How to Use RPA for Insurance Process Automation

Automation and machine learning suddenly seem to be everywhere. It doesn’t come as much of a surprise that machine learning and RPA (Robotic Process Automation) have now entered into the world of streamlining workflows for insurance companies.

Understanding RPA and Its Role in Insurance Process Automation

Robotic Process Automation, in the simplest terms, is the implementation of software to your existing insurance infrastructure to help streamline the workflow for your agency to reduce the demands on your staff, reduce wait times for customers, and increase the accuracy of your data.

One of the first steps is identifying processes that would be most beneficial for your insurance company to automate. Because every company has different struggles, you can tailor automation to your existing setup. Whether it’s streamlining your process, eliminating redundant processes for employees, or cutting costs, automation has something to offer for every insurance company.

Improving Outcomes for Insurance Company Customers & Employees

RPA offers insurance companies benefits at all levels. That means that you’ll see internal and external improvements that help to improve your bottom line.

RPA Benefits Within the Company

RPA works to identify areas where your business could improve. That means that if you have processes requiring additional or redundant processes, RPA can eliminate processes as part of an automated approach.
When you identify areas where data needs to be added or extracted from your existing system, RPA can streamline the process. This works through the automation of data input and output.
By reducing manual processes, your sales team can refocus their efforts on growing your clientele, increasing the average services provided to a client, or upselling additional services.

RPA Benefits for Insurance Customers

Your customers will find that RPA improves their interactions with your company through reduced handling time. Instead of repeating redundant information, prospective clients can be quickly onboarded into the system and get the exact information they need.
RPA can help to identify areas where your customers struggle and replicate the initial intake information everywhere that it needs to be handled. This means that your clients have to get information right the first time, and it’s quickly transferred where that information is necessary. This streamlines the process for your customers and reduces potential errors.
Your clients will also find that your staff now has more time to work with them individually. When your client needs to speak to a person, your team will have the time to focus on their needs.
Of course, not every issue needs to be handled by a person. RPA can improve self-service for your clients so they can make updates to policies, personal information, or follow up on claims without ever needing to speak directly to an employee.

RPA Benefits For Insurance Company Employees

When you bring on new team members (to handle your explosive growth), you can also streamline the onboarding process with RPA. That means less time getting your new employees up to speed and better outcomes for your clients.
Because RPA works to identify areas for improvement within your existing framework, your staff will find that their workload has been made less repetitive, and the necessary processes are easier to manage.

How to Start Using RPA for Insurance Processes

While implementing RPA for your insurance processes might sound like a great idea, it can be challenging for companies to figure out how to start. One of the first things we suggest to our clients is determining their most significant needs. Our team can help you with this.

Once you have a roadmap for where RPA can take your company, you can start to identify individual processes or tasks currently holding you back from achieving that goal. This is a marathon, not a sprint. There will be things that can be achieved quickly for near-term results and there will be things that may take longer and require more integration with other system for a more ideal automation setup.

Long-Term RPA Outlook for the Insurance Industry

As an insurance agency, you have to ensure that the efforts you place into your company are not simply a trending fad that will require a lot of upfront investment only to yield little or no results on the back end. However, RPA is a proven approach to improving your workflow which leads to more profitability for the company.

Right now, your customers expect to take care of many different issues online without the need to talk to someone. Self-service options for starting an account and making changes isn’t going away anytime soon, so you need to set up surefire systems to take care of customer needs. This also takes a load off of your sales and customer service teams.

You might also be interested in reading our blog: What is Digital Customer Onboarding for Insurance?

One other important benefit of RPA for insurance companies is its ability to ensure you’re complying with regulations. The software will be set up to be sure your documents and other processes meet the requirements for you to stay in compliance. This can save a lot of headaches in the future.

Next Steps for Your Insurance Digital Transformation

Now that you can envision how RPA can benefit your business, set up an initial consultation with our staff to talk about your current challenges and what you feel would be most beneficial to automate. We’ll work with you to identify areas where you know you can improve and some areas where our expertise can help you gain even more rewarding results.

Integratz is an expert at helping our clients dream, implement, and refine their existing process with RPA for insurance process automation. Click below to request a free initial consultation with our team. We’ve helped many clients over the years to improve their workflows, and we want to help you too.