How RPA Speed Up Claims Management in the Insurance Industry

Through the effective use of RPA, an Artificial Intelligence-powered workforce handles the repetitive tasks that drain the employees and the best part of it? Bots work across multiple systems-claim, policy, Know Your Customer Sanction, Customer Relationship Management, complaints, policy wording, history of communication, as against coded Excel Macros, and here’s what how you gain with RPA.

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How RPA Speed Up Claims Management in the Insurance Industry

There is no scope for customer satisfaction when claim processing takes more than 30 days and still, the applicant hasn’t heard back from the Insurers! Is insurance processing as smooth as promised?

Traditional claims processing requires the employees to gather information from various sources and documents, including claimants, hospitals, the police, and the insurers, and feed it in multiple systems, by copy-pasting the claims form data from PDF into web-based data-management systems and applications. By the time the claim is verified and approved by this error-prone time-consuming manual process with system integration challenges, customers would mostly have received their overdue notices or collection letters! Or worse, the claim is denied, yet the customer disagrees. 

With loads of technological transformations in the insurance industry, as in other fields, a large-scale drift from product-focused to customer-centric approaches around the world can be observed. 

Through the effective use of RPA, an Artificial Intelligence-powered workforce handles the repetitive tasks that drain the employees and the best part of it? Bots work across multiple systems-claim, policy, Know Your Customer Sanction, Customer Relationship Management, complaints, policy wording, history of communication, as against coded Excel Macros, and here’s what how you gain with RPA. 

  • With RPA, the robot automatically accesses the first report of loss (FROL) notifications and emails of agents, downloads, and saves it in respective folders, thus handling the entire data collection, documentation, and analysis with report making. An agent spends 30-40 percent of his time documenting, and RPA eliminates 80 percent of such documentation and the process is completely transparent. 
  • It also identifies the discrepancies between the documents and tags it as “exceptions” or “need review”. 
  • RPA also eliminates the bottlenecks and meets all the compliances of local and global regulatory bodies and prevents fraudulent claims, with scores against known fraudulent risk factors.
  • The processed claims are immediately sent to the payment processing department.
  • The process thus is streamlined, and the time taken claim processing is reduced to three minutes, as against the three hours of traditional claim processing. 
  • Killing two birds at a time, there is also a drastic reduction in the costs by 30-40 percent, with high customer satisfaction and minimal margin of error. Welcome to the true digital world!
  • Cranfield and White (2016) explain how an insurance claims outsourcing and loss adjusting firm managed to implement RPA, leading to a team of just four people processing around 3,000 claims documents a day.

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