In this modern world, every sunrise brings new technology to make things easier. Robot Process Automation or RPA is one of the emerging technologies that have many promises for different industries. And the insurance industry is no exception. Different types of insurance companies are increasingly integrating RPA into their processes to drive digital transformation and improve overall operational efficiency.
What is RPA (Robot Process Automation)?
Robot Process Automation is the process of using software robots to perform a variety of tasks at workplace like controlling desktop apps, data collection, feeding the available data to some applications and use already collected data to improve processes. All software robots are designed with artificial intelligence technology to increase operational accuracy and efficiency.
RPA solutions are designed to perform several tasks on the UI part of applications. They cannot perform any tasks in the other areas of apps. RPAs are commonly used for tasks and jobs that are superfluous and not worthy of spending precious time and resources. Companies offering life insurance, auto insurance, property insurance, or any other type of insurance can equally benefit from Robot Process Automation to improve their processes and operations.
Use Cases for RPA in Insurance Industry
Below are some use cases where RPA can be implemented to replace human resources for increased productivity and efficiency.
New Business & Underwriting
Underwriting is one of the most important insurance processes and includes the collection of data and information from different resources to assess risks associated with a particular insurance policy. It is a lengthy and time taking process and usually takes almost 3 to 4 weeks in the life insurance niche. This is where RPA comes in handy. RPA tools and solutions can be used by insurance companies to collect and process data automatically at a faster pace. This helps free up more human resources to deal with other complex tasks and jobs. RAP tools are widely used to ensure accuracy and mitigate human errors. As a result, the insurance sellers can get more new customers with a faster turnaround time.
Claim processing is another document and data-intensive part of insurance operations. Companies need to collect a huge amount of data and customer information from several resources to accomplish the claim process efficiently. Manual claim processes can take more time and resources. On another hand, RPA tools used in claim processing can help insurance providers gather data more efficiently so claims can be processed faster than ever before.
Business and Process Analytics
Insurance operations and processes can be improved if there is a proper business & process analytics system. With help of RPA, insurance processes can be tracked and recorded effectively to see what the company is doing and what can be improved. This also provides authorities with details like the number of insurance policies processed, the exclusions, and in-process. As a result, the company can improve its processes, reduce workload and boost customer satisfaction.
Data Entry Automation
In most insurance companies, data is entered manually in different processes like generating insurance quotes and claiming. Manual data entry takes a lot of time and effort. Thanks to RAP tools, insurance companies can put data entry tasks on autopilot to free up more humans for other productive tasks. Data entry automation also eliminates human errors and inaccuracies.
Usage of Legacy Applications
Legacy applications are widely used by insurance companies for handling several of their tasks and jobs. When they need to implement advanced ERP or BPM solutions, they usually face difficulties when integrating with the legacy applications. When RPA solutions are implemented properly, they can effectively comply with a variety of systems and legacy apps that insurance companies use to perform several functions or operations.
Robot Process Automation has the ability to transform the insurance industry by putting several insurance-related tasks on autopilot. With help of advanced RPA tools, prolonged and redundant processes can be done easily even in a reduced period of time. AI integrated RPA tools make several things work more efficiently in a short time.