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How Robotic Process Automation can Transform Insurance Industry?

By CIO Applications Europe| Monday, August 10, 2020

RPA ensures that data is accurate and maintains a complete log of changes to monitor regulatory compliance regularly through internal reviews

FREMONT, CA: Processing in insurance companies can be repetitive and affect the organization’s efficiency. This is why automated systems and manual process is required. Robotic process automation (RPA) uses software bots to handle routine processes and data entry work to accelerate operations and boost customer-centric strategies.

Organizations depend on RPA to support the high volume repetitive processes and allow the workforce to focus on customer service, reduce costs, and increase customer satisfaction. It also automates sub-processes in insurance processes from spreadsheets to the core system and gathering information from the internet and websites.

RPA simplifies the end-to-end process lifecycle through the integration of front-end technologies with the existing back-office processes, and integrating context in automation will efficiently and quickly do the job.

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Implementation RPA can make significant changes across vital insurance processes through:

Policy Administration and Servicing:

RPA can complete tasks in one-third of the time taken by the policy administration system, which is high-maintenance, expensive, and cannot scale quickly to cater to the increasing customer needs or support business growth.

While implementing RPA, organizations need to make sure that it is effective only when the processes are repetitive and rule-based.

New Business and Underwriting:

Integrating RPA in underwriting helps collect data from various sources to assess the risk correctly that is associated with any policy.

Claims Registration and Processing:

The claims process is lengthy and time-consuming. RPA can enable insurers to instantly alert those accountable for loss adjustments, transfer tasks to claims handlers, and incorporate all the different claim information, helping speed up processes, increase ROI and enhance the customer experience.