Improve Customer Service, Accelerate Claims Processing, Ensure Compliance and Boost Sales
Insurance companies process vast amounts of data into actionable insights to improve underwriting, claims, and policyholder service. Insurers are reinventing their business models and replacing legacy platforms with emerging technologies to meet customer expectations. Robotic process automation (RPA) enables organizations to access data across disparate systems and automate repetitive manual tasks. With manual processes automated, employees can focus on developing innovative insurance products, accelerating claim handling, and improving fraud detection.
Over 40% of Property & Casualty (P&C) insurers are already using RPA to increase productivity and improve the quality of insurance operations. RPA enables insurers to alleviate manual processes that inhibit organizations to effectively assess, price, and manage insured risks.
New Customer Review and Approval
New customer review and approval. It has been proved that a robot can perform all steps in reviewing a new customer with the exception of 1; it cannot sign-off as the Underwriter. Reviewing background, identification data, completeness of application and calculating the insurance premium and all be automated.
Once request is received, the robot can enter into the various systems to update the policy and initiate the required paperwork.
Marketing to existing policy holders
Customers leave because they want better prices and they don’t feel loved. Based upon specific events, the robot can reach out to the Clients to congratulate them or even notify them of new or changing options.