Automation in the Insurance Industry
It’s time to streamline your insurance operations with automation. From underwriting and onboarding to customer service to claims management, RPA is transforming the way insurers operate.
By automating critical tasks and processes, insurers can drive efficiency, agility, and productivity while creating better customer experiences.
RPA and AI can help solve for some of the most common challenges faced by insurers. Traditional roadblocks like legacy systems, budgetary pressures, and acquisition friction all create barriers to operational efficiency that can be hard to overcome. By adopting automation, you’ll be creating new efficiencies using your organization’s existing systems, alleviating your team of tedious tasks, and maximizing cost-effectiveness while being able to innovate and explore new revenue streams.
Improve Claims Handling
For many insurance companies, slow claims handling ranks as one of the top roadblocks within their internal processes. To counteract delays, inaccuracies, and backlog, RPA bots can helps policyholders collect data from various sources and compile it into a centralized document so claims can be processed in a timely manner, without putting the business at risk of regulatory violation.
Reduce Friction in Customer Acquisition
Insurers can streamline new application intake and quote processing by letting RPA bots gather and consolidate data from applications, emails, web submissions, and agency systems; validate submissions; and quickly compile a quote and send it to the agent or broker.
Enhance Customer Service
Desktop bots can be utilized in customer care functions to search for client information across multiple systems during agent verification, collect this data, and present it in a single interface. This gives your agents the ability to interact with callers while their personal digital assistants interact with systems, in order to provide customers with the highest quality of service and eliminate lengthy hold times.
Underwriting, the task of assessing the risks and situations of a potential client, is a core function within almost any insurance organization.
This data-rich process is often cumbersome and time-intensive, which can slow down client onboarding and frustrate customers. RPA helps ensure a smooth and timely underwriting process by retrieving and collating all the relevant data needed to make faster, more informed decisions.