In today’s energetic market, customer experience plays a crucial role as a game-changer for insurance companies. The traditional customer approach is outdated and that is why financial companies have begun introducing a– Robotic Process Automation (RPA) to help them manage information flow, highly repetitive and operational tasks, and taxing to continue thriving. Thanks to RPA, processing time would be reduced to less than 80%. Moreover, automation will lead to improving customer experience, growing sales, lowering costs, detection of fraud, reducing human error, and boosting efficiency.
Insurance issuance and Processing
RPA can automate mundane tasks such as pre-qualification, processing, policy management, regulatory compliance, underwriting.
RPA is the new innovative way for insurance automation. By 2025, the insurance industry will automate 25% of the processes. Bots are taking over repetitive and time-consuming tasks such as data importing, sending documents to clients, system navigation, email filtering, and many others to free up human agents for more complex tasks.
Renewal policy is complex and filled with many administration systems. Renewal processing requires a lot of time due to manual interventions and archaic systems. In this case, a high volume and frequency of requests will cause an overdose, which will result in higher overheads, higher operational expenses, and an increased risk of errors. Hence, RPA can be the perfect solution to automate administrative and transactional work related to sending emails to customers for the approaching expiry dates or issuance of the renewed policy, minimizing human interference and preventing costly errors.
Usually, the premium collection is in installments monthly or semi-annually. The insurance agent has to send a reminder about the approaching deadlines for the payments. The manual process of examining and verifying each customer’s information is very time-consuming and error-prone. Typically, errors have a negative impact on the customer experience. By automating the premium collection process human intervention is eliminated as well as the chance for errors. Efficiency is boosted thanks to the robot that checks the information, tracks payment deadlines, and sends automatic reminders to the insurers when the deadline is approaching.
Liquidation and compensation
Insurance companies are handling a significant amount of documents in the liquidation process like claims, financial documents for expenditures, doctors’ reports etc. By implementing automation – RPA, companies can handle high volumes of liquidation requests as well as the separation and validation of the documents without any problem. The requests can be received in any format and via various sources (email or scanned, for example). Results will show a double reduction of handling time. An AI-based solution will also help with the specific data processing according to the type of document. The solution will validate, split, and collect information automatically. As the last step, all data will be inserted by the bots in the company’s system for further processing.
Banking, Financial Services and Insurance (BFSI)
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