrate with chatbots. Chatbots have an effortless working scenario and can emulate a speedy interaction with human users to enhance customer engagement and provide improved customer service.

Responses to policy status information, payments, and auto-renewals can be provided quickly through Chatbots.

Policy administration systems are costly, high-maintenance and therefore can not scale fast enough to meet the increasing needs of customers or support business growth.

The use of RPA can help complete the tasks of policy administration and servicing in one-third of the time.

Conclusion

This goes on to show that robots are here to stay and RPA has the potential to revolutionize the Insurance industry. The faster you harness this power, the quicker you provide your business with a competitive advantage.

Any number of processes could be simplified and improved with a robust RPA solution. Effective RPA implementation is the need of the hour and at Tevince, we provide end-to-end RPA solutions specific to your organisation.

Our solutions provide superior business scalability, versatility and tailor-made responses for your unique organisational needs.

Want to implement RPA in your organisation to reap the many benefits? Drop us a line. At Tevince, we provide end-to-end RPA solutions tailored for your organisation. We offer you the best opportunities for automation that take your business to the next level.