Digitization and Robotic Process Automation (RPA) stand to bring import benefits for the insurance industry. Client expectations and efficiency can be greatly improved with tools and software which are built to help collaboration. Today, numerous systems are in use, and changing them completely would be tedious if not nerve racking. So, the ideal path would be to update these systems with the latest technological advancements without impacting existing infrastructure.
Manual processes apart from being slow, are also seen to be ridden with errors and inconsistent. RPA in Insurance will automate pre-purchase, purchase, servicing, renewals, claims handling and management, and payment processing. Being accurate, customer focussed and nimble is the need of the hour, and RPA will help achieve it across many areas.
Clearance and registration processes, audit processes and other numerous underwriting, rating or quoting activities
Payment reconciliation and premium related discrepancy checks
Generation and distribution of legal, credit and identification checks, participation letters, agent paperwork etc.
Robotic Process Automation has changed the insurance landscape with BoTs taking over large portions of repetitive tasks.
Read on to understand how a major insurance firm overhauled processes.
RPA BOTs can provide insurers with more advanced processing capabilities, lower costs through streamlined operations. They will deliver enhanced customer experience with quicker, transparent and error-free transactions.
RPA technology can help in automating claim processes, in turn adding value to various avenues of the business chain. RPA BOTs run as allocated resources on local servers and have minimal impact on underlying infrastructure, RPA tools can operate as an extension of existing adjudication systems.