Robotic Process Automation: A High Reward Tool for Insurers to Thrive

By CIOReview | Wednesday, July 10, 2019

RPA can support insurers in achieving profits, better compliance, lasting business growth, and top-notch customer service while lowering costs and minimizing the customer dropout rate.

FREMONT, CA: Robotics Process Automation (RPA) is revolutionizing insurance. From personal and commercial insurance underwriting and onboarding to policyholder services and claims processing, RPA is making dramatic changes in the way that insurers operate, enhancing customer service and reducing cycle times and overhead. The specific benefits of RPA in the industry are listed below.

• Faster Claims Processing and Simplified Business On-Boarding

Claims processing requires employees to gather data from various sources and move that into multiple systems, which is a time-consuming process. This negatively affects the timely response that customers demand when they are filing a claim. RPA can transfer large amounts of claims data with a single click. At times, companies grow faster, and robots can abet business growth with minimal growing pains, that is manual inter-departmental data movement from new clients being on-boarded can be reduced.

• Increased Data Accuracy and Standardized Processes

Using RPA increases the reliability of data, because, unlike humans, robots are unable to key in data incorrectly. But, forms must resolve bad data being received on the front end for the robot to work right. Using robots necessarily requires a standardization of processes. To start using a robot, an insurance firm's process need to be standardized, that translates into increased worker efficiency, and then dramatically increases the speed at which the robots can do their work too.

• Easy Transition

Robots can be configured to work with old systems that might be replaced or updated to work with the new systems. They are also easily reconfigured within days to point to new systems as they get implemented. Working at an intimate level, robots are easy for employees to understand and to use. They can be installed quickly and work with existing technology.

Citing the flexibility and benefits that RPA can deliver to the insurance sector, its adoption is only expected to become more inevitable in the coming years.