What is RPA in the Insurance Industry?
RPA in the Insurance industry provides operational cost savings and improved accuracy in many ways. Today, RPA is performing tasks associated with data entry and extraction, claims processing, and other repetitive workflows with strong applications in the personal and commercial industries.Discovery Questionnaire
RPA Use Cases for Insurance
The following are three of the top applications of RPA in Insurance:
- Data Entry
- One of the strongest applications of RPA in Insurance is to improve the speed and accuracy of manual data entry. RPA can complete manual data entry tasks with 99.99% accuracy. Not only does data integrity vastly improve, but employees who are in these manual roles see notable increases in employee engagement metrics across the board.
- Underwriting is one of the most critical processes in all insurance companies. RPA can quickly and accurately pull data from multiple sources, run complex calculations, and provide outputs to your Underwriting team. Underwriting has historically taken several weeks to complete – RPA can drastically cut this time down resulting in faster turnaround time for your customers.
- Claims Processing
- Processing claims in one of the most critical functions in any insurance organization. RPA can efficiently streamline current processes, tackling even the most intricate workflows needed to process claims.
RPA Benefits in Insurance
- Reducing Manual Labor Costs.
- Implementing an RPA solution can reduce manual labor costs by vast amounts. The CAQH’s study estimated that if administrative tasks were automated in the revenue cycle, $13.3 billion could be saved annually and as a result of this, there would likely be more resources available for other key areas such as care delivery, research, relationship management, and more.
- Improve Employee Retention.
- According to an insight study by Forbes in 2019, 92% of companies that deployed RPA solutions saw an improvement in employee satisfaction. By reducing the number of manual, repetitive tasks that employees are asked to complete, job satisfaction can be elevated.
- Regulatory Compliance.
- The insurance industry is held to a high standard for documenting work and creating audit trails. With so many error-prone processes, the risk of regulatory non-compliance can be a costly issue. RPA can help improve the accuracy of validating customer information as well as improve regulatory reporting.