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iNNOVATE THE Insurance INDUSTRY with RPA

Take customer satisfaction to a new level with the help of automation

Insurance meetS RPA

Insurance companies today need to cater to major cost reduction pressures, dynamic demands from customers, as well as growing competition and regulatory compliance worldwide, all while operating in rigid legacy enterprise applications to drive key business processes. To stay resilient to these challenges and outperform the competition, organizations in this sector need to find ways to leverage new technologies that allow them to digitize their customer service channels and interact with their legacy systems without the need for highly invasive and costly integration.

Robotic Process Automation (RPA) offers insurance companies ways to modernize their business processes, manage fluctuations in policyholders demand, ensure compliance with ever-changing regulations, and enhance customer satisfaction with faster processing times through front-office automation and 24/7 multi-channel experiences to deliver superior customer service versus competitors. It also helps drive up agents and partners engagement by replacing vast amount of mundane and repetitive workload with strategic initiatives.

WHY RPA FOR Insurance

Integrate legacy systems

with claims management

systems, ERPs, CRMs, etc.

  • Reduced risk of regulatory

  • fines and improved

  • audit trail

  • Faster claims

  • processing and

  • recoveries

Delivery of

omni-channel customer /

agent self-service

challenges faced by the insurance Industry

rating
Customer Satisfaction
  • Speed of Settlement
  • Transparency of Process
  • Accessibility of Insurer
care
Overall Business Health
  • Low growth in premiums – premium income is down
  • Natural disasters have increased, thus decreasing margins
job
Labor Shortages
  • Millennials shying away from the industry
  • Baby boomers retiring
gdpr
Regulatory Compliance
  • Difficult to keep up with changing regulations while executing efficient processes
  • Operational strain
  • Decrease in profitability

inneficient processes in the INSURANCE industry

assembly

Manual Labor

Many processes today depend heavily on manual labor from employees, making the processes increasingly inconsistent and prone to errors.

input

Disparate Input

Paper, electronic documents, images, emails, and even the software handling different stages of the process are different and often not integrated, increasing the time to complete various processes.

cloud-storage

Retrieving Data

Navigating different software tools, applications, and systems to retrieve data bogs down employees and increases the time and effort to complete processes accurately.

control-panel

Legacy Systems

Numerous companies still rely on legacy applications to drive core processes, and these legacy applications often don’t interface well with newer technologies.

authentication

Regulation and Compliance

Tedious manual processes prone to human error dramatically increases the risk of regulatory and compliance issues. Changes in regulation can also result in a change in the process, exposing new risks.

Immediate Opportunities

These are four immediate opportunities where RPA can automate high-volume manual tasks.

credit-card

Claims Processing: First Notice of Loss – Payment 

life-insurance

Life Insurance - New Business Applications

hierarchy-structure

Beneficiary Designations & Updates

process-1

Annuity - New Business Applications 

Top-Tier Automation Candidates IN INSURANCE

EFT

Authorization

Underwriting

Policy

Renewals

Claims

Processing

the impact of automation

New-Life-Insurance-Application-RPA-Impact-Insurance-BEFORE
New-Life-Insurance-Application-RPA-Impact-Insurance-AFTER

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