RPA in Insurance Operations
Rajith Nair, CCXP
Operations, Project Management, Business Development, Account Management ,Transition, Customer Experience
Robotic Process Automation?technology reduces time spend on repetitive tasks , improves quality of work and hence efficiency. This is exactly what how companies want their operations teams to operate.
It allows organizations to reallocate staff to more complex work to provide higher value and enhance staff motivation. McKinsey estimates that the insurance industry may automate 25% of the process by 2025 and operational processes are the primary candidates. It also indicates that auto insurance &?property & casualty (P&C) insurance may benefit the most.
RPA BOTS can be tasked to process transaction and move complex transaction to queues for humans to process. With ML and NLP such complex tasks can also be addressed.
UiPath?estimates?that current RPA technology can save insurers:
·???????19% of the time where human expertise is currently required
·???????34% of employee time in the data processing
·???????23% of stakeholder?interaction time
Let us look at the functions where RPA can make a large difference:
Claims Processing & Fraud Detection :
Claims processing across insurance verticals like P&C , Auto, Life etc requires gathering Data, reading data and photographs , Data entry & Identification and verification of claims. RPA BOTS are able to do all of these.
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Underwriting & Pricing :
This function involves analyzing risks and determine the price at which to cover the risk. Activities like gathering data from internal/external sources , providing price based on past history and data entry can all be performed by RPA Bots.
Policy Administration & Servicing :
RPA BOTS can automate a lot of activities in the Policy Admin area as all activities with a clear non ambiguous process flow can be addressed by BOTS and others can be routed to humans.
Regulatory Compliance :
BOTS can process Compliance files and records to ensure accuracy and prevent regulatory breaches. They can easily replace human intervention which run a threat of errors and fatigue.
CHAT BOTS :
RPA Bots can respond to emails and resolve simple queries of employees and customers. They can also pass on complex queries to designated mail boxes for humans to respond.
In the coming near term future we will see the insurance sector utilizing RPA to improve efficiency with an eye on improving customer experience.