RPA is the key game-changer that can help insurance companies to minimize cost and increase productivity. In this video, you will see the extraction of various clauses like an insurer and insured names, total insured value, the limit of liability, and many more clauses from the insurance documents. Some of the documents which a bot was trained for are broker slips, signed slips, quotation slips, insurance slips, reinsurance slips. Leveraging RPA for processing of Insurance Documents the bot can perform various tasks like:
- Dedicated mail ID for a bot to monitor.
- On receipt of new mail, read the mail.
- Check for attachments (zip file, single document, or multiple documents).
- Save a document in the respective folder.
Extraction (using AI and machine learning)
- Use pre-trained model deployed on cloud in Region/LOB/ Doc type mentioned in the mail body.
- Save the exceptions in a temporary folder for training (human in the loop)
Training (human in the loop)
- As per convenience, human logs in the training station for handling exceptions and further training the model.
Validation (human in the loop)
- As a final step, the human logs in the validation station and confirms the results making manual changes to complete the process. Let’s see the demo where the UiPath bot, as an example of RPA for processing Insurance Documents, reduces the amount of time that is spent on these processes and reduces, if not eliminates, human errors. This means that insurance claims can be processed in a much more efficient, accurate, expedient manner.