5 ways RPA improves the insurance industry


Insurance agencies are always looking for ways to improve their customer service. The “customer-first” mentality is often short-changed by the ever-present need to enter various kinds of data into the computer for customers. Spending more time working for your clients in the background instead of with them can negatively impact your customers’ overall satisfaction with the company because they need face-to-face or over the phone time when life happens. For this reason, many agencies are turning to robotic process automation (RPA).

Whether you’re on the sales team, an underwriter or in a different role in the insurance business, RPA can take over some of the mundane data-entry tasks for you so you can work with your customers more. Here are five ways RPA works in the insurance industry:

  1. Compliance: Between regulations from the National Association of Insurance Commissioners and national laws to cyber security and best-interest standards, insurance agencies have a lot of compliances to uphold. This takes many employees many hours to generate reports, which sometimes includes human error. To fix this, RPA maintains detailed logs of automated processes, which automatically generates and fixes reports in less time and with no human errors. 
  2. Workforce enhancement: When an insurance agency has an influx of customers for any reason, it can be tempting and even necessary to hire seasonal staff. But when the flow of customers calling and coming into the agency decreases again, the seasonal hires have to be let go. To avoid this, RPA can be used as a cost-effective alternative to seasonal hires. Adding or scaling back the number of robots working for you is cost-effective and simpler than the hiring process.
  3. Efficient data gathering: Providing quotes, inputting applications, updating accounts to match policy changes, setting up claims, calculating it all as rates rise – insurance agencies do a lot every day. These processes take a lot of time and often include human error. To make these processes more efficient, RPA software can be implemented to take over the simpler processes, such as extracting data, processing documents, updating policy information, setting up claims, assisting in financial processes and more.
  4. Automatic updates: Customers want to know their account is in order at all times, but may not always check their accounts online in a timely fashion. In order to fix mistakes in a customer’s account before they turn into a problem, RPA software can be installed. RPA software automatically spots discrepancies, such as claims and premiums paid. This will save time for the customer and the insurer, as well as improve customer service overall.  
  5. Improved customer service: Most customers don’t enjoy being on hold for a long time and they don’t have time to wait in the lobby for personal customer service for every question. To expedite this process, RPA can be used. RPA is especially beneficial for the everyday questions and requests, such as giving a quote and updating an account password. This way, the insurers have more time to answer more difficult questions with the customers. While some customers may be hesitant to work with a robot, most customers will appreciate the simplicity and quickness RPA can offer.

At the end of the day, business narrows down to time, money and customer satisfaction. Balancing these things is tedious, but RPAs can simplify, speed up and overall improve processes so you can spend more face-to-face time with customers.

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