More automated processes by the insurance sector

The insurance sector has become one of the verticals that can get the most out of RPA (Robotic Process Automation) technology. 

Hyperautomation powered by Artificial Intelligence (AI) and machine learning (Machine Learning, ML) technologies fit like a glove in businesses where processes with established rules accumulate. This is the case of the insurance sector, for which RPA technology marks a turning point.

The transformation of the insurance sector thanks to automation.

The insurance sector has not escaped the new demands of customers, who require greater immediacy and personalization in their dealings with the insurer and, furthermore, all of this in an omnichannel way. The great challenge facing the sector is to deploy this intelligent management considering the volume of information it handles, coming from multiple sources and in the most diverse formats.

With the incorporation of RPA technology, insurers have managed in recent years to reduce the amount of manual work that their staff had been performing by up to 80%, while streamlining some of their processes by up to 50%. This innovation has generated added value for policyholders that makes a difference in an increasingly competitive sector.

The 10 most automated processes in the insurance sector

1. Processing loans: The granting of a loan requires the presentation of a lot of documentation and, therefore, many steps of reception, review, and approval. Therefore, the process ends up taking time, which neither favors the company’s efficiency nor customer satisfaction. Thanks to RPA technology, the process can go from months to less than an hour – even 15 minutes if the client delivers all the documentation correctly. Automation not only speeds up the information extraction and verification processes but can automatically perform more accurate risk analysis.
2. Customer Service: Customer service by an insurance company is especially critical because, in most cases, the insured contacts their company in a time of need. Not being up to it can cause leaks. For this reason, being able to resolve your requests for information, technical specialists or expert advice in real time and automatically is crucial. RPA technology can address this instantaneity and, furthermore, doing it 24×7, referring to an agent in the most complex cases where human intervention is required.
3. Account openings and closings: The volume of account openings and closings in an insurance company is very high and can absorb a lot of resources. As it happens with loans, any process that requires the presentation of documentation by the client is subject to delays, errors… Thanks to the development of bots it is possible to automate the verification of the documentation delivered in different formats and structures, as well as to establish alarms and reminders so that the terms of each operation do not expire.
4. Insurance reconciliation: The insurance reconciliation process is carried out through manual validations in spreadsheets that, in addition to being exposed to human errors, slows down the process a lot. Thanks to the programming of software bots, it is possible to automate this process, so that delays due to inconsistency in the information are eliminated and controls and indicators are established that, in addition to avoiding errors, streamline operations by not involving areas that They are not relevant to the process.
5. Policy management: The issuance and update of policies happens to be another of the processes in the insurance sector that contemplates the most repetitive tasks and, therefore, is susceptible to applying business rules. Updating all policy information in corporate systems, after verification, is a process that RPA technology is capable of automating. Its functions also include preventing the policy from expiring and sending notifications to the client of its renewal and subsequent billing.
6. Claims: The management of a claim, be it home insurance, vehicle, etc. It implies processing an extraordinary amount of content, in which unstructured content plays a key role, also coming from different issues. Companies can receive photographs, reports, forms, etc. of the insured, the expert, the competent authority if it has acted and the repair agent (plumber, mechanic…). The collection of all this material can be automated with RPA technology without the need for human intervention, speeding up the management of the claim and its resolution.
7. Claims management: Claims management is one of the most critical moments for an insurer because the relationship and customer loyalty are put to the test. However, often, the information that needs to be crossed to resolve it is dispersed in different systems, turning the agent’s work into a real headache: from medical reports to police reports, photographs, official identity documents… a whole amalgamation of unstructured content that needs to be collected and processed. RPA technology can establish automatic connections between systems so that the workflows to process these claims perform dynamically and accurately.
8. Policy Management System: One of the first steps an insurer must take is to define and establish a governance or policy administration system that should incorporate policies related to risk management, compliance, and internal audit. The Solvency II directive itself requires having this system of government to prevent a crisis from occurring. However, this system not only requires crossing a lot of information but also being constantly updated, so a good automation strategy can help mitigate risks (analysis of health risks, solvency, financial limits…), gain operational efficiencies and, ultimately, to be more competitive by paving the way for the introduction of new products, promoting a geographical expansion of the business, or forcing new partner relationships.
9. Regulatory compliance: The insurance sector is one of the most regulated. Violations due to non-compliance with these rules can cause the company serious damages, so applying RPA technology powered by AI to automate compliance controls and generate regulatory reports can provide greater security in operations with customers, which in the end It results in the very quality of the service provided.
10. Fights against fraud: One of the major problems facing the insurance industry is fraud, such as money laundering. Thanks to Artificial Intelligence and machine learning that accompanies a hyperautomation strategy, it is possible to detect anomalous or suspicious behavior and report it to an agent to verify whether it is a false positive.

Docbyte process automation service

Docbyte enable technology, such as its Hyperautomation Hub module, with which it implements complex automation solutions in an agile manner. In a sector such as insurance, in which a huge disparity of systems participates, many of them legacy, Docbyte ‘s AI and its low-code development tools allow transparent integration.

In this way, insurers can enjoy the advantages of RPA technology, gaining speed, efficiency, and traceability in their internal operations, as well as in dealing with the client.