Insurance companies regularly do a huge amount of paperwork. This paperwork takes up time that employees could devote to more important strategic tasks. As the volume of client data grows, insurers are aspiring to shift the burden of time-consuming work onto virtual assistants. Experts note that 43% of operations in the insurance industry can be automated. Let’s consider the five most common of them.
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Claim processing
For each insurance company, it is important to respond quickly to requests of people some insured event has occurred with. Robots sort claims and take on standard cases, while situations requiring critical thinking are passed on to insurance agents. Along with that, chatbots do the following:
- help users register by answering their questions about creating an account, canceling or changing a subscription;
- support clients round the clock, advising them on standard issues;
- sort clients according to their needs, determine what topics they describe, and send them to different departments – for example, some clients go to the sales department and others to the support service;
- rank clients into primary and secondary urgency, and perform other important tasks.
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Underwriting
A robot collects information from various sources, which makes it possible to assess the degree of risk of a person or object (house, car, and so on). Based on this data, the program calculates insurance premiums. If done manually, this procedure can take several weeks.
Robots help to retain clients, as collecting and entering data demands less time. An example of this approach is the Root underwriting system, which analyzes a client’s driving experience and offers them a fair price. Experienced drivers can save up to 50% on insurance, and companies get more accurate insights to predict risks and estimate premiums.
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Keeping insurance contracts
Maintaining an insurance company’s client account means that an insurance agent registers your form, creates, and, if necessary, cancels the contract. Insurers must double-check premiums and analyze duplicate data.
There are standard systems for keeping insurance contracts. They are expensive to maintain and update, and they don’t scale as quickly as desired in the context of a growing market.
RPA overcomes these challenges. Bots are fast, productive, and easily scalable. They take on the registration of forms and payments, cancellation of contracts, renewal of client accounts, classification of insured events, etc.
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Accounting
Robots also perform some accounting tasks: prepare reports, process payments, and issue invoices. Insurance companies are obliged to process documents based on PCI standards, HIPAA confidentiality rules, tax laws, etc., with regulations changing from time to time. Algorithms, in turn, quickly find relevant information and accurately fill in forms.
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Ensuring client satisfaction
Several years ago, the large Polish insurance company PZU faced a problem – their client base was growing, and employees couldn’t fully provide personalized service. After the organization implemented RPA, the number of decisions made increased by 15%, the call center time was halved, and the accuracy of data entry increased to 100%. People began to receive answers to their claims faster, and insurance agents were enabled to devote more time to clients.
