How RPA Is Changing the Insurance Industry
The insurance industry, like most document-intensive industries today, is filled with manual-based administrative tasks. These tasks slow down key business processes like underwriting and claims management, inhibit important knowledge-based work like risk analysis and prevent personnel from maximizing productivity. However, these tasks – as cumbersome and tedious as they may be – also present a unique opportunity for substantial improvement in the productivity department.
Because much of the work common to insurance companies involve repeatable and rule-based processes, it’s the perfect fit for Robotic Process Automation (RPA), where you deploy a digital workforce to handle mundane tasks while expediting processing times, improving accuracy and allowing personnel to focus on more meaningful work.
With RPA, you can automate any number of insurance-related processes, everything from underwriting policies to processing claims to assigning tasks to claims handlers or any number of other processes. The areas that stand to benefit the most from RPA include:
New Business and Underwriting
Imagine if you had a team of robots that could go out and collect important data for your underwriting needs. By relying on bots that work 24/7 without tiring, you can increase capacity, improve accuracy and expedite turnaround times for the policies you write.
Managing a claim is a data-intensive process that requires pulling information from multiple sources, frequently causing claims to languish longer than they should. With RPA, you can automate how data is collected and managed, accelerating processing times and helping you provide better overall customer service.
Business and Process Analytics
In order to stay competitive, your organization needs to improve its processes constantly, but it’s difficult to know which areas to improve if you can’t measure what success looks like. RPA delivers valuable insights on everything from transactions to exceptions, while providing you with an audit trail that supports your greater compliance efforts.
Ready To Revolutionize Your Workforce?
Because there are so many opportunities for improvement with RPA, sometimes it’s tough to know where to start. Our insurance experts have decades of experience working with insurance companies and can advise you on how to leverage RPA in the most effective ways possible. Contact us
today to start the conversation.