Speed up Claims Processing with RPA
The ability to quickly handle insurance claims is core to the success of your business and high customer satisfaction. Claims processing is reliant on speed and accuracy and requires business functions across the organization to meet customer needs. However, many in today’s insurance industry – ranging from health, car, home, business and travel – are still processing claims manually.
Automation is not new to claims processing with simple tasks like scanning PDF documents. But such tasks still rely on humans for manual input and leaves room for error. The claims process is data-intensive and pools information from multiple sources. The longer it takes to manually process claims, the more it becomes a customer service issue. Robotic process automation simulates the activities completed by people and becomes the standard operating procedure, ultimately reducing human errors and processing time.
RPA resolves common challenges for insurers such as:
- mixed data formats, including paper and electronic files;
- inaccuracy from manual data entry;
- updates to compliance standards and regulations; and
- scalability to meet short-term and long-term goals.
Claims management activities such as data entry, verification, data preparation and payment validation are all suitable for RPA. Robots can conduct policy renewals, validate claims discounts, check for fraud and initiate the First Notice of Loss report following damage, theft or loss of an insured asset. Additionally, it interfaces with all applications and legacy systems so disparate claim information on multiple platforms are able to interact with each other.
Humans no longer have to act as the integration layer between diverse systems. The robots are flexible and can be trained at a fraction of the cost to do the same tasks. RPA can help insurers increase profits, streamline processing, improve compliance and customer service. After adoption, you’ll be ready to extend automation to other areas of your business.
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