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Robotic Process Automation – Re-inventing The Insurance Industry

Robotic Process Automation

In any enterprise, it is the little things that tend to snowball and time, effort and energy is spent most in closing them out. In the case of insurance companies, some of the activities that are fairly time consuming and repetitive in nature are underwriting a policy, claims submission & processing, resolving customer queries, and few other mundane tasks. This is where there is a need to automate systems to make the entire process seamless and operations efficient leading to growth in business. 

Many companies are experiencing the benefits of advanced technology and are aware of what it has to offer. To start with, Robotic Process Automation (RPA) is a technology where enterprises use software bots to handle routine and time consuming tasks. RPA also streamlines the entire process lifecycle by integrating the front-end technologies with all the back-office processes.

In this post, we will share more about what RPA is and how it is a game changer for the insurance industry. 

The shift

Robotic Process Automation can carry out repetitive tasks faster, and far more accurately. This also frees up time for the people involved to focus on other tasks, where human intervention is required such as:

  • Strategy building
  • New product development
  • Interact and stay connected with the customer.

Infact, McKinsey research estimates that RPA saves about 34% of an employee’s time on data processing. The study has also revealed there is potential to automate 50-70% of current tasks at an insurance company which constitutes about 60% of an employee’s job on a daily basis.

Key benefits of Robotic Process Automation

[Source: https://www.imaginea.com/jump-a-generation/]

Effective implementation of Robotic Process Automation

The mindset that RPA is just a tool to boost productivity and save cost is changing. Companies are now considering Robotic Process Automation as an integral part of their long-term strategy. PWC survey ‘21st CEO’, has spoken about how insurance companies are beginning to understand the value of RPA and AI as forces of reckon with and are incorporating them into their strategies.  Few areas where RPA could change things around.

New Businesses & Underwriting-

Underwriting is all about collating and gathering data from across various sources to assess the risk involved with any insurance policy. This process takes time, and could be quite tedious. And because of these hindrances many a times people drop out of the process, and business is lost. Robotic Process Automation can make a difference by gathering data quickly, accurately and this can be done from various sites as well.

The data is also segregated category wise and the internal system is updated with the same within a short span of time. These bots can even generate reports or make premium recommendations.

Claims Registration & Processing- 

If there is one department that is extensively overworked, it is the claims department. This is quite data intensive and document heavy; information is gathered from various sources before submissions are made. The process is lengthy, cumbersome and can get frustrating for a customer. With Robotic Process Automation, insurers will find it easy to connect the data gathered, and integrate all systems related to the claims. This directly increases ROI and improves customer experience.

Business Analytics- 

Only when you can measure, can you make changes to improve. True to that, in case of insurance companies, with Robotic Process Automation, each step of the process is analyzed and measured for effectiveness. Additionally, you also get an audit trail that can help when regulatory compliance and making strategic changes to the process. Automation of systems ensures higher levels of efficiency.

Regulatory Compliance- 

It is common knowledge that the insurance sector is guided by rules & regulations that need to be adhered. These could prove overwhelming at times, and so with automated systems like Robotic Process Automation [RPA] in place, the need to have exclusive staff to assess each task for any deviations is done away with. RPA also helps make sure the data is accurate and accounted for. This works well during internal reviews as well.

Having been at the forefront of digital transformation, we at Neutrinos are on board with using RPA to ease operations and offer customers a better experience during their path to purchase journey. Embark on the digital transformation journey with Neutrinos. Let us help you embrace the new technology solutions – Robotic Process Automation, AI, Mobile, Web, Machine Learning, Big Data, BPM, IoT and others.

Get in touch with us to explore this concept. Reach out to us today!

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