In the next few years, over 35% of all insurance claims processes are likely to be fully automated. Yes, that is how critical Robotics has become to the business of insurance. Robotic Process Automation (RPA) helps insurance enterprises automate all repetitive manual tasks and process unstructured data apart from offering error free results and reports.
It has to be agreed that Robotics is a significant game changer! We have written extensively on the role of RPA in insurance. In this blog, we talk about how the outlook of insurance companies has shifted and how RPA is transforming the business, mainly claims processing.
The insurance leaders are moving ahead of the pack and prioritizing the following activities,
- Initiating automation discussions and plans from the top management level [aligning them with the business goals and strategies] and
- End-to-end automation of processes
The growing demands of customers and their expectations with reference to turn-around-times, multi access and omni-channel access continues to grow. And then there are the operations related activities like claims processing that continue to have a major impact on efficiency and overall profitability. Claims processing is one aspect of the insurance business that is highly volume driven. It involves several administrative and a few customer service based functions that perform information & data intensive repetitive tasks that are done manually in order to protect the company against fraud.
Robotic Process Automation (RPA) is a system that helps do all the tasks handled by human beings but faster and with higher levels of accuracy. The fully integrated, end-to-end automated solution that RPA is, helps overcome quite a few obstacles in the claims processing function.
Here are a few ways robotics is transforming the claims process:
Speed & efficiency
When the machine handles the data collated from various sources and provides an analysis, it gives the insurer time to focus on other elements, and engage better with the customer. It increases efficiency as the insurer is now focussed on processing the claims, authenticating them and ensuring there is a streamlined flow till the final payment is made. Similarly, the customer can now file a claim, upload supporting documents, and complete the entire claims submission process within minutes thanks to these bots.
Higher quality & accuracy
RPA reduces the strain on the insurers, and increases accuracy. For example, when a policyholder files for claims related to property damage, there might be different documents needed for this to be processed. The system can extract data from PDFs or other forms, and this in turn increases the efficiency of the entire system. A bot checks for errors, processes the documents, and claims clearances are made with no errors. Robots can also ensure the right information lands up with the right systems, and attached to the right claims.
Higher compliance
Insurance companies are bogged down with regulations and compliances that the local governing body lays down. To ensure they follow these, having an RPA based tool in place helps. The verification of documents along with the claims processing and checks done at every stage are ways how the insurance company can improve their compliance base. These robots are highly qualified to work with the quality assurance (QA) staff, since they possess the ability to scan through large volumes of data in no time.
Sustainable & scalable
One of the key advantages of integrating RPA is the initiation of a digital workforce that can be scaled up or down depending on the volume of work. If there is heavy load, or high pressure, then RPA systems can be utilized to their maximum capacity. These robots/bots will work long hours and can go through tons of data without tiring or needing a break. They also ensure there are no delays and that the claims processing system is running smoothly and is 100% accurate.
It is now time to adopt robotics into your business. Especially since they serve as a foundation when it comes to supporting end-to-end automation. They can also be integrated with other technologies, such as chatbots, OCR, ML and NLP. At Neutrinos we have a team of dedicated and highly experienced professionals working exclusively on RPA based technologies. Having worked with many insurers, Neutrinos is in a position to deliver value, not just through the implementation of RPA, but also driven by a results-based approach, tailored to your specific goals. Ready to get started on your transformational journey with RPA? Connect with us now…