Robotic process automation is witnessing a spike in adoption across the insurance industry. According to Juniper Research forecast, the total RPA platform revenue from insurance companies will reach $634 million in 2024. An increasing number of insurance providers are leveraging RPA software applications to streamline processes and reduce labor dependency needed to process lengthy insurance paperwork, such as claim verification.
RPA solutions can simplify the required work and skill in insurance processes. A recent research shows that RPA can reduce the cost of a claims journey by as much as 30%. When configured properly, RPA knits together mainframe fields, cloud-based software fields, and desktop applications into a single, streamlined, standardized, and automatic process.
Insurance companies are unleashing the power of RPA to enhance their operational efficiency. Here are some instances of how RPA can add value proposition to insurance companies and help them lead at every step of their operations.
Error-free Claims Processing- Insurance companies spend long-hours and use human assets on a tedious set of tasks that fall in the Claim Registration Process, like sending claim form to customers & updating CRM. By integrating RPA for Claims Documents Processing, insurance companies can save up to 14k $ per year in the process. They can leverage the capabilities of bots to schedule processes during non-business hours, with zero human intervention, zero error, while reducing the entire process time from 10 minutes to 1 minute. Fraud detection is another bottleneck majorly faced by insurance providers. Bots can check for fraud, and if fraud is detected then automatically escalate it for investigation, else send it to claim team, approve and initiate pay. Bot downloads case file from email & put it in the drive, extracts required fields, feeds in the system for fraud analysis using trained AI models, and further processing.
Insurance Eligibility- Even the leading insurance providers get stuck in complex verification tasks. RPA bots can automate and reduce the time for complex verification while decreasing manual mistakes and revenue leakages. Automation can help insurance providers save up to 10 FTE efforts monthly, save $50 K / year, reduce revenue leakage by 80%, and reduce EV process cycle time from 8 hours to 2 hours. Bots can make the entire process seamless, as they pick up the customer data from various sources email/documents, access multiple screens, multiple systems/Citrix machines, etc. and verify and update the data into the CRM system. The bots then email the results to the recipients for further processing the insurance.
KYC- RPA is rapidly enabling insurance providers to get rid of manual and error-prone extraction of KYC form from mail server by helping them maintain forms in a structured way and updating the same in the CRM system. A shift to bots for such processes can increase transactions from 100 to 2880 in a day with zero human intervention, zero error while reducing the time from 5 min to 30 seconds. Bots can also reduce the efforts by 98% while helping the insurance providers save as much as a whopping 11k $ per year. They collect KYC forms from the mail server, extract data from KYC form, and log in to the CRM system. Bots help insurance providers update KYC data against the customer account number easily, timely while reducing effort considerably.
Document Verification- Insurance providers prominently find customer documentation verification a tedious and repetitive time-consuming task. RPA can enable them to save time and perform error-free tasks. It enables 24X7 availability, reduces time consumption from 3 min to 20 seconds, decreases efforts by 80%, helping the insurance providers save nearly 7k$ per year. Bots can help insurance companies manage large data volumes and perform data extraction tasks and validate details against the database. After validation, bots can initiate the claim intimation process and send an email to the customer, and in case of error send a detail-correction mailer to the customer.
Thus, RPA holds limitless opportunities for insurance providers that can help them to optimize their operational processes and widen their pool of customers. Insurance companies that are keen to implement robotic process automation but lack proper knowledge, can explore opportunities with leading RPA-service providers such as PureSoftware. PureSoftware offers faster implementation of RPA while keeping the risks in check and cost in focus. Connect with PureSoftware experts to discuss your automation-related requirements and implement bots in just a matter of days.