What’s insurance industry’s biggest challenge? For most insurance organizations, it’s spending good part of their time on routine, repetitive, clerical jobs just to manage business-critical workflows. That means, insurance organizations don’t find the time they need to plan for new services or improve existing processes. This challenge only increases with most insurance organizations relying on legacy systems and manual processes to address the challenges of regulation, customer centricity and growth. As if that were not enough, insurance companies are facing a new set of challenges including keeping up with increasing expectations of digital age customers.
As insurance organizations navigate through the complex challenges of rising costs and growing expectations, managing business processes like claims-processing and underwriting is a common impediment.
If you as an insurance company are betting your future on digital transformation initiatives to meet growing challenges and drive growth, don’t overlook automating repetitive clerical tasks.
80% of C-level execs consider “digital” to be a business priority but only 20% believe they’re capitalizing on the benefits of digital transformation brought by automation. Those 20% insurance companies are likely to steal the advantage and stay ahead of the competitive curve with disruptive technologies to transform business processes and deliver customer delight.
Though insurance companies have benefitted from some level of automation albeit partial, it’s important that they do it right. Despite of so called automation, 80% of insurance company’s time is spent on claims registrations, form registrations, policy issuance and cancellations, which are all tasks traditional automation systems simply can’t automate completely.
That’s why insurance companies need to invest in superior automation solutions. That’s where insurance companies are turning to superior automation systems called as robotic process automation.
Did you know that insurance organizations with robotic process automation are 50% more likely improve bottom-line as well as transform customer experience than traditional automation systems?
Daily tasks you didn’t know you could automate with robotic process automation
There are many repetitive, time-taking and error-ridden tasks you didn’t know you could automate with robotic process automation. By using robotic process automation, insurance organizations can effortlessly, quickly and more accurately handle end to end insurance processes including:
Claim processing: How much does your organization spend on claims process?
Ask any insurance company what its main priority is when it comes to insurance business, and you are most likely to hear claims processing as the answer, not once but oft. Not without a reason that many consider claims processing to be one of the most important insurance functions. It’s fundamental to insurance business success.
We all know the legacy system of claims processing requires organizations to gather a lot of information from a variety of sources that makes it time-taking, resource-intensive and error-prone. But the big question is: are we sure this is the best way to do this? What if there was a way to accomplish all this in less than the time it would normally have taken. The answer is a big yes and this time it’s in the form of robotic process automation (RPA).
RPA helps Insurance companies replace the legacy claims process by automating repetitive and resource-intensive processes and reduce errors that way speeding up the process and freeing up resources to focus on productive tasks.
But it doesn’t stop there it further takes insurance to next level by introducing artificial intelligence, machine learning, and cognitive analytics. RPA, AI and ML lend a helping hand by automating claims process through self-service interactions and automated email processes.
Chatbots combining RPA, AI and ML can simulate human conversations that can handle queries, resolve claims, sell products and address leads to name a few.
Underwriting & Pricing made easy
It can be annoying to know that manual underwriting process is often tedious in that we can find underwriters toggling between gathering data from a variety of disparate sources, doing tons of volumes of manual review and evaluating the risk surrounding the policy.
How many times have you thought about handing over the tasks off to someone else so that you can have more time to work on priorities? You can do this automatically by leveraging RPA that can effectively, quickly and accurately evaluate the risk surrounding the policy.
Not stopping there, it also integrates natural language understanding, a branch of artificial intelligence that can accelerate risk assessment process by providing valuable inputs like falsified information provided by applicant.
Remember if you can’t detect fraud, you can’t fix it and it would be easy to get stuck in the question: where’s all the money going?
Robotic process automation as a compliance enabler
The insurance industry is not new to the challenge of regulatory compliance, but that challenge has never been so complex and critical, thanks to growing number of stringent compliance regulations like HIPAA. Since insurance companies may get millions of claims daily, it’s a hectic task to document the records according the industry requirements. Though, insurance organizations are using some level of automation to streamline compliance process, but many organizations are not sure, if their processes are meeting the compliance standards or not. Like it or not compliance is inevitable whether organizations are prepared or not. Fortunately this is easy to achieve with GPA, which streamlines compliance process by helping organizations with comprehensive documentation and report generation required during the compliance audit.
Scalability and Robotic process automation
Your business needs an automation solution that can scale to match not only your current business needs but also future needs. If you have a best solution in the world, but if it doesn’t scale according to your requirements, then it’s not the ideal solution. Fortunately scalability is simple with RPA, as software robots can be increased or decreased whenever the need arises and it can be done quickly without interrupting normal operations. Needless to say it is a significant departure from traditional form of hiring and training workforce. Robots can be scaled up or down almost instantly as required without having to worry about anything.
Many insurance companies from large enterprises, mid-size to SMEs still rely on legacy systems to carry out core business operations. So there is a fear among organizations that to implement RPA they need to change legacy systems which can lead to performance issues but RPA being a non-invasive technology can implemented without changing existing IT systems. RPA doesn’t require organizations to have full-fledged IT teams for implementation, as even an IT team with little knowledge of programing can effortlessly deploy the solution.
For insurance industry, Robotic Process Automation is no longer nice-to-have but an essential strategy to take insurance to the next level of operational excellence and revolutionize customer experience. Insurance organization like yours can leverage robotic process automation as a source of competitive advantage to stay ahead of the curve. However, the organizations that quickly capitalize on the benefits of this digital disruption are likely to reap early ROI, risk reduction and productivity gains.