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.
Integrate legacy systems
with claims management
systems, ERPs, CRMs, etc.
Reduced risk of regulatory
fines and improved
omni-channel customer /
Many processes today depend heavily on manual labor from employees, making the processes increasingly inconsistent and prone to errors.
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.
Navigating different software tools, applications, and systems to retrieve data bogs down employees and increases the time and effort to complete processes accurately.
Numerous companies still rely on legacy applications to drive core processes, and these legacy applications often don’t interface well with newer technologies.
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.
These are four immediate opportunities where RPA can automate high-volume manual tasks.
Claims Processing: First Notice of Loss – Payment
Life Insurance - New Business Applications
Beneficiary Designations & Updates
Annuity - New Business Applications