New technologies are driving the insurance industry, currently grappling with slow premium growth and increasing losses, towards an operational model centered on achieving specific outcomes. Even with challenges, the traditional branch model in insurance relies heavily on documentation and in-person interactions. To combat growing pressures and competition, insurers are increasingly adopting RPA automation.

By automating high-volume, manual activities, RPA provides a strategic edge that reduces operating costs, accelerates turnaround times, and enhances overall customer service.

Automation in Insurance Operation brings many advantages to the industry. By utilizing RPA, businesses can grow, innovate, and improve the customer experience. Here are key RPA use cases for insurers.

Automated Data Input

Imagine insurers onboarding new clients. They often face a challenge with extensive and time-consuming forms. This is where RPA and AI can make a real difference. These technologies can automatically pre-fill data by gathering it from various sources, simplifying the client experience.

Onboarding New Clients

The current setup forces customers to do a lot of paperwork when they acquire a new customer. This occurs after they have already invested a significant amount of time in reviewing several documents from various insurers in order to choose which one best suits their needs. Therefore, completing one form after another will seem like a highly tiresome chore, particularly for businesses.

Intelligent Automation in Insurance can streamline the process by automatically filling parts of the forms. We can set up models to pull data from various sources, such as public listings, and populate relevant fields like company name, industry, key contacts, and number of locations. This significantly reduces customer effort and accelerates the onboarding process.

Pricing and Underwriting

Underwriters, a crucial component of insurance businesses, must be extremely certain of their choices because they could be held financially liable in one way or the other.

Historically, underwriters have struggled with limited information, leading to lengthy risk assessments, sometimes up to a month, and significant customer drop-off. By leveraging RPA Automation, insurers can automate data collection from public and third-party sources, including medical histories, drastically reducing assessment times and improving decision-making. Furthermore, RPA Solutions can help insurers develop new plans and optimize pricing for existing policies.

Formulating Astute Proposals

For large industries, insurance typically covers a variety of things. A factory, for instance, would have to insure both its equipment and the car it uses to deliver its product. These must be purchased from several suppliers who are experts in one of those fields.

Managing numerous proposals is both time-consuming and prone to overlooking valuable options, potentially leading to suboptimal consolidated offers. RPA Solutions are the best solutions to this problem. This empowers brokers to confidently present proposals to customers, as they have spent minimal time on preparation.

‍Claim Processing

Slow or inaccurate claims processing significantly harms insurance companies, leading to customer loss and financial repercussions. This crucial area is often hampered by extensive manual work, delays, and errors.

Automation in Insurance Operations offers a powerful solution. It can drastically reduce claims calculation and processing times by automatically gathering data from all necessary sources, enabling quick dispatch of payments.

RPA Automation is poised for significant growth in the insurance industry because it allows them to automate manual tasks and reduce errors, making it an indispensable tool. We will likely see a surge in RPA products and services tailored for various insurance functions.

Canary enables you to meet the Expectations of digital-savvy consumers

The time has come for insurers to use RPA tools to find and automate repetitive processes. Insurers may increase scalability, unleash operational efficiency, and satisfy the changing demands of tech-savvy customers by doing this.

Adopting RPA in Insurance is essential to be competitive in the quickly changing insurance market and not just a strategic decision. Do you want to advance in the insurance industry’s pursuit of operational excellence and competitive advantage? Contact us right now!