Insurance use cases for RPA
RPA
Insurance use cases for RPA
Extracting data
One global insurer is using software robots to extract information from customer correspondence and match it with the appropriate claims forms – something that would have taken a human agent around 4 minutes each time beforehand .
Customer service Chatbots provide a first line of defence for insurers in customer service , allowing simple queries to be resolved instantly and collecting pertinent information for later customer service interactions . Where a chatbot is insufficient to deal with a customer , human agents can step in and gain an immediate understanding of the situation thanks to the data already gathered by the chatbot .
Handling forms Where physical forms or physical documents still exist within a back-office process , integrating OCR scanning with RPA means insurers can automatically ensure that information is transferred from the physical realm to the digital one quickly and with minimal human error .
Underwriting To understand risk and price a new policy , underwriters need access to multiple sources of information . RPA can ensure that this information is already in place when the human underwriter comes to assess the policy application for the first time , meaning policies can be offered much more quickly .
Product innovation It ’ s not just back-office functions being transformed by RPA ; insurers are bringing the technology direct to consumers , too . By experimenting with the full scope of RPA , you can roll out on-demand pricing and improve the performance of customer portals , to name just a couple of examples .
94 March 2023