We’re living in a time where new technology emerges almost every day. Some have great potential and are here to stay. Robotic Process Automation is one among the few.
A bit about RPA first,
Robotic Process Automation is the technology that lets anyone configure computer software, or a “robot” to emulate and integrate the actions of a human interacting within digital systems to execute a business process. The magic happens when RPA robots utilize the user interface to capture data and manipulate applications just like humans do.
They interpret, trigger responses and communicate with other systems in order to perform on a vast variety of monotonous tasks. Only extensively better: an RPA software robot never sleeps, makes zero mistakes and costs a lot less than an employee. Deploying RPA also frees up your high-value resources for them to be put back on the front line defining your customer success.
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One of the industries that stand to gain a lot from RPA is the insurance industry and companies specializing in the supporting functions. From health insurance, car insurance to processing claims, they all involve a significant amount lot of back-office processing that occupies more employees costing time, money and are prone to erroneous processing.
A company enabled by RPA supported process runs a cost and time efficient business in addition to being less prone to errors.
Another reason why organizations should consider RPA for their processes is the reduction in processing time by over 90% in just two years with just ten automated processes within the insurance business that have been introduced, and uninterrupted operations with multi-skilled robots working on processes 24 hours a day, seven days a week. Another important benefit has been the lack of human errors in processes.
What will be changed?
Claim processing is the heart of any insurance industry. While many of the insurance companies employ some sort of robotic automation for some simple tasks like scanning a PDF or printing a report, a full fledged RPA solution can do so much more.
An RPA solution can automate things like logging claims by listening to e-mails or other channels, validating a claim through a set of rules with its customizable rule engine, Adjudicating whether a claim is eligible for payment, payment, and accounting. Thus, an RPA will automate the most tiresome work in an insurance company creating more time to focus on smoother and faster customer experience with increased overall process efficiency.
Manual Data Entry Process
The title sums the disadvantage in one sentence.
We live in the age of intelligent technology and iterating processes with higher efficiency than ever before. That must mean the end of repetitive manual tasks that have consumed resources and time that could’ve been focused elsewhere to create a better product and service delivery.
This is exactly where robotic process automation comes in to optimize the whole function.
RPA reduces or eliminates the need for supervision in case of batch data entry input and output tasks and reduces the need for data re-keying. It can also help manual human data entry labor to swiftly complete their task, while deploying additional value-added activities by easily applying the automation to numerous data entry process scenarios, such as data enrichment, data cleansing, data mining, data deduplication, and data extraction.
Thus, an RPA solution will enhance the overall flow of end-to-end manual data entry processes.
Using RPA solutions within insurance companies can ease the cancellation process significantly for the organization and ensure a smoother experience for the client. Cancellation can be done in just one-third of the time using RPA for the same transactions that usually takes up to half a month without any delays.
The organization can benefit from automating the work that had initially taken the time from over 200 employees. From identifying anomalies, generating periodic reports on the cases that need human attention or generating custom reports for meetings and running analysis or comparison on renewal, policy cancellation, etc. The extent to which RPA can optimize the process is endless.
Underwriting is the process that a lender or other financial service uses to assess the creditworthiness or risk of a potential customer. An RPA solution can evaluate the risk and exposures of potential clients. They decide how much coverage the client should receive, how much they should pay for it, or whether even to accept the risk and insure them.
Underwriting will make the data entry for clearance and registration process easy. RPA does automatic data collection from internal and external links at a faster pace and provides faster response rate. Underwriting prevents time delay that happens in the manual process and delivers work on time, mitigates risks and enables accuracy.
Using an automated and scalable Underwriting decision engine, 97% of the underwriting process was automated by a leading life insurance provider.
RPA can increase the scope for business analytics, machine learning, and rules-based software in organizations to capture and interpret existing data input streams for processing a claim transaction, manipulating data, triggering responses and communicating with other enterprise applications. It basically acts as a intermediary for enterprise softwares and improves the overall efficiency.
RPA is not a question of “if” anymore but a question of “when.” This is truly the next frontier of business process automation and enterprise cognitive computing.
How do I implement RPA in my organization?
To start with, have a clear picture of the goals you want to achieve with automation in your organization. Analyze and list the requirements you need for leveraging and incorporating RPA. Have a discussion about adoption of RPA with the C-Suite.
Once you start building an RPA solution, ensure you define the process in detail so that you can keep the process simple and avoid complexity or ambiguity in the robotic process. For testing the solution, you can use it within your organization which will also help propagate its benefits and make it more adaptable. IT support is crucial throughout the development and will help your RPA dreams overcome challenges and result in successful implementation. Equip your RPA solution with a responsive support system. For scaling, use effective governance, agile working processes and a digital mindset.
Now, are you ready to implement a digital workforce in your enterprise?
This is a companion discussion topic for the original entry at https://www.skcript.com/svr/a-detailed-look-into-ensuring-insurance-with-rpa/