We are living in an era where each day breaks to face a new technology and the whole world is under the control of these different technologies. Robot Process Automation is one among the emerging technologies that has come up with so many promises for different niches.
Robot Process Automation is the software technology that works based on software robots that have Artificial Intelligence to perform tasks like controlling desktop based applications, collecting data base on certain aspects, feeding the gathered data to some applications and also to manipulate the data that is already gathered from previous processes based on the current scenario.
RPA tools are available to work on the UI part of the applications and they cannot do any processing on other areas of an application. They are used mainly for those tasks which are redundant and not worthy for anyone to spend their time and effort. RPA is implemented in various industries and it include Insurance industry too.
There are vast opportunities for RPA to ease many processes that are part of the insurance industry. RPA can be extensively used in the niche for working with the legacy systems, automating the redundant tasks and also gather external data. It helps in increasing the productivity and also for creating a better customer experience. Here are some of the use cases where RPA can be implemented.
1. New Business & Underwriting
Underwriting is the process which comprises of collection of information from numerous sources for assessing risks which are associated with the given policy. It is a very prolonged process and takes about 3 to 4 weeks on an average in the life insurance niche. As it is such a long process, about 18.7 million people do not complete it.
RPA can gather and also process the accurate data automatically and in much faster pace from both internal and external sites. It helps in freeing up about 30 percentage of the capacity and it can also ensure accuracy and delivering the work in a timely manner. RPA can be used for this to mitigate risks and also allow more new customers to come, with the faster response times.
2. Claims Processing
Claims processing is much data and document intensive. It needs you to collection a vast amount of information from varying sources. A claim process that is manual and lengthy can create trouble to both customer service and operations.
RPA helps the insurers in easily gathering data from various sources to be used at the centralized documents so that the claims can be processed in much faster pace.RPA helps the insurers in easily gathering data from various sources to be used at the centralized documents so that the claims can be processed in much faster pace. Click To Tweet
The analysis show that the claims can be processed 75 percentage faster with the usage of RPA. It is not a good idea for a big insurance company to stick to the paper based processes as it can turn out to be a complete hazard to handle the needs of their increasing customer base.
3. Business and Process Analytics
An insurance company can improve their processes only if there are some means to gauge whatever they are doing. The implementation of RPA makes the gauging much easier. All the processes or workflows which are taken care by RPA can be tracked and recorded at each step. It can provide the insurance company with the details like the transactions processed, the exceptions encountered etc. These values can help them in improving their process, reducing workload from the staff and also to make their customers happy.
4. Manual Data Entry Process
There are many instances in the insurance industry where data is entered manually to the system like quotations, insurance claim etc. This is a very time consuming and also expensive process. Manually doing it can even lead to inconsistencies and errors in the data. RPA can easily get the work done in no time.
5. Usage of Legacy Applications
Many companies in the insurance industry rely on legacy applications for handling many of their business functions. When the new ERP or BPM solutions are implemented, the insurance companies always face the tough task in integrating them with the legacy applications. The RPA when implemented can be used with the existing system as they can comply with any type of system that is available.
6. Regulatory Compliance
The insurance companies rely on many compliance standards that include the HIPAA privacy rules, PCI standards, tax laws etc. These standards keep on changing with time. These compliance standards are followed for protecting the business operations but the clients and company employees find it really hard to stick to them. It is very easy to stick to the compliance standards with the implementations of RPA.
Scalability based on the needs is one of the major advantage one gets with the implementation of the RPA software robots. The intelligent robots can scale up or down based on the demand at any point of time.Scalability based on the needs is one of the major advantage one gets with the implementation of the RPA software robots. Click To Tweet
8. Blend New Technologies with Existing Systems
The time consuming and the redundant processes in the insurance industry can be made easier with the usage of image classification for claims and the text analytics for handling the customer queries. These technologies can be integrated with the underlying systems seamlessly with the help of RPA.
9. Policy Cancellation
Using RPA in the insurance companies has improved the cancellation processes significantly. Cancellation can be done in just one-third of the time for the same transactions with RPA in place.
10. Form Registration
The form registration process can be improved well with RPA implementation and it needs only 40% of the time and effort of about half the number of staffs.
RPA has the ability to revolutionize the niche of insurance. The prolonged and the redundant processes which are part of it can happen in ease and in reduced time with the help of RPA. Robots and the usage of Artificial intelligence make things work much effectively and also in reduced time period. Insurance industry is going to witness tremendous changes in the near future and can not only reduce the workload and cost of operations, but also can improve customer satisfaction with RPA implementation.