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How Can Robotic Process Automation Help Insurance Companies?

Last updated: 21 Aug, 2023 By | 6 Minutes Read

Robotics Process Automation (RPA) is one of the most impactful latest technologies that have revolutionized the insurance industry entirely. Insurance firms are saturated with the vast amount of data in different formats every single day. RPA allows insurance firms to streamline these processes and be more efficient, which significantly improves the capacity to take on larger number of clients.

The insurance sector now is at an exciting digital crossroad. There is a lot of speculation regarding certain trends disrupting this sector and redefining the process of policy underwriting in the industry. Trends like machine learning, AI and advanced data analysis are propelling major changes in the business models to help small and niche-based players.

Customer engagement remains a top priority with regards to digitizing the industry and it is recommended for insurance companies to invest in such digital automation technologies.

A Path to Quick and Easy Operations:           

Customers these days seek a lot more customized services than they usually experience on the web. Contact centers can handle this by leveraging quicker, easier, reliable and error-free technological interventions available round-the-clock. Robotic Process Automation (RPA) presents all these benefits to the insurance sector. It can automate recurring activities with regards to rates, quotations, issuance, underwriting, policy administration, and claims management.

Mimicking human beings in carrying out rule-based activities and processes, software robots function as virtual representatives for gathering data from fundamental systems as well as programs. They process transactions, manage data, stimulate responses and interact with other digital avenues as well as platforms with fast pace, persistence, and efficacy.

RPA can easily be integrated with current legacy platforms, is extremely scalable and presents a quicker execution cycle. Systems for auditing and governance are inevitably integrated for remote and centralized supervising. More than anything, it is able to recognize, maintain and create data repositories from the disappointment areas in a consumer’s digital experience.

RPA can likewise make it possible for insurance contact centers to collect information regarding customers from all feasible means for smooth and unified support service. Furthermore, automation allows contact center representatives to carry out high-value tasks as opposed to day-to-day and recurring tasks that result in exhaustion.

Primary Areas Impacted by Automation:

Let’s look into a few of the primary areas where RPA can prove to be useful for the insurance contact centers:

Getting the customer on board and knowing your customer:

Insurance business needs to collect the details of all the customers from different mediums in accordance with the regulatory requirements. Verifying identity, checking background/history, and checking for frauds, and anti-money laundering – all of them demand the data be keyed in and extracted from various systems. Carrying the operations manually often is tiring, mundane and prone to errors.

RPA can be used in a workflow that is based on rules for pushing and pulling out the information into and from several platforms. Incorporate RPA with AI and machine learning – you’ll get accurate and timely results, which would also improve the overall customer experience.

Registering claims:

Making use of the RPA can help in reducing human intervention when it comes to registering insurance claims. The work can be done by robots that would take the requests for claims from an automatic queue, verify the details of the customer in the policy with the internal records, inform the customers about their request for a claim number and send those details to the concerned investigation department in the company.

This would save a great deal of time, money and efforts apart from increasing customer satisfaction.

Processing claims:

Any time the FNOL notification is triggered, the contact center executives are required to access numerous systems so as to create a claim. A number of processes need to be referred to and utilized for assessing and claims adjudication, along with preventing false claims.

RPA platforms can help in automation of the insurance workflows for quick and accurate claims processing.

Channel management:

These days there are a lot of business procedures that revolve around the record system of an insurance firm. Customers enroll in policies via different channels and the majority of policy administration platforms are not able to proficiently extract and merge data from multiple sources. There exist a great number of manual procedures that involve the capturing of extensive customer details.

RPA can be used for mining of all the information from multiple channels and integrating the same into the policy management program. An effective hand-off between robots and humans can be created to ensure quick new policy issuance and cater to policy endorsements.


RPA can quickly and correctly evaluate all the risks of probable clients by mapping the database containing their information with a group of rules for proper underwriting.

Incorporating algorithms governed by AI and machine learning processes can help in elevating it to a lot more accurate evaluation as compared to a based workflow dependent on certain rules.

Primary back-office processes:

RPA solutions can significantly improve efficiency in primary insurance back office processes like updating customer information, bank accounts reconciliation, verifying validation and overdraft protection.

Upselling and cross-selling:

Robots can implement extensive and precise product as well as service lookup in the sales plan, taking out customer information from several programs, and consolidating them for brokers to influence the proper upsell and cross-sell strategies.

RPA can likewise accomplish the post-sale paperwork in much less the manual time and inform the consumer about all pertinent product information. Outcome? Increased sales as well as customer retention.

Review, risk, and regulatory compliance:

RPA, along with machine learning, can be helpful in keeping up tempo with dynamically transforming auditing and regulatory specifications. This makes sure that insurance agencies are constantly compliant and free from risk in the aspects of data credibility, AML, fraudulence assessments as well as risk tracking.

The integration of RPA and human intelligence is a synergetic one. RPA presents contact center representatives with suggestions to improve the end-user experience.

It frees the brokers to make use of their instinctive and ingenious skills (like emotional aptitude, judgment, and reasoning) to architect superior customer support value. The agent, on the contrary, guides robots about the intricacy of human emotions which is assimilated by means of machine-learning.

Therefore, contact center processes must be planned as an amalgamation of automated systems and insightful human support for complicated and unique problems. With the help of a thorough value chain mapping, tasks can be categorized for automation and re-structuring the customer support processes.

RPA, consequently, turns out to be the contact center’s digital staff member that assists in the streamlined routing of insurance back-office operations.

Are you tired of carrying out essential insurance operations manually? Is insurance underwriting lacking the desired accuracy? Contact Cogneesol; we ensure service quality and data accuracy in several insurance processes that are outsourced to us. Get in touch with us today. Call us at +1-646-688-2821 or email us at [email protected].