At any given point in time, insurance enterprises have to deal with a number of customers and their applications in different stages of the lifecycle. Manual processes become inundating to the insurance executives and the underwriters. As a result, streamlining and automating the processes not only becomes desirous but quintessential in an industry that mandates a fast-paced environment.
Top RPA insurance use cases
RPA brings in efficiency and agility in the insurance sector. It brings to the table straight-through processing (STP) that increases productivity and accuracy at the same time. By using Artificial Intelligence (AI) / Machine Learning (ML) algorithms, RPA can handle RPA job support complex processes to provide end-to-end automation. Here are some RPA use cases for insurance that highly improves performance and improves customer satisfaction –
- No Claim Bonus – RPA allows verifying the previous NCB status of the customer from different sites including both the private and public sector while deciding the premium of the current policy.
- Policy issuance – RPA consolidates the new policy details collected from different channel partners, creates a consolidated file, and bulk uploads to the core system for policy document creation.
- GL reconciliation – RPA downloads reports in spreadsheet format from different systems, reconciles the data based on different parameters, and uploads the data to the central system.
- Payments reconciliation – During policy issuance, RPA reconciles data from the bank, channel, and the insurer and updates the core insurance system.
- Receipt updation – RPA accesses service requests, statistical analytical system, & other systems to create a master file and uploads it to the core system to create insurance receipts.
- Tax compliance – RPA allows integrating data from different registers and TDS master files and processes that data to upload the data to the tax collection site for compliance.
- Installment tracker – RPA tracks installment due dates for all insured customers, generates installment letters at pre-defined days prior to the due date, and auto-emails them.
- NTU intimations – RPA tools automate policy issuance and creates a separate spreadsheet for policies not taken up, creates emailers, and auto-triggers them to the respective applicants.
- Accrual processing – RPA opens the periodic accrual reports, copies the renewals and actuals, updates the data as per pre-defined business rules, and emails to all stakeholders.
- Underwriting – RPA conducts 2-way data transfer, verifies information and policies, etc., before commencing the underwriting process.