RPA for Insurance Industry

It’s not uncommon for Insurance companies to immerse in huge load of back-office forms, as most of their documentation is paper based. Employees in this field regularly handle exceptionally high volumes of business processes like claims-processing and underwriting as well as providing policy quotes manually.
This results in significant delay in time, and also affecting customer satisfaction, business conversion and profitability.
A popular Automation service provider proved that, by implementing RPA in Insurance Organizations – the application processing time has been reduced from 3 Hours to 3 Mins, and 70%-time reduction for creating users which turned out saving 50% of the processing costs.

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At another instance, a popular Europe based insurance company has once faced similar issue with its customers. The company with almost 18 Million customers (in Auto, Life & several other insurance sectors) has once faced a challenge of providing personalized customer service for every individual customer. By deploying RPA, the company has finally found out a solution for its customer service enhancement hurdle.

For providing more personalized, supportive service to its customers, the company has to free up time for its agents. For achieving this feature, it should eliminate the repetitive human tasks that didn’t rely on human attention, but still plays crucial role in insurance and claims processes.

The century old insurance company with thousands of operations needed service and action each and every day, must be able to respond and address matters associated with customer claims quickly.

Longer waiting times are not entertained as they test the patience of customers. For achieving this the company needs a solution that can complete repetitive (yet crucial) tasks promptly.

Initially the company has deployed of RPA into two individual pilot processes, one for back-office workflows and the other for front-office tasks.

It was only after these two processes have been proven successful, the company has expanded its RPA automating processes incrementally for four more areas, and then an additional 10 process after that.

These Key Processes of the company that has been identified for reaping the benefits of RPA:
Updating-court-provisions-in-the-claim-system

Updating court provisions in the claim system

Calling-for-assistance-after-an-accident-has-taken-place(latest)

Calling for assistance after an accident has taken place

Preliminary-analysis-of-car-damage-claims

Preliminary analysis of car damage claims

Refunding the cost of vehicle repairs based on filed invoices

Refunding the cost of vehicle repairs based on filed invoices

Replacement-vehicle-rental-through-third-party-liability-insurance

Replacement vehicle rental through third-party liability insurance

Data-entry-for-incurred-direct-costs,-change-of-policy-owner,-end-of-insurance-coverage,-etc.

Data entry for incurred direct costs, change of policy owner, end of insurance coverage, etc.

Preliminary-payment-for-car-damage

Preliminary payment for car damage

Correspondence for calculating compensation, and for customer insurance history

Correspondence for calculating compensation, and for customer insurance history

Preliminary analysis of childbirth insurance claims

Preliminary analysis of childbirth insurance claims

Deploying RPA can help employees to spend their time more productively, as they had been freed from the most repetitive and time-consuming tasks. This had enabled them to leverage their time to provide more tailored and personal customer service.

A Project Manager of the popular Insurance Company stated, “Less than two months after implementation of RPA in one of the processes, we noted a 15% increase in the number of decisions issued per person,“.

Also specified, “Performance of consultants increased, and they now have more time for other tasks – they talk to clients instead of spending time generating documents. They care about customer satisfaction. Benefits are multidimensional.

The company has also reaped some new benefits with RPA, like the elimination of added costs like overtime, as Bots can work 365 Days a year, this helped the company to make the most efficient usage of working time.

There have also been some significant enhancements in customer service and overall work quality as well. Most interestingly call centre response time (which were earlier 6 Minutes average) has been slashed to just three minutes. While agents can spend their time on a higher level of service, customers can reach their representatives faster than before.

As of now most of the insurance companies are making use of only halfway automation, i.e. to check paper records or to accelerate information section.

RPA however can help the companies to automate the entire work processes, and streamline their prominent operational exercises. Here are a few of them:

❖ Policy Administration & Servicing
❖ Underwriting & Pricing
❖ Claims & Fraud Detection

Automation of data entry & other repetitive tasks is helping insurance companies to eliminate any and all instances of human error, and 100% accuracy in data entry.

MDxBlocks, along with UiPath are helping industries to transform their manual processes into automation, which can reduce the human efforts and increases efficiency.

Looking for more information about Automation? Do Visit our website at http://mdxblocks.com for further details and reach us at (+1) 832-906-7001 or e-mail us on info@mdxblocks.com