What impact can the introduction of Robotic Process Automation have? In the insurance sector, it means that insurers can react more quickly to increasing demands from policyholders, agents, and partners, thereby enabling transparent, fast, and multi-channel experiences, 24/7.
The insurance companies that are actively adopting a digital transformation strategy are already ahead of their competitors. They are taking a holistic view of automation initiatives, which is driving value, by prioritising activities such as:
- Automating front-end processes in the organisation.
- Automating end-to-end processes, targeting the back-end processes that do not require human intervention.
- Automating sections of more complex task with attended automation, meaning human and digital worker collaboration.
Such automations eliminate the most time consuming and/or the most repetitive tasks for employees, giving back hours of the working day, so that they can focus on value-adding activities for the business instead.
Here are some of the key processes within the insurance sector that can be automated:
Claims Processing – Claims processing requires companies to gather huge amounts of information from multiple sources, which is an exhaustive quantity of data for an employee… But not for a Digital Worker. RPA helps to centralise all of the claimant’s information, meaning an employee has everything they need in front of them, prior to making decisions. They do not need to gather all of this information themselves. This helps to speed up the process, whilst also creating a better customer experience.
Underwriting – Underwriting requires the evaluation of risks and the exposures of clients. But, more generally, inputs include a plethora of background checks. Digital Workers can carry out such background checks, whether the required check is a criminal record check or a search through the CLUE (Comprehensive Loss Underwriting Exchange), the system where all previous claims made through different insurers are saved. This provides a view on whether or not a claimant has made any similar claims in the past to help assess the risk.
Blue Prism Digital Workers can automate data collection from various internal and external sites, to reduce the time taken for underwriting. They can also be used to auto-populate fields in the internal system(s) with relevant information about the customer. This data can be used to collate reports, or even make recommendations/evaluations more efficiently.
Policy Admin and Servicing: Policy administration is what links all the functions of an insurer – from quoting, rating and underwriting to distributing customer services. Current policy administration systems are fairly expensive and particularly high-maintenance. They cannot scale quickly enough to meet the growing demands of customers or support business growth.
Robotic Process Automation allows all key players within each process to carry out their operations without involving vast navigation across multiple disparate systems. Digital Workers can automate transactional and administrative functionalities not only for policy administration, but for other areas that require servicing such as accounting, settlements, credit control, risk capture, tax and regulatory compliances.
The above examples can enhance productivity levels, reduce operational costs, provide growth opportunities and increase business efficiency across the insurance industry. Hence, by utilising Blueprism Digital Workers, Venturiq can help insurers to automate a number of other functions across your business including:
- Data entry into key systems
- Reading and scanning data
- Downloading policyholder data from multiple sources
- Verify insurance period
- Flag mismatching or errors in data
- Generate follow-up alerts
- Provide quick approvals
Talk to a Venturiq team member today to discuss how RPA can benefit your business.