RPA in Insurance
Safeguarding you & dear ones
As an insurance Underwriter, you have figured that you are spending a lot of your time compiling information from your clients, inputs for which have come online or offline, submitting it to insurance systems for obtaining ratings and then evaluating the risks to aid you to underwrite policies. Turnaround time is the victim of such manual, high-volume and low-value activities, often inhibiting your ability to acquire and serve a larger pool of clients, giving way for competitors to transgress.
Needless to say, you would surely wish to focus on minimizing manual efforts and human errors, thereby spending more time on your core competence – RISK EVALUATION and be able to increase your business and customer satisfaction levels.
Most Underwriters are now asking, how can they achieve faster and more accurate execution of such processes, minimize human intervention, save on time, cut costs, and improve the client experience.
You may now be asking, HOW?
The answer is - It will take a new and different approach. One where automation becomes the cornerstone of the platforms that are needed for underwriting policies. Now, all that the Underwriters need to do is identify scores of places where mundane and repetitive tasks occur. And, with minimal time and expense, digital automation (DA) can take over. The IntelliBuddies® RDA platform combines the power of Robotic Process Automation (RPA), AI & ML and Business Process Automation (BPA) tools as one bundle. This not only allows leaders to automate their low-value/high-volume tasks but also, introduces workflows and AI & ML to realize the full potential of digital automation. Unlike other automation platforms, the IntelliBuddies® RDA platform doesn’t require a huge time and cost investment and best of all can be easily set up and managed for your purposes with Digital Automation in the Insurance industry.
Many automation possibilities within Insurance sector
- Claim registration and processing
Requires companies to gather a vast amount of information from a number of sources, creating exhaustive quantities of data. Processing these data includes many repetitive and low value tasks.
- Policy admin and servicing
From quoting, rating, underwriting to distributing customer services – policy administration links all the functions of an insurer. Many data sources has to be synced which requires repetitive and low value tasks.
- Regulatory compliance
Validating existing customer information, regulatory report generation, sending out account closure processing notifications and many more.
- Integration with legacy applications
Insurance companies still rely heavily on legacy applications for business processes like ERP or BPM or external systems is truly quite challenging as it requires integration with legacy apps.