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RPA in Insurance

Insurance companies are looking at ways to modernize business processes, cope with volume fluctuations, and ensure compliance to changing regulations. In an effort to achieve operational efficiencies, insurers have experimented with techniques like process re-engineering, Six Sigma, and Lean methodologies in the past. Despite the marginally reduced costs and complexity, the industry continues to grapple with these challenges.

Robotic Process Automation (RPA) offers the perfect solution by enabling companies to streamline their operations and providing them the required scalability and flexibility while adhering to compliance.

Some of the examples of Insurance back-office processes that can be automated through RPA are:

  • Policy endorsements/changes by clients
  • Process claims bulk payments with pre-approved limits
  • Claims correspondence and notification
  • Automated rejection of premiums
  • Policy renewal
  • Policy issuance
  • Underwriting support for various business lines
  • Compliance checks

RPA in Insurance
Why Us ?
  • Cost-savings
    • Enables considerable cost-savings as on an average a robot is one-third the cost of a Full Time Employee (FTE)
  • Scalability
    • Ensures easy ramp up or ramp down to meet fluctuations in demand while maintaining optimal employee staffing specially in areas such as claims handling during peak seasons
  • Improved manageability
    • Provides auditability of transactions, leading to better control over processes
  • Improved efficiency
    • Shortens the turnaround time for claims and policy administration
  • Adherence to compliance
    • Ensures adherence to standard operating procedures specially in sensitive processes with requirements such as healthcare claims adjudication

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