Discover RPA+AI use cases for P&C and Life Insurance companies
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.
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?
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
Use RPA + AI to streamline operations and increase capacity in response to increased insurance claim volumes
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.
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.
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