Robotic Process Automation (RPA) is a technology that is revolutionizing the insurance industry by improving nearly every workflow within the company. It can help improve response times, lower the cost of operations, and enhance the customer experience, along with many other tangible benefits that lead to savings.
RPA can even be implemented with legacy systems, making it an excellent option for both new and established insurance companies. If you’re considering implementing robotic process automations for your insurance company, then you’re likely curious as to how it leads to greater profitability. Let’s take a look at some of the core ways that RPA can do just that.
Every insurance operation is concerned with scalability. When demand is high, it can be hard to meet that when you rely on finding more human resources to fill the gap. It can also be costly to plan for the future knowing you’re only going to need more and more staff to handle the data.
You can grow your business by implementing RPA and increasing company work capacity without additional labor costs. What’s more is that RPA technology never gets tired or bored and can be used 24/7, 365 days a year without the concern of errors or missing data. Automation can handle more work quickly, and there is no need to train new employees to handle a sudden increase in workload. Essentially, you can handle seasonal or temporary fluctuations in workload without having to make staff changes.
Related read: 7 Most Important Insurance RPA Use Cases
RPA Results in Fewer Costly Errors
Errors can cost thousands, if not millions, of dollars, and can even come at the expense of losing valued customers. When people are charged with inputting data, it’s only natural that errors will occur from time to time. When such errors happen, money gets spent on training or retraining staff, which can also be time consuming. There’s also the issue of fraudulent claims that can slip past. And, when claims approval is a manual process, there may be less time available for each claim, hindering the claims processing team from pushing through the large number of claims every month.
With robotic process automation for insurance implemented, fail-safes are put in place that help identify fraudulent claims, reduce rework caused by human error, and require less retraining for staff on data entry.
Each of these individually lead to greater profitability for the company. Plus, fewer errors means that customers are happier and more likely to trust you with their policies.
Increase Insurance Customer Satisfaction with RPA
Everyone knows that keeping an existing client is much less expensive than gaining a new one, especially in the insurance industry. That’s why investing in RPA for customer service can help retain customers by giving them an excellent experience.
Learn more about improving the customer experience: What is Digital Customer Onboarding for Insurance?
Self-service, the preferred format for end-user interaction with insurance companies, gives your customers an opportunity to get the information they need on-demand. In many cases, a customer service rep isn’t needed. And for the situations that do require a human, they can be connected through a chatbot.
The chatbot, built using artificial intelligence, can guide a visitor through their insurance needs based on common requests. Communication on the website can be connected to the customer’s account record for back-and-forth between the insurance systems and the customer. This often means that RPA can be used to transfer information from an online experience to the CRM, such as Microsoft Dynamics 365, for reference in future interactions. A chatbot can not only mediate information for the customer, but request & store new information for the insurance company.
Learn more about Optimizing Microsoft Dynamics 365 for Insurance Agents.
The bot can even be programmed to recognize a returning visitor to offer them a more personalized experience. That personal touch is a big component in making customers feel appreciated and important -- reducing your customer turnover rate.
Save Money on Staffing
Staffing costs can certainly wreak havoc on your bottom line. Not only is there a salary, there is also the training and ramp-up time that has an effect on your bottom line.
Humans are always going to be needed to do the work that’s made easier by technology. But there won’t be a need for mass hiring when there’s a surge in demand. Robotic process automation can complete those time-consuming tasks faster without the need for hiring additional staff, especially if increases in workload are only temporary.
Plus, RPA can be used to streamline the onboarding of new employees and reduce their ramp-up time considerably. If you’ve been struggling with costs associated with staffing, then RPA could drastically reduce that expense while simultaneously reducing your staff’s workload so that they can focus their efforts on other ways to increase revenue.
The Bottom Line for Insurance Companies: RPA Leads to Increased Profit
Like most companies, increasing profit is always of interest. Robotic process automation for insurance is certainly worth considering. It’s an initial investment that can yield results by streamlining processes, improving workflows, and enhancing the customer experience. The ROI on implementing RPA into your process is a proven benefit that has helped many others in the insurance industry.
Integratz can help you invest in the right automation at the right time. Contact us today to request your free initial consultation about where to start and what’s right for your company.