Robotic Process Automation – Insurance Industry

Processing an insurance policy or claim is not always a straightforward process. There is

- paperwork to collect
- endless forms to be validated
- old databases that require manual data field entry…

Paperwork

Source: Shutterstock

Aside from processing policies and claims, there are also tons of back-end processes for providing

- policy quotes
- policy servicing
- underwriting
- updating new business clients
- drafting receivables and payables
- renewing premium
- identifying premium discrepancies
- conducting compliance
- legal and credit checks etc.

The list goes on.

Error

Source: LinkedIn

All these processes are
- manually-intensive
- mundane
- time-consuming
- repetitive and
- prone to human errors.

Time could have been better well spent on higher-value activities such as personalising existing relationships or prospecting new clients. Basically, providing the real human touch.

However, many are still bogged down by multiple legacy applications and disparate systems, which result in operational inefficiency and unnecessary labour costs that are spent solely on administrative functions.

We get your administration pain points.

 

Robotic Process Automation

Source: Open Source For U

To solve this, our RPA bots

- automate your back-end processes that are rules-based and repetitive
- adapt well according to the information and criteria that you want them to learn

As they can be integrated into your existing applications, you do not have to worry about any additional coding or revamping your system.

AS400

Source: Fleet Harmony

For instance, insurance agents or administrative staff are typically required to manually fill up individual client data into AS400, a common legacy system used in the insurance industry.

AA

Source: Automation Anywhere

With our RPA bots, which use IBM’s Automation Anywhere (AA), your insurance agents or administrative staff can now consolidate all the data for various clients into a single document.

Once the bot is run on a separate platform, it will then migrate them into your existing legacy system, meanwhile validating and organising the data according to your specific requirements.

RPA3

Source: Network Automation

In doing so, it helps you assess your client policies or claims effortlessly by extracting the criteria that you need, which significantly reduces handling and cycle time of your claim processes. Further, our bots have field validation and re-key verification functions to ensure conditional and grammatical accuracy. The best part – our bots can operate 24/7 with 100% accuracy.

How about considering a virtual workforce that takes care of your back-end, mundane and repetitive tasks so that your organisation can focus on your core competency?

Not only does it help you achieve cost savings in the long run, it guarantees you to staycompetitive; abreast of the technological trends.

i2s logo

i2s brings intelligence, operational efficiency, accuracy and speed to your business processes. We have a proven track record of streamlining business process, especially in the insurance, banking and financial services industry.

Are you keen to join onboard with us?

 

Image references

Automation Anywhere [Logo]. (n.d.). Retrieved November 15, 2017, from https://www.automationanywhere.com/company

D. N. (2014, April 14). Human Error? No, Bad Design [Digital image]. Retrieved November 15, 2017, from https://www.linkedin.com/pulse/20140414212456-
12181762-human-error-no-bad-design/

K. M. (2016, June 22). Http://www.networkautomation.com/urc/blog/not-your-fathers-robots-robotic-process-automation-and-how-its-changing-it/5769503a63cc6/ [RPA]. Retrieved November 15, 2017, from http://www.networkautomation.com/urc/blog/not-your-fathers-robots-robotic-process-automation-and-how-its-changing-it/5769503a63cc6/

Fleet Harmony [AS400]. (n.d.). Retrieved November 15, 2017,  from http://www.fleetharmony.com/blog/fleet-harmony-web-based-fleet-management-for-your-iseries-as400

Shutterstock [Paperwork Overload]. (n.d.). Retrieved November 15, 2017, from https://ak9.picdn.net/shutterstock/videos/15492109/thumb/1.jpg

S. M. (2017, March 4). Everything you need to know about robotic process automation [RPA]. Retrieved November 15, 2017, from http://opensourceforu.com/2017/03/robotic-process-automation/