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