Cases where RPA integration can smoothen
the functioning in the banking sector are:
Use Case Services Offered
Member Data Upload
Push member data upload for policies with hefty data count into the core insurance system. Reduce manual intervention and hence error.
Contract Review
Use RPA bots to identify repeated clauses and other anomalies. Reduce time to review contracts and improve accuracy.
Customer On-boarding
Gather data such as company name, industry sector, and contact persons from public listings and fill parts of forms. Minimize paperwork done before signing a contract.
General Ledger Reconciliation
Download Excel-based reports from the case management system and general ledger, reconcile data on various parameters and then re-upload the data to the case management system.
Policy Cancellation
Using Robotic Process Automation in insurance companies has improved the cancellation processes significantly. Cancellation can be done in just one-third of the time for the same transactions with RPA in place.
Document Chasing
Use RPA bots to chase claims information from third parties. Use intelligent automation document processing and RPA to match policies and documents and assign tasks and cases to users after receiving information. Improve claim processing cycle time and improve cash flow.
Claims Processing
Claims processing is a data and document intensive process. RPA solution helps the insurers in easily gathering data from various sources to be used at the centralized documents so that the claims can be processed faster. Claims processing speed can increase upto 75% using RPA.
New Policy Issuance
Reconcile the data received from the different policy issuing channel partners, generate a payment ID in the core insurance system, and tag the payment ID against the policy. Create and upload a consolidated file to the core insurance system. Read exceptions to generate a consolidated exception report. All these routine tasks become automated.
Business and Process Analytics
An insurance company can improve their processes’ efficiencies when they use RPA. Most RPA tools have inbuilt process recorders which create workflows for every process. In-built analytical tools will document and show various touch points of different applications and dependencies. It can provide the insurance company with the details like the transactions processed, the exceptions encountered, thus leading to improved functioning.
New Business & Underwriting
Underwriting is the process which comprises collection of information from numerous sources for assessing risks which are associated with the given policy. RPA platform can gather and process the accurate data automatically and at a faster pace from both internal and external sites. It helps in freeing up about 30 percent of the capacity. RPA Solution can be used for this to mitigate risks and also allow more new customers to come, with faster response times.
Payment Reconciliation
Insurance companies receive premium payment reports from various sources including third parties. These have to be reconciled in a timely manner, which involves data validation and data massaging before uploading to reconciliation systems. RPA bots can retrieve data, validate and message the data before uploading on the system thereby saving time and effort.
Reconcile credit card payments with policies in order to verify whether correct payments have been received is an added benefit.
Reconcile credit card payments with policies in order to verify whether correct payments have been received is an added benefit.
Document and Third Party Verification
Expedite processes that depend on documents that need to be retrieved from various cross sections and verified. Go beyond document matching and verification with the help of RPA bots and NLP. Auto-classify documents or re-open cases when all the requisite documents are retrieved through auto-reminders.
Use RPA bots to support tasks such as searching external websites and databases to verify information related to licences, registrations, etc. Accelerate administration and improve SLA servicing.
Use RPA bots to support tasks such as searching external websites and databases to verify information related to licences, registrations, etc. Accelerate administration and improve SLA servicing.
The most attractive feature of the RPA platform is its Legacy-systems compatibility and the fact that it is new system implementation friendly. Robots can be configured to use old systems that might be replaced in the next few years, and updated to work with the new ones. Also the transition is easy as working at the familiar desktop level; robots are easy for employees to understand and to use. They can be installed quickly (unlike traditional IT projects), and work with existing technology.