Robotic Process Automation(RPA) in Insurance Industry

Insurance meets RPA

Every day an insurance company receives at least hundreds of claim requests. Validating each request and processing them is a herculean and a mundane task. The entire process of receiving, validating, and approving the claim takes several days, and in case of an oversight, the processing takes even longer as the claim request has to undergo more checks.

The entire process is costly and time-consuming, eventually resulting in the loss of customers. To avoid further damages, insurance companies are now taking help of Robotic Process Automation (RPA) to help them reduce costs and improve operational excellence.

Benefits of RPA in Insurance industry

Improves customer service by reducing the turnaround time in resolving customer issues
Reduces the human efforts by 20-30%, enabling the team to focus on other activities such as acquiring new clients
Faster processing of claims through systematic underwriting process
Ensures timely risk mitigation due to the accuracy level of RPA

Claims processing

Claims processing is a data-intensive process that requires the team to collect information from multiple sources. The entire process of collecting information is a lengthy and time-consuming one that eventually poses a challenge on both operational and customer service level. RPA helps the insurers to report the First Notice of Loss (FNOL) and immediately notifies the different sources. Once it receives all the information from all the sources, it integrates them and sends them for processing, which reduces the turnaround time, leading to a better customer experience.

New business preparation

With RPA reducing the human efforts by 20-30%, the team can focus on jobs that require higher intelligence skills. One of them is acquiring new clients. The fast claim settlement process coupled with the continuous engagement helps the insurance company to acquire new customers.

Frauds claim discovery

One of the major challenges that an insurance company faces are the rise in fraud claims. Customers tend to fill false information, which if overlooked can lead to fraud, and eventually loss to the company. RPA helps the team in reviewing the processed and fresh claims to identify the missing or conflicting information based on the set rules and flags the issue to the concerned department. In case of health insurance, the software reviews the eligibility for the treatment based on certain parameters and processes it only if the claim meets the criteria. RPA also matches the gathered data with previous trends to identify a possible fraud and notifies the concerned department in case of an issue.

Client onboarding

When a new client is acquired, the insurance company has to complete a set of processes such as gathering their information and validating t in KYC information before onboarding them. The entire process can take time and lead to a potential delay in onboarding the client. RPA helps in automating the process by filling all the information related to the customer from the data gathered through disparate systems, matching the customer identity it with previously available data, and validating if the information meets regulatory requirements. The quick turnaround has resulted in faster onboarding of the client.