The insurance industry is heavily regulated. There are hundreds of documents that need processing. Insurance claims, KYC, policy documents, and more take up a considerable space in the insurance industry. However, Robotic Process Automation is emerging as a boon for insurance agents and companies. UiPath estimates that automation can save 34% of the time that insurers spend on data processing.

There are hundreds of manual processes in insurance. From filing customer profiles to sending data to underwriters, most operations work with human intervention. However, Robotic Process Automation in insurance is improving the processes by taking up these tasks from the hands of human personnel.

Automation in insurance industry is useful in hundreds of operations. It is valuable in claims processing, underwriting, customer KYC verification, policy detailing, and more. It shifts the focus from the mundane tasks to the more valuable ones that have a direct impact on the profitability and success of the insurance company. When Robotic Process Automation in Insurance is involved, it enables agents to become customer-centric rather than a document-organizing team

This article will highlight how RPA benefits the insurance industry as it is important to understand how the advantages impact the industry as a whole. It will also address the use cases of RPA in the insurance industry to enable companies to determine which processes are the best for RPA automation in their company.

Checkout 11 RPA use cases in Different Industries you ought to know

What is RPA in Insurance?

The insurance industry can easily automate 25% of the processes by 2025. Auto insurance, travel insurance, and life insurance are three primary benefactors of RPA in insurance. They have a high standardization of processes, which could easily be automated using bots. So how does RPA benefit the insurance industry by automating these processes?

  • Increased customer satisfaction: When an RPA solution for insurance is implemented, it enables agents to focus on productive activities. They can communicate better with customers and stay connected with them. It ultimately increases their satisfaction.
  • Faster claims processing: RPA in insurance claims help to process the data with a single click. It collects data from different sources and provides the best way to work on claims without any hassle.
  • Better customer experience: RPA bots can easily register complaints and revert to customers within a short period of time. It improves the customer experience as insurance automation makes people feel that the company is available 24×7 for them.
  • Higher accuracy in processing: Human errors are minimized in insurance processing as RPA in the insurance industry leads to higher accuracy. Bots offer triggered responses and will only carry out specific actions, which will reduce the chances of errors in the process.
  • Increased efficiency & productivity: RPA bots can process documents, talk to customers, verify KYC, and do much more in an efficient manner. It makes employees productive and leads to better outcomes while onboarding new customers and targeting prospects.

Now that the benefits of RPA in insurance are clear let’s move on to understanding where Robotic Process Automation (RPA) services actually help the companies.

What is the use of Robotic Process Automation in the Insurance Industry?

There are a plethora of RPA use cases in the insurance industry. As the domain evolves with the help of technology and moves towards digital transformation, new use cases emerge regularly. Every case of Robotic Process Automation (RPA) in insurance offers some powerful way that transforms how the industry is used to operate.

Here are the top 5 RPA use cases in insurance that can help the insurance industry –

  1. Claims registration & processing: The most significant use case of RPA in insurance is in claims registration & processing. Collecting information from multiple sources is time-consuming, which can be easily automated to third-party robots. Photos, licenses, historical records, are all sources from where information needs to be collected. Automated claims processing involves sending the data through different systems and creating a report through which the actual claims review takes place.
  2. Underwriting: One of the best examples of RPA in insurance is found in underwriting. The process involves analyzing the risk factors associated with each policy. RPA solutions provide data from various sources to underwriters for calculating the risk. It can populate information in multiple fields that can reduce the time taken to assess the risk factors and help the underwriting team make better decisions.
  3. Regulatory compliance: There are strict laws and regulations in the insurance industry that companies must meet. Adhering to these compliance may be challenging for companies as they often miss a few steps in the process. RPA insurance automation ensures that the data is accurate and all the steps to meet the insurance regulations are followed. Some processes include name screening, compliance checking, data security operations, and more.
  4. Policy renewals & comparison: This is one of the emerging real-world case studies of RPA in insurance. RPA bots offer complete renewal and comparison capabilities to insurers. They collect the desired information from the user, pass it through the necessary system, do a background check or a historical policy analysis, and renew the policy with ease. Similarly, when users enter their policy requirements, the RPA bots trigger the comparison mechanism to show the best results.
  5. Queries and resolutions: Last but not the least, insurance automation using RPA for queries and resolutions is gaining high popularity. RPA bots provide quick answers to common questions and direct the users to the right personnel. It helps the agents to answer high frequency queries that may eat up a lot of their time. RPA combined with AI can also provide a natural, human-like conversation to the users.

Read more: 7 Step Guide of RPA implementation for Enterprise Digital Transformation

RPA in Insurance Companies: for Better Customer Experience

The ultimate goal of RPA in insurance is to deliver a top-notch customer experience. Whether it’s through faster claims processing or providing data in real-time for proper analytics – Robotic Process Automation (RPA) services are taking over traditional legacy systems for the better. They provide an improved way to deliver insurance outcomes and in a seamless manner.

Robotic Process Automation (RPA) ensures that insurance companies can achieve high productivity and efficiency. It enables insurance agents to focus more on customers rather than the processes. 

BoTree Technologies, a leading RPA software development company in the insurance industry, offers complete RPA implementation. Connect with our RPA consultants for a quick consultation on RPA in insurance.