See what automation can do for your core and back-office insurance processes

How can RPA in Insurance Industry 

Every day, the insurance industry deals with overflowing amounts of monotonous clerical jobs which result in reduced customer satisfaction and serious time sinks. In the course of handling day-to-day insurance operations like underwriting, claims processing, policy servicing, etc. Insurance companies are vigorously immersed with back-office forms as most of the documentation process is paper based. This has contributed to rising costs and stalled growth in the insurance space.

RPA with AI capability can analyze large volumes of data and deal with exceptions and translate them into insights to take actions. RPA can go beyond just cost reduction and efficiency by adding significant value to businesses with personalization and higher degree of self-service.Thus, numerous insurance agencies worldwide are focusing on intelligent automation to streamline their business procedures and enable them to attend new customers and focus on growing business.

Processes which RPA can Automate in Insurance Industry 

Claims Registration and Processing

RPA can automate the manually intensive processes like extraction of data, complex error tracking, claim verification, integration of claim relevant data sources and more; consequently speeding up the process and creating a better customer experience.

Underwriting

Robotic Process Automation automates the process of data collection from various external and internal sites, thus considerably reducing the time taken for underwriting.

Regulatory compliance

Automation is instrumental in helping companies improve regulatory processes as it essentially replaces the need to devote significant staffing to go through operations to enforce regulatory compliance manually.

Process and Business Analytics

The audit trail provided by RPA helps with regulatory compliance which further supports process improvement. Therefore, claims and customer service response times are improved, and customers are benefited with streamlined applications.

Policy Admin and Servicing

RPA automates transactional and administrative parts of activities such as accounting, settlements, risk capture, credit control, tax, and regulatory compliances.

Form Registration

Form registration is a redundant, but necessary task in the insurance space. RPA can automate and assist process completion in just 40% of the actual time taken, with half the workforce required.

Policy Cancellation

With RPA in Insurance, policy cancellation can be carried out in just one-third of the time.

Sales and Distribution

RPA can ease the challenging and daunting task of sales and distribution in insurance. 

Finance and Accounts

RPA can automate a significant portion of daily bank reconciliations and minimizing transactional expenses as well as policy-cost footprint.

Integration with Legacy Applications

RPA can very well fit into the existing workflow of the insurance companies and what’s better is that a well-planned RPA implementation can comply with any type of available system.

 

Benefits of RPA in Insurance Industry

 

Capacity Expansion

Automation enables employees to be productive, so the organization can grow revenue without expense of increasing headcount.

Increase Efficiency

By automating mundane tasks, you can free up employee time for more rewarding work that’s also more valuable for the company.

Compete Effectively

It all adds up to making your organization  more competitive, putting you on an equal footing with most nimble insurtech startups and largest industry play alike.

Cycle Time Improvements

Automating manual processes enables companies to get work done faster, even while increasing accuracy.

Customer Satisfaction

Intelligent automation enables insurers to exceed client demands by improving the speed and accuracy by which they are able to react to customer needs.

CASE STUDY

 

CNO Financial Group

RPA Leads to Increase of Productivity: Saves CNO 3000 hours and $2.2M each year

Profile Organisation

CNO Financial Group is a financial services holding company located in Carmel, Indiana. They provide health and life insurance, and retirement solutions to middle-income Americans through their 3 brands: Bankers Life, Colonial Penn and Washington National.

Challenge

CNO had the goal to automate internal audits with existing technology, and create ongoing savings within business units. Through use of robotic process automation (RPA), they wanted to transform their business to improve their overall processes, and save both time and money.

Solution

CNO Financial Group chose to implement RPA solutions to automate 5 different processes. In doing so, they have the ability to increase productivity levels and save money. Now, only 2% of their health insurance applications require manual intervention. Today, 80% of their Regular & Express claims automatically flow through bots. By automating the check request process, bots quickly deliver the right amount every time. CNO also enjoys a significant decrease in vendor costs associated with processes that survey for legal holds. CNO Financial Group also applied RPA solutions to agent licensing, which saves the company 3000 hours per year. Within their first year of usage, they were able to see positive growth, resulting in increased customer satisfaction.

Benefits

$2.2M In planned NPV for this year

3000 hrs Of agent license processing saved

80% Of claims flow through RPA bots