The Need for RPA in Insurance CompaniesBesides processing claims, insurance companies, regardless of whether it is travel insurance, medical insurance, home insurance, car insurance or any other, are often overwhelmed by a lot of clerical and mundane tasks, all of which guzzle up a lot of time as well as the energy of the staff doing it. This involves a lot of data entry tasks, document processing, document verification, and many others. For a larger insurance company, in particular, that handles a larger volume of work and processes millions of claims every year, automation comes in as a boon, as it relieves human efforts, and also brings in a considerable reduction in the manual errors, at times, incurred while performing these tasks. Therefore, the need for RPA (Robotics Process Automation) in insurance could be strongly associated with automating the clerical or monotonous tasks, often otherwise performed by human beings, and that is considered to unproductive.
Automation Challenges of RPA in InsuranceChallenges to automation, often out of retrospect, or due to the organization’s own limitations, are always deemed to be there. The use of conventional systems and excessive trust and reliance on those systems is one of the major challenges to automation in the insurance industry. Most of the insurance companies, who’ve been using the traditional systems since years, have developed comfort levels, strong enough to delay their decision of automating their existing system and foster operational efficiency. Besides these challenges, however, here are some of the other major challenges that offer a hindrance to automating insurance operations.
- Establishing productive and efficient connections between existing information technology systems and operations. While, at times, conventional systems cease to do this, RPA does it with relative ease, further also helping customize various company-specific operations, and optimize the efficiency.
- Data standardization is another challenge that hampers the process of automation in the insurance industry. Often, insurance companies are found to be generating and churning a lot of data on a daily basis. Filtering this data, and translating it into business-ready information poses to be a challenge with other automation systems. Again, the use of multiple systems generating a huge chunk of data in diverse data formats makes it more difficult for the automation system to standardize data, and transform it into useful information, either into a uniform format, or a process-specific one.
- Some automation solutions aren’t scalable. The principle, one size fits for all doesn’t work in the case of insurance companies, as each and every one of them handle different data and business volumes. RPA, as against such stubborn systems, offers scalability, and therefore, insurance companies, regardless of their size, need not buy or deploy a higher degree solution, or in case of the larger ones, do not have to compromise on restricted solutions.
- In addition to the above ones, as insurance companies have to manage several compliances, it is imperative that the automation solution integrates the associated compliance, and allows incorporation of changes, updates, upgrades or any development that happens on the compliance front.
Benefits of RPA in Insurance IndustryThe benefits of RPA in insurance could be closely related to its widespread applications in it. Of course, RPA fosters operational efficiency, labour and cost savings, scalability of operations, integration with the existing IT systems, saving a lot of man-hours, reduce manual efforts and errors, thus proving to be an extremely effective solution in expediting operations, and also, to a large extent, contribute to customer satisfaction. Some of the recent applications of RPA in insurance are as follows.
- Manual data entry
- Regulatory compliance
- New business and underwriting
- Claims and fraud detection
- Policy administration and servicing
- Policy cancellations
- Form registrations, and many others.
As RPA is an emerging branch of automation, its application is only projected to grow in the years to come.
Examples of Robotic Process Automation in Insurance Industry
Case Study1One of the leading health insurance companies relied heavily on manual on critical processes such as member enrollment, and commercial claims testing audit. Automation Anywhere’s RPA solution, however, automated both these processes, and brought a reduction in manual efforts, along with manual errors.
Case Study2A life and financial services company automated the strenuous HR record processing, and physician statement orders. RPA brought about an annual saving of USD 200,000.
Case Study3As one of the clients of a leading global company, an insurance company was looking forward to a solution to eliminate repetitive and manual data entry tasks, bring down processing delays, and thus enhance customer satisfaction. Automation Anywhere designed bots to manage a short list of 10 processes, covering a wide range of activities, and develop reusable components extendable to multiple systems for comprehensive efficiency. The result was 100% accuracy, 70% faster turnaround time, 67% increment in efficiency, and around 64% reduction in the number of FTEs.
RPA solution in Japan - Automation Anywhere Sales, Service and Support in JapanIn Japan, the leading cities, or one could say, cities with a lot of potential on the insurance front are Tokyo, Osaka, Aichi, Hokkaido, and Kanagawa. Fidel is the official associate for Automation Anywhere in Japan and offers end-to-end RPA solutions including RPA sales and business development, RPA designing, RPA implementation, followed by RPA technical support to ensure a blissful automation experience.
Insurance companies in Japan can implement RPA for tasks and processes like - New Business & Underwriting, Claims Processing, Business and Process Analytics, Manual Data Entry Process, Usage of Legacy Applications. For more information on Fidel - Automation Anywhere RPA services in Japan, get in touch with us.