The Insurance industry benefits greatly from intelligent automation using digital technologies, notably in the areas of reduced costs, accelerated claims handling, enhanced underwriting, improved customer service, and increased customer and employee retention.
Use Cases
Claims Registration and Processing
RPA helps insurers gather data easily from various sources to be used in centralized documents so that the claims can be processed in much more quickly. Analysis shows that claims are processed 75% faster using RPA.
New Business & Underwriting
Robotic Process Automation considerably reduces the time taken for underwriting, gathering and also processing data from internal and external source automatically, accurately and much more quickly. It also frees up at least 30% available bandwidth and ensures accuracy and delivery of output ontime.
Payment Reconciliation
Digital technology reconciles data received from the payment receiving bank, policy issuing vendor, and the insurer and updates the core insurance system. In case of a cheque bounce, it logs into the vendor system and cancels the policy.
No Claim Bonus (NCB) Management
Verifying the NCB submission for new policy applications by authenticating claim status for applicants’ previous policies.
Sales and Distribution
RPA streamlines sales and distribution in insurance. Processes automated and set up include creating sales scorecards to push notifications to agents, conducting compliance, and legal and credit checks.
