Insuranceciooutlook

3 Ways RPA Re-Invents the Insurance Industry

By Insurance CIO Outlook | Monday, August 05, 2019

RPARPA in insurance streamlines the end-to-end process through the integration of technologies with existing back-office operations.

FREMONT, CA: Many insurers are heavily inundated with back-office processes. They regularly handle claims processing and underwriting and providing policy quotes, which means that they are often deluged with repetitive business practices that prevent them from delivering timely customer service, meeting growth objects and maintaining a competitive advantage.  As a result, many insurance companies are turning to automation technologies, especially Robotic Process Automation (RPA), to streamline their business processes. RPA can provide added support to automate entire workflows and optimize operational activities. It can help the industry in the following ways.

• Streamlining Claims Processing

Active claims processing is fundamental to the profitability of insurance providers.  But typically it is error-prone, time taking and requiring significant investment by employees. Replacing this with RPA can reduce the time consumed in these redundant tasks and reduce human errors. Meaning that insurance claims can be processed in a much more efficient and accurate fashion.

• Policy Administration

Policy administration brings together all the processes of an insurance provider, from quoting, underwriting to the distribution of customer service.  Policy administration systems are expensive, high maintenance, and cannot scale quickly enough to meet the growing customer demand.RPA can help complete the task by consuming lesser time.

• Improved Regulatory Compliance 

Compliance is essential to thriving in the insurance industry. RPA ensures the correctness of data and maintains a running log on their activities. Hence, compliance with regulations can be monitored on an ongoing basis through internal reviews. This allows insurers to keep track of compliance and to be better prepared in cases of an external audit.

While RPA is the technology to deploy, insurers must remember the effectiveness depends on the mindful implementation of it. The lesser human-intervened judgment involved, the more the process befits for RPA implementation.

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