RPA in Insurance makes it possible to integrate all the different claims processing information from multiple sources. We are now starting to see AI being inculcated within the claims management process extensively to cut down on processing time. In turn, this has inhibited efficiency and flexibility, thus slowing down service and negatively affecting the customer experience. Current claims systems lack functionality as well as flexibility and have reached their practical limits which has resulted in excessive levels of manual processing.

Let us have a look at some areas of the insurance industry where it can be implemented – Claims Registration and ProcessingĬlaims processing requires companies to gather a vast amount of information from a number of sources, creating exhaustive quantities of data.

What makes RPA in the Insurance industry a natural fit, is the fact that it can automate the end-to-end process lifecycle by integrating new front end technologies with back-office environments. This, in turn, frees them up to focus on those tasks that require human strengths such as reasoning, judgment, and emotional intelligence, thus creating more value for their organizations. RPA can accomplish repetitive tasks more quickly, tirelessly and more accurately than humans. It takes the robot out of the human, as stated by Leslie Willcocks, the well-known professor of technology, work and globalization at the London School of Economics. RPA (or software bot) emulates transactional, administrative tasks that are repetitive, rules-based and require no decision making or strategizing. Robotic Process Automation (RPA) can empower insurers in building a high-growth responsive business while optimizing cost. Their time and skills are rarely channeled towards more value-added tasks.ĭay to day tasks such as personal and commercial insurance line underwriting and onboarding, policyholder services and processing of claims, there’s a myriad of important but plain repetitive work, affecting the overall organization’s efficiency, affect customer satisfaction, business conversion and profitability. It is a well-known fact that the workforce in the Insurance space is heavily burdened with repetitive and mundane tasks.

Example of rpa