The present scenario in insurance: most insurers rely on very complicated and rather outdated manual process to manage their workflow. Is that efficient? No! You can tell that by the long time most insurance providers take to process their customers’ claims. Robotic Process Automation solutions, in this scenario, are not only a respite from the humdrum of the way things go in the insurance sector, but also a rather ingenious way to speed up things, that too efficiently.
So, this blog will not only let you know why robotic process automation is the next revolution in insurance, but will also put forth Robotic process automation use cases in insurance, so that you can build your business case for it.
Why RPA solutions Are the Next Revolution in Insurance
Here’s why:
Standardization of Process
RPA has the power to standardize and streamline every process involved in the workflow of the insurance company, thus improving efficiency and speed.
Improved Accuracy
Robotic process automation vendors can help you with tools that increase the reliability of data exponentially. Robots key in and process the data correctly and ensure accuracy.
Speedy Claims Processing
Robots compile the information for claims processing from various documents with just a click of the mouse, a process which, when done manually, takes days.
Legacy Systems Compatibility
RPA companies can easily configure robots with old systems. And when you change the old systems, they can switch to working with the new one. Implementation takes no more than a few days.
Easy Scaling
In case an insurance company grows by leaps and bounds, RPA companies can scale up within a matter of days, even the data grows by double.
Easier Cancellation Process
Policy cancellation is something that providers do not like because it involves emails, admin system, CRM, documents of different formats, and so much to and fro of communication. RPA can help do all this to and fro on its own and save a gargantuan amount of manual labor.
Having said that, to be able to make a wise decision about implementing RPA in your insurance workflow, one must learn the actual use cases.
What Are Robotic Process Automation Use Cases in Insurance?
Well, as complicated as it may sound, preparing use case for RPA solutions for insurance is only a logical process.
The process starts from preparing (and documenting) a list of manual tasks/operations that you need to automate. You need to do this exercise for at least two levels—the front-line employees as well as the backend operations where the data taken on electronic interfaces needs to be processed further through automation for flow of information throughout the entire insurance workflows and system.
However, do not rush into buying robot licenses unless you have all your robotic process automation use cases figured out clearly in a concrete strategy. Figuring out exactly how many robot licenses you need to buy can help you cut the superfluous costs.
You can break into 4 broad steps for convenience:
1. Identify the front-end and backend processes and sub processes that can be automated.
2. Compare the cost of automation with ROI for each process in terms of man hours and cost.
3. Make a final use-case document stating the process, requirements, and rules that the robot will need to execute.
4. Rope in a reliable Robotic process automation vendor
If you are entirely new to robotic process automation, but are keen on knowing more about how it can benefit your insurance company, Synlogics can help. Give us a call today.
Author
Venkat is highly passionate about solving Business challenges using Technology. He has been instrumental in bootstrapping the company and is currently responsible for leading strategies and innovations to help customers enhance operations and improve efficiency. Among several key projects he was involved over the years, developing an award winning IoT solution which monitors Food Safety, both while in transit and in storage for Emerson Electric has been very close to his heart. Currently over 500+ businesses across the globe are using this solution to track real-time location, temperature and safety of perishable and high value shipments.
