Strategic Capability

Evolving regulations, low premium growth, and increased competition are just some of the insurance industry’s major challenges. To overcome them, insurers must achieve operational excellence by streamlining back office and customer facing processes to achieve efficiencies.

To gain efficiencies, insurance executives need to build the following capabilities to compete and grow.

• Deliver low-cost, error-free policy administration
• Improve underwriting analysis and fraud detection to mitigate risk
• Enhance service delivery and claims management for policyholder retention
• Improve customer satisfaction with access to data to enable quick answers to customer requests

How RPA Fits In

Today, many insurance processes are manual and labor-intensive. These manual processes slow down service delivery to policyholders and can create costly errors throughout the claim process. With RPA, insurance companies can:

• Digitize scanned documents and upload data into systems
• Access and aggregation of data across multiple legacy systems
• Streamline claims intake, assignment, and payment
• Enhance underwriting and pricing analysis
• Augment fraud detection
• Automate reconciliations and financial reporting

Take-Away Thoughts

Automation can reduce loss adjustment expenses and indemnity costs, accelerate claim closure, and improve customer service, while freeing staff from tedious manual paperwork and turning their attention to more important tasks, interacting with and serving policyholders. From underwriting to customer service, applying RPA and artificial intelligence in insurance will yield significant efficiencies, while driving customer satisfaction and retention.

If you are looking to improve efficiencies and reduce errors, contact us at rpa@oneleapconsulting.com.