Insurance companies regularly handle an exceptionally high volume of business processes while most of the documentation process is paper-based. RPA can analyze large volumes of data and deal with paper-based input by implementing OCR (Optical Character Recognition) solutions. It can give added support to help insurance companies automate whole processes and reduce time and costs.
Robotic Process Automation for Insurance
UNDERWRITING & PRICING
RPA Analytics can provide valuable insights to insurers for risks concerning underwriting and pricing, by analyzing claim history reports from the past and providing insights based on previous losses.
Customer-facing Chatbots can provide service around policy status, payments, auto-renewals, and other alerts. This will upgrade the customer experience and extend the service to 24/7.
RPA can bring more transparency, speed, and efficiency to the claim process. This will help to analyze huge volumes of data and recognize suspicious data and potential fraud.
INSURANCE QUOTE GENERATION
REIMBURSEMENT & CASHLESS MEDICLAIM
DEATH CLAIM FOR LIFE INSURANCE
20% - 30%
of capacity savings
average productivity increase in business units
Up to 600% ROI
within 8 months according to several studies
"The insurance industry is replete with back-office processes, which are operational, high-volume, and repetitive in nature. Organizations can count on RPA to shoulder these time-consuming processes and free up their workforce to focus on customer service."
Download this case study to discover how an international reinsurance company, used RPA to automatically handle a significant amount of the workload of reconciling the financial statements for the brokers.