Why RPA is necessary in INSURANCE INDUSTRY?

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Why RPA is important for the insurance industry?

Insurance is a growing industry. It offers numerous services to users that one cannot list. But this comes with a baggage of paperwork. Paperwork is an unavoidable part of this industry. So, we have a thought why don’t you replace it with technology. The solution is RPA to cut down this tedious process of paperwork to autofill forms.

The inquiry forms should be linked to the web ads so it will create an information flow. This will automatically fill out the form and dug out the necessary piece of information & segregate the required data. RPA provides easy solutions to the insurance company churning out important data from the forms. Provide status of insurance policies, payments, and auto-renewals to the users.

AI & RPA will make users aware of the risk, personalized covers, and service alerts. It also compiles the history of previous reports/claims. In the traditional method they gather a large number of data manually and naturally this involves mistakes. Automation will create a flawless information gathering which will result in time & cost savings.

Here are some of the use cases where RPA can be implemented.

  • Data Entry:

This is a very tedious and important process in the insurance industry. They need to compile the data of every entry they receive which is time-consuming & expensive. Manual entries may lead to errors / wrong entries in the system. RPA will get this work done efficiently.

  • Underwriting:

Underwriting requires information related to policy and assessment of risk associated with it. This step is necessary to avoid the loss which may cause, but the whole process is time-consuming. RPA automates the process of collecting data from various sources & reduces the time required for underwriting. It can also be used to link multiple fields in the internal systems with relevant information and produce a report or make recommendations while assessing the loss of run.

  • Form Registration:

RPA Can automate this process and reduce the 40% of the time compared to traditional practices. Also, this requires less workforce.

  • Policy Cancellation:

This involves the chronology of the whole transaction, such as inception date, policy terms, cancellation date, etc. with RPA this can be done in one-third of the time.

  • Finances & Accounting:

RPA automates the flow of the financial system for functions like template auto-fill, field entries, keystrokes, clicks, etc.

  • Sales & Marketing:

Creation of scorecards, marketing campaigns, sales records, push notifications, legal & credit checks, comparison data with other clients, conducting compliance, etc. The various steps involved in the whole process, that RPA can automate.

  • Legacy Applications:

Insurance companies still rely on Legacy applications. In order to integrate them, RPA implementation is necessary. A well-planned RPA implementation can comply with any type of available system.

  • Scalability:

One of the important features is where RPA plays a vital role. As many required bots (virtual) can be deployed or rolled back as per the requirement.

The following functions can be automated with RPA:

  • Data entry
  • Policyholder data collection from various sources
  • Data reading & scanning
  • Maintain information flow
  • Data compilation in one place
  • Verification of insurance period
  • Flag mismatch/errors in the data
  • Generate follow-up alerts
  • Provide quick approvals
  • All-round view of available data to customer support staff
  • Support to Call centers:

An executive can use attended Bots/chatbots to address service requests in real-time. It will quickly gather the product information which customers are demanding. It will be helpful to engage the customers in the conversation and automatically will improve the customer care service experience of the user.

If you’re looking for a company that can help you out in your RPA needs, then look no further than UTS-Global. UTS Global has the best RPA solutions for the Insurance industry. We have an AI / ML-powered scriptless solutions, Software robots, or bots, utilize AI insights to complete tasks with no lag time and accelerate digital transformation.