“If a child, a spouse, a life partner or a parent depends on you and your income, you need life insurance,” says Suze Orman.
Investing in insurance can yield enduring and long-term benefits to the insurers, especially when one has a family to fend for. Life is unpredictable; and it is this fickle nature of existence that makes it necessary for individuals to ensure security and safety for themselves and their loved ones. Insurance policies enable one to be able to help his/her family during pressing times – such as medical emergencies, natural disasters, accidents and so on.
While the concept of insurance has gained remarkable momentum over the years, with companies introducing insurance policies for their employees, and banks offering different insurance schemes, one seldom stops to consider the plight of the employees working on the other side of the insurance sector. Unfortunately, the insurance sector involves a number of regular rule-based and monotonous business process, which tends to prevent insurance employees to perform more dynamic and stimulating tasks. In such a scenario, Robotic Process Automation can certainly bring about a world of change in this domain.
We’re back with a blog, and today, let’s look at some of the ways in which RPA can positively impact the insurance sector:
1. IS CLAIM REGISTRATION CLAIMING MOST OF YOUR TIME?
Manual registration of insurance claims can be extremely tedious for the employee engaged in this task. Moreover, it is also very time-consuming and repetitive, and subject to manual errors. In such a situation, software bots can perform the same tasks in lesser time, and with practically no errors. Moreover, software bots can also be scaled up or down, depending on the number of claims to be processed at a given time. This leaves enough time for the previously overworked employee to focus on the less repetitive tasks.
2. EXIT MANUAL DATA ENTRY…AND ENTER, ROBOTIC PROCESS AUTOMATION!
Gathering insurance-related information from various online as well as offline sources, and consolidating the data in one specific location can not only be time-consuming, but also extremely tedious and low in productivity. The insurance sector is faced with such repetitive tasks on a daily basis, thus bogging down employees and preventing growth. Process bots can easily scan large amounts of insurance-specific data, and bifurcate the same based on specific categories.
3. UNDERWRITING, OR OVERWORKING?
Sure. The concept of underwriting – which involves a detailed analysis of various types of data in order to assess the risks in insurance – is a very important and relevant insurance business process. However, an article on medium suggests that since this strenuous process takes about 3-4 weeks to complete, 18.7 million people abandon this task halfway. Isn’t this reason enough to introduce RPA to automate this business process?
Software bots can gather relevant data, including medical histories and other reports, from various sources; and present a consolidated unit of information. This allows employees to analyze the risks with ease, instead of wasting precious time gathering overwhelming amounts of data.
4. YOUR BOT IS ALWAYS COMPLIANT!
With compliance policies being constantly updated, it is important for insurance professionals to regularly update themselves with regard to these changes, and abide by them with utmost care. However, it often becomes a challenging task for employees to keep track of the ever-changing policies, thus resulting in non-compliance, which can lead to negative consequences. While it can become cumbersome to keep track of every human activity, it is possible for the activity of software bots to be monitored through advanced technology; which makes it much easier for professionals to review the extent to which these activities abide by the insurance policies. Such an automation process leads to considerable reduction of non-compliance.
5. PAYING BILLS CAN BE DIFFICULT; BUT EVER THOUGHT ABOUT BILLING?
The process of billing is extremely monotonous and time-consuming, especially when it comes to the insurance sector. Added to this task is the closely-related process of premium reconciliation, which involves analyzing and comparing two sets of data to verify whether the amount of money debited from an account matches the total amount spent. Manually carrying out this task involves many rule-based processes, such as consolidating the data and segregating them into sets; analyzing and comparing the various values; and manually entering the verification results. RPA can carry out the entire process systematically in much lesser time and with no errors.
The insurance sector will continue to thrive as long as there is a need for financial security. And so, it is extremely important to relieve insurance professionals of unproductive tasks, and ensure the sector’s growth and development by introducing RPA and automating rule-based tasks.