RPA, or Robotic Process Automation, is a technology that helps businesses to automate repetitive tasks. As organizations try to meet the demands of the business environment during COVID-19, Business Process Automation (BPA) and RPA are becoming increasingly important for organizations to help improve process quality, speed, and productivity. According to a report by Gartner , 90% of the large organization globally will have adopted RPA in some form by 2020. BPA and RPA have been revolutionizing many different industries recently and these technologies have found their use cases in the insurance sector as well where the employees are heavily burdened with time-consuming repetitive tasks. Here are a few important use cases of BPA and RPA in the insurance sector.
Claims Processing
In the insurance industry, claims processing requires multiple interactions between people and systems, gathering a vast amount of information from a number of sources and manual data entry which often leads to mistakes due to human errors or omissions. This results in delays while submitting claims. To resolve this issue, BPA and RPA come as a boon which helps to automate time-consuming insurance claim processing activities like updating client’s information, uploading medical reports and images of the damaged property onto the system by interfacing with RPA tools. Thus, RPA in insurance enables insurers to speed up their business processes while keeping costs under control.
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Document Processing
Insurance companies have to deal with hundreds or even thousands of documents and paper works every day that can drain workers’ time, energy, and morale. RPA in insurance can be used for automating various document-intensive and paper-based processes like data entry, processing insurance claims, updating client profile information or medical history. RPA’s technology helps to eliminate errors that arise out of manual rekeying which often leads to inaccurate records and increased costs. Thus, RPA helps businesses not only reduce their operational cost but also increase productivity through automation of repetitive tasks that assist employees to focus on more valuable work at hand rather than spending hours on administrative tasks.
Underwriting
In the insurance space, underwriting is a process that requires the evaluation of risk and exposure of clients by gathering information from various sources and assessing it. Usually, this process of data scrambling, analyzing, and determining the risks associated with the given policy takes more than 3 weeks on average. But with RPA in insurance, insurers can easily automate the process of data collection from various external and internal sites. This not only reduces the time taken for underwriting but also reduces the occurrences of errors.
Regulatory Compliance
The insurance sector has to go through strict guidelines and compliance standards including HIPAA privacy rules, PCI standards, tax laws, etc. The manual way for creating audit trails and documenting is a tedious and error-prone process that further increases the risk of regulatory breach. RPA in insurance can assist the organization in regulatory compliance by validating existing customer information, automatic report generation, automated account closure processing notifications, and more. Thus, RPA makes it easy for insurers to stock to compliance standards.
From underwriting to claims processing, RPA is revolutionizing the way insurers do business. Thus, it is no doubt that BPA and RPA in the insurance industry is a game-changer. With digital transformation in the insurance industry happening at a rapid phase, only the organizations that invest in RPA will reap the benefits of the future. At Intone, our insurance consulting services leverages AI and robotic automation, advanced and predictive analytics, cloud, and other transformative technologies to help P&C insurers, life carriers, and reinsurers create sustainable performance improvement in their core operations. With our expertise, we help insurers scale their businesses, develop new sources of revenue growth, and successfully embrace ‘The new Digitization’.