Technology disruption is the new norm of the insurance industry. Ever since breaking away from the traditional BFSI umbrella, insurance providers have been hedging their bets on digital transformation. Today, they are empowered to easily get rid of expensive legacy systems and adopt a cost-efficient and leaner digital model. It also helps them to make better use of their resources.

While cost savings and operational efficiency may be high on priority lists of insurance start-ups and giants, there is a dark horse in the race to disruptive transformation – “Your Customer“.

Customer service is ranked as the #1 influencing factor in building customer loyalty and trust. So, the question is – how does your customer feel about the insurance experience?

“Only 16% of customers said they would definitely buy more products from their current insurance provider” – Insurance Journal

Insurance providers are riddled with so much mandatory documentation that they tend to falter in delivering memorable customer experiences. Despite paperless initiatives, the fact remains they deal with a lot of paper-based processes. Hence, while handling peak volumes, delays in customer service lead to frustration and worse – financial losses. Plus, due to hyper competition in the insurance market, there is a pressing need to remove operational hassles. Some end up decreasing the quality of customer experience you are able to provide.

Two of the biggest challenges are:

  • To accelerate the claims processing experience
  • To detect suspicious claims and increase productivity

Enter Robotic Process Automation

Using Robotic Process Automation (RPA) in Insurance, you can free your resources from performing manual and repetitive tasks. In turn, they can go the extra mile to ensure your customers no longer have to wait to get the experience they deserve. Powered by Artificial Intelligence and Machine Learning, RPA is becoming an enterprise-wide initiative. But its role in the customer service function is irrefutably significant.

“Top performers earned nearly 4X on their RPA investments, while other enterprises earned nearly double” – Everest Group

Your RPA engine can analyse a massive amount of data before giving you actionable insights that come with measurable business outcomes. It keeps learning and evolves to handle bigger and more complex tasks. It can also empower customers to leverage self-service and choose any type of support, irrespective of the hour.

With RPA, insurance providers can now maximize their performance, both in the back-end and the front-end.

Swifter Claim Management 

When it comes to customer satisfaction, the speed of redressal has taken precedence. With Robotic Process Automation, insurers have the edge over unnecessary delays. The claim management process is completely taken care of – leaving insurance providers with ample time to focus on growing their businesses.

Single gateway solution: One of the toughest challenges in claims processing is the calling back of data that is spread across siloed systems. Many times, critical data is unavailable during crucial steps in the customer engagement journey.

Your RPA engine can handle tasks such as data curation, verification, and call-back that may be inconsistent when done manually. It automatically verifies the customer’s inputs against the coverage details. In case of any inaccuracies, the engine sends across an alert to the relevant touch-points.

  • Pre-assess claims while evaluating damages to speed up the process
  • Real-time Q&A support for customers during the first notice of loss
  • Augment loss analysis to make future claim redressals more seamless
  • Stay in line with compliance requirements
  • Scale (unlimited) your processing tasks during peak volumes
  • Convert unstructured data into usable cross-functional data formats
  • Lower standard operating costs

Fraud detection and prevention

When insurance went digital, it gave fraudsters new venues to take advantage of the system. With more transactions moving online daily, the threat of reputational damage or financial loss is higher than before. Insurance-related frauds may be on the rise, but so are RPA-led technologies that combat them. You can leverage RPA’s Machine Learning capabilities to create business rules that are unique to your business. For instance, you can automate the process of pre-scanning a claim and verifying its validity before assessing risk factors. Only then, your claims handler needs to intervene.

RPA is not just used to detect current frauds, but to prevent them from occurring in the future. Thanks to ML’s advanced analytics, your RPA engine can learn, predict, act, and explain. It operates autonomously, without being rigorously programmed or monitored. Basically, it learns by analyzing existing data before applying the outcomes to new data to create deep-dive business insights.

Underwriting Stage: Advanced analytics map out the identity of the customer, with their linkages to fraud and other abnormal behavior patterns. Read More: RPA in Insurance Underwriting 

First Notice of Loss Stage: With high levels of precision and accuracy, analytics help insurers validate larger cases within a short period.

Investigation Stage: Analytics help the insurer to validate claims by cross-referencing the claimant’s profile through various sources. For example, social network analytics verify to identify the linkages between the policyholder with other fraudulent activities.

In today’s paperless economy – people, process, and technology are relying on automaton technologies to maximize each other’s potential for high performances. Why should the insurance world be any different? Whether for enabling quick-fire claims processing or automating the fight against fraud, investing Robotic Process Automation can yield high returns.

The important takeaway is that the dark horse – your customer – can have a smoother and more rewarding insurance experience journey.

Recommended Blogs:

Transforming customer service in insurance with intelligent automation

5-step approach for successful RPA implementation

Raghu Raghavan

Awarded 2017 Most Influential MarTech Leaders, World Marketing Congress. Experienced Team leader with a successful track record in Product-Market fit, Product Marketing, Field Marketing, Digital Marketing, Monetization, Business Strategy, Business Development across Technology industry. Expertise in both Products & Services oriented segments.