Top use cases of RPA for the insurance industry
In a typical claims processing scenario, receiving, validating, and approving a claim takes several days. It takes even longer if there has been an oversight, like incorrect customer details or mismatched financial data as it has to be subject to additional checks. The entire process is costly and time-consuming, eventually resulting in the loss of customers. RPA can help reduce operational risk, improve customer experience and even free up 20–30% capacity at an enterprise level. Here are the top use cases:
Expedite the underwriting process : RPA can gather data automatically and accurately freeing up nearly 30% of the capacity while delivering the work on time.
Analyze the business process: Processes and workflows can be tracked and recorded at each step, which helps in improving process efficiency and reduce staff workloads.
Reduce errors in data entry: Manual data entry can have data inconsistencies and errors. RPA can significantly reduce errors.
Integrate with legacy systems: RPA can help new ERP or BPM integrate quickly with legacy systems, as well as help blend technologies like image classification and text analytics.
Regulatory compliance: Compliance standards like HIPAA privacy rules, PCI standards, tax laws etc keep on changing with time.
Scale with use: Intelligent bots can scale up or down based on demand, which delivers consistency in service as well as operational efficiencies.
Accelerate the claims process: RPA helps shorten lengthy claims processes by easily gathering data from various sources to be used at the centralized documents.
Policy cancellation: Using RPA allows cancellation processes to be done in one-third of the time.
Form registration: RPA can improve the time required for form registration process by 40% and with half the number of staff.
RPA for insurance can not only reduce the workload and cost of operations but also frees up time and money to improve customer satisfaction.