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Insurance

RPA for Insurance

Insurance companies are vigorously immersed with back-office forms as most of the documentation process is paper based. Insurers regularly handle an exceptionally high volume of business processes like claims-processing and underwriting as well as providing policy quotes manually which creates significant delay in time and also affects the customer satisfaction, business conversion and profitability.

Thus, numerous insurance agencies worldwide are focusing on intelligent automation to streamline their business procedures and enable them to attend new customers and focus on growing business.
 

Automation Candidates in Insurance

While some of these organizations as of now make utilization of halfway automation — to check paper records or to accelerate information section, for instance — more prominent robotization capacities will be offered to insurance process by using Robotic Process Automation (RPA). RPA can give added support to help insurance companies automate whole work processes and streamline a more prominent number of their operational exercises.

Policy Administration & Servicing

Customer facing Chatbots can provide answer for policy status and payments, policy auto-renewals, and RPA Bots can alert customers in case of pre-loss warnings based on data and guide for preventive repair and maintenance. The customer experience will increase as Chatbot can provide better service to customer by working 24/7 without rest.

Underwriting & Pricing

AI and Analytics can give insights to insurers for risks. This will help for personalized flexible covers and move from being risk insurers to risk mitigators with services for alerts, repairs and rewards. RPA can analyze the claim history of reports from past years and provide the insights based on previous losses.

Claims & Fraud Detection

RPA and AI together provide self- service solution and bring the transparency, speed and efficiency to the claim process. Claims Processing brings large amount of information to be processed manually from different sources for verification and settlements. This results in increased TAT and errors in the process. Using RPA, De-dup and AML like processes can detect right data to avoid fraud or suspicious data.

Entry

  • Insurance quote generation
  • Proposal generation
  • Policy generation
  • Renewals
  • Underwriting

Servicing

  • Endorsement
  • Reporting
  • Claims for Insurance
  • Reimbursement/Cashless Mediclaim
  • No Claim Bonus(NCB) transfer (B to B)
  • Payment/Premium Suspense

Exit

  • Surrender
  • Death Claim for Life Insurance
  • Maturity Claim for Life Insurance – Money Back
  • Claims Payout

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