Nobody can deny the fact that the professionals working in the insurance industry are replete with tedious, time-intensive, and repetitive tasks such as claims registration and processing, underwriting, manual data entry, regulatory compliance, and more. In other words, the expertise and time invested by the insurance workforce are rarely channeled towards business growth. Fortunately, Robotic Process Automation (RPA) is one such emerging technology that is transforming the insurance sector by allowing professionals to automate manual and repetitive tasks. With no further ado, let’s dive deep into the real-world use cases of Robotic Process Automation in the insurance industry.
Underwriting is a laborious and tedious task that involves the collection of data from disparate sources and collation for evaluating the risks associated with a given policy. Since the process involves a lot of data scrambling and analyzing, it takes over 3 weeks on average before arriving at a conclusion. Fortunately, you can cut down this high amount of time with RPA development services. With Robotic Process Automation, you can automate the time-intensive process of data collection from diverse sources, which in turn, reduces the time taken for underwriting. Besides data collection, you can also populate the fields with precise information in your internal systems using Robotic Process Automation. By doing so, you can not only make the entire process streamlined but also make it much faster and error-free.
#2 Claims Processing
Similar to underwriting, claims processing is a lengthy and manual task that involves a huge amount of data collection from multiple sources. Not to mention, the manual process of claims processing is infuriating for both customers and insurers. On average, a claim processing company takes from a couple of days to a few weeks to collect and evaluate data before processing claims. However, this time-intensive task can be automated with the help of Robotic Process Automation Services. With RPA, it becomes much easier to collect data from different sources to be evaluated by the insurance company resulting in faster claims processing and high customer satisfaction.
#3 Manual Data Entry
In the insurance sector, there are many instances wherein data is key-in manually to the systems like insurance claims, quotations, etc. This consumes a lot of time and there are chances of inconsistencies and errors when manually feeding data into the system. However, with Robotic Process Automation, you can automate the process of manual data entry and get the work done in a quick turnaround time.
#4 Regulatory Compliance
Companies working in the insurance sector have to abide by a wide gamut of regulations including PCI standards, HIPAA privacy rules, tax laws, and more. Having said that, these regulations keep on changing periodically and the company professionals find it challenging to stick to such compliance. Not to mention, compliance breaches led to significant operational and financial damages to companies. However, with the implementation of RPA, you can stick to stringent compliance standards without any hassle.
#5 Legacy System Integration
To date, many insurance companies bank upon legacy applications for managing their day-to-day business operations. However, these applications are far behind the times and need stringent upgrades. Furthermore, the implementation of ERP and Business Process Management (BPM) systems can be a nerve-wracking task since it requires the replacement of the existing hardware. On the other hand, RPA can be easily integrated with your existing system. In other words, you can continue using your legacy applications coupled with the power of x.
Robotic Process Automation has the potential to revolutionize the insurance sector. This could be one of the reasons why many companies have started embracing it. If you also want to reap the benefits that come with its implementation, you should opt for RPA services from a trusted partner.