Robotic Process Automation for Insurance Underwriting
The evolution of the insurance industry is no longer isolated to the InsurTech players, especially as automated underwriting gains steam. Your customers expect more from you than ever before – faster decisions, easier processes, and lower costs. Delivering operational excellence through your talented team can only get you so far. You need to shift the paradigm with simultaneous improvements to underwriting results, claims settlement, and customer experience. And, robotic process automation (RPA) can do exactly those things.
What about risk?
As an insurer, you know risk. Today, your team spends hours processing paperwork, from tax returns and bank statements to medical and employment histories, all to determine your exposure to risk. However, with RPA working in tandem with your underwriting guidelines, the risk evaluation process is faster, more accurate, and more personalized to the individual customer.
RPA for Automated Underwriting allows your team to:
- Minimize risk of human error
- Reduce processing time delays
- Create continuity across departments and teams
- Increase governance and compliance
- Capture more renewals with less effort
- And, empower talent to refocus on innovation and customer relationships
Leveraging artificial intelligence and machine learning, RPA is providing new ways for insurers to onboard faster, reduce claims timelines, and keep customers positively engaged – all while driving out costs. The digital workers deployed across RPA workflows not only keep your team better informed at every step of the customer journey, they help turn inflexible processes into a dynamic interaction by writing better risk, faster.
KeyMark has the relationships, knowledge, and experience to help you integrate digital workers into your existing team structure in a way that will reduce operating costs while driving productivity and quality outcomes.
What is Automated Underwriting?
One of the key benefits of RPA is the efficiency improvement your team experiences by shifting repetitive tasks off their workload and onto digital workers. Not only can this technology move through the underwriting process faster than your team, it’s also less prone to errors.
By automating risk analysis, as well as pricing and coverage determinations, you’ll be able to quickly and accurately respond to customers. In addition to faster quote negotiations, you’ll have greater visibility into flagged concerns, providing you greater confidence in your risk analysis.
Ultimately, automated underwriting with RPA shifts your talent back to what they’re best at: making the difficulties of life easier to bear for their fellow neighbors and citizens. Because the paperwork is handled, the customer experience can become more personal with deeper customer engagement.
The Future of Insurance Starts with KeyMark.
If you’re ready to increase customer satisfaction while driving out cost and time for your team, you’re ready for automated underwriting via RPA. If you’re ready to free your team from the paperwork so they can re-invest in the future of your talented team, let’s start a conversation about how intelligent 21st century tools can work for them today. Let them do what they love, and automate the rest!
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