Robotic Process Automation or RPA, as it is commonly known, is an emerging technology that is combined with AI to handle high volume and repetitive clerical tasks in any business that earlier involved humans. RPA is better than traditional automation in many ways because, with it, organizations can leverage cost-friendly and efficient tools to manage their business processes, which., in turn, makes significant improvements in their profits and revenue.
Currently, every industry is trying to come up with the means to integrate automation in their workflow to increase their efficiency and business dynamics. The insurance industry is not too far behind when it comes to integrating technologies like RPA under its gambit. RPAs reduce the burden of repetitive, simple tasks and processes like segregating claims based on multiple parameters like severity, location, type, etc.
With Robotic Process Automation, insurance carriers can witness a digital transformation in their business and can reach a whole new level of performance and customer satisfaction rate. Here are the key reasons how implementing the use of RPAs in insurance will lead to growth:
Better Accuracy and Better Operational Capability:
An average insurance carrier deals with extremely large datasets. All this data is configured and utilized in a whole chain of processes from underwriting, claims processing, creation, and servicing of policies, and so on. With RPA handling these processes, insurance carriers can observe a decline in clerical and procedural errors which will improve their accuracy in the workflow. All back-office processes that are high volume in nature can be better facilitated with RPA. A process such as claims processing which requires assessment of different kinds of data can be quite cumbersome. RPA, with its flexible approach between legacy and newer technologies, can extensively cut down the processing time.
For insurance carriers, great customer service functions as the cornerstone of their business. Pairing up knowledgeable people with the right client and using the right technology to leverage better results is the ultimate goal for insurance carriers. In a scenario where handling customer acquisition processing data is being done by humans, it becomes their responsibility to flag missing data and determine the completion of new requests from clients. All these processes are prone to error or delay much to the dismay of insurance carriers. With RPA, missing datasets and transference of data can be evaluated immediately without human intervention. These tasks, when dealt through RPA not only increases efficiency but also reduces the probability of getting inaccurate results.
Policy Building and Risk Assessment:
Traditionally, insurance carriers would rely on manual underwriting to come up with policies that would have limited flexibility. Based on a few immutable parameters, these policies would often take a long time to emerge and would leave customers dissatisfied. With RPA, coupled with machine and deep learning models, policy building would take mere seconds. RPA would employ large datasets from various sources to come up with personalized policies for each individual policyholder, offering him/her a truly unique customer experience. Risk assessment would also be revolutionized with RPA as it would data from various data streams and repositories would help in analyzing not just current risk areas but also build security measures against future risks with the help of predictive analytics.
Therefore, RPA is surely helping in the promotion of growth for insurance carriers that are employing it for their business processes. We can only hope to see RPA yielding even better results in the future.