Insurance industry deals with overflowing amounts of data which leads to reduced customer satisfaction and serious time lags. While handling day-to-day insurance operations such as processing claims, policy servicing, manual data entries etc., insurers are flooded with extremely high levels of routine, repetitive and operational tasks. This has contributed to rising costs and hampered the growth in the insurance sector.
There are large opportunities for RPA to ease many business processes that are part of the insurance industry which will help in working with legacy systems, automating repetitive tasks, gathering external data along with improving customer satisfaction.
- Processing Claims
RPA can automate the manual processes such as extraction of data, claim status tracking, claim verification. It can help insurers in gathering data from various sources to be used at a centralized place in order to speed up the claim processing process.
- Usage with Legacy Applications
Many companies rely on legacy applications for carrying out many of the insurance functions. When a new solution is implemented, insurance companies are often faced with the issue of integrating these solutions and their data with other business applications. RPA can be implemented in these scenarios as they can comply with any type of system to gather data and carry out business processes.
- Finance and Accounting Functions
RPA can perform repetitive tasks efficiently such as performing clicks, auto-fill, copy-pasting data etc. which can help in performing large number of functions such as reconciliations, MIS reporting, expense tracking etc.
- Cancellation of Policies
The time spent on cancellation of policies can be reduced significantly by using RPA in the cancellation processes such as reconciling cancellation date, policy dates, policy terms etc.
- Scalability
Leverage the power of RPA in the insurance industry by having the ability to easily scale bots as per the needs of the insurance businesses without impacting the ongoing business operations.
Adopt RPA and power up insurance business with:
- Increased Productivity
- Increased Business Efficiency
- Enhanced Accuracy
- Increased Security
- Seamless Data Integration
- Scalability Opportunities
- Improved Analytics
- Enhanced Customer Service
This is informative.