How Can Life Insurance and Property & Casualty (P&C) Insurers Use RPA to Combat COVID-19?

Insurance providers can apply RPA and AI to automate the backlog of manual, document-intensive, processes that continue to use up resources and keep insurers from effectively assessing, pricing, and managing insured risks. Intelligent Automation is designed to work across legacy systems, enabling immediate productivity and customer experience gains.

ASSESS RISK EXPOSURE

Reassess evolving risk exposure and ensure loss reserves using Intelligent Automation

In today’s reality, market conditions and risk change rapidly. Leverage Intelligent Automation to quickly analyze thousands of policy and reinsurance documents, reducing manual effort and hands-on time to prepare and analyze data. The result? Accelerated access to critical loss exposure information, giving underwriters and actuaries time to focus on analysis.

What can Intelligent Automation do?

  • Extract key terms from insurance policies and reinsurance agreements
  • Aggregate policy coverage/exposure data
  • Prepare reports summarizing incoming claim volumes

RISK EXPOSURE ASSESSMENT

Bot extracts key terms from insurance policies and reinsurance agreements

Bot AGGREGATES policy exposure data

Bot PREPARES reports on claim volume trends

UNDERWRITERS, ACTUARIES, AND PRODUCT/RISK MANGAGERS focus effort on analysis rather than preparation of data

FASTER CLAIMS PROCESSING

Use RPA + AI to streamline operations and increase capacity in response to increased insurance claim volumes

CLAIMS PROCESSING

Bot extracts key information from new claim forms/emails

Bot inputs data and creates new claim files

Bot verifies coverage in policy admin system

claim adjuster focuses on claim adjudication and bots provide status updates to customers

Apply Intelligent Automation to claims processing and reduce manual effort to set up claim files, improve customer service, and increase claim payment accuracy. Most importantly, accelerate processing, communication and payment of claims to customers who have experienced financial hardship.

What can Intelligent Automation do?

  • Extract data from emails and loss submission forms into claims processing system
  • Verify coverage in policy administraion system
  • Provide claim status updates to customers

IMPROVE CUSTOMER EXPERIENCE

Enable any-demand capacity by automating processes to streamline customer service support

Plan for unexpected call volumes or staffing shortages by applying RPA + AI to customer service processes. Intelligent Automation enables reduction of call-times and wait-times in queues for requests, increases first-call resolution rates, and provides consistent and auditable monitoring for 100% of transactions.

What can Intelligent Automation do?

  • Initiation of customer requests by reading emails, and extracting data
  • Aggregation of customer account information
  • Completion of customer account requests, including claim status updates, coverage clarification, premium payment plan changes, cash value withdrawals/surrenders, etc.

CUSTOMER SERVICE SUPPORT

Bot receives email request from customers; logs in and collects account info, transaction history, and product/household data from multiple systems

Bot processes customer request for insurance account information

Bot confirms status of open claim or initiates new claim

CSR focuses efforts on addressing complex customer requests

HOW CAN YOU HARNESS INTELLIGENT AUTOMATION DURING COVID-19?