The insurance and risk management industry is a traditional business built on relationships and risk. And now the industry is evolving once again, thanks to innovations like robotic process automation, or RPA.
Tools to streamline workflows and make processes faster for customers and employees are always welcome in the insurance business — and that’s exactly what RPA is designed to do. Imagine having software to quickly identify and replace manual tasks your agency and carrier staff do today.
Read on to learn more about why you should care about RPA and insurance, then reach out to us to book a preview call and see how RPA can start saving you time and money today.
Many Reasons to Care About RPA and Insurance
RPA and insurance are a smart combination – and there are plenty of reasons why.
- Satisfy customers. Customers demand speed and agility with a personalized approach — and with RPA you can deliver. Automating the small details that occupy your staff’s time lets them focus on customers and proactively meet customer needs. Insurance employees are highly skilled and trained — don’t waste their time and energy on automatable tasks when they can be meeting with customers to sell and service their insurance needs.
- Grow and scale your operation. Automating processes and workflows shifts your focus to a growth mindset. Once automation is in place, your business can scale without limits on data. Standardized processes allow for consistent organizational growth.
- Reduce errors. Once the manual processes most prone to human error are automated, you’ll save money with fewer errors. AI and machine learning are changing the industry, and you can reap the benefits of fewer errors by adopting tools to replace humans for these manual data-entry tasks.
- Remain competitive. The speed of innovation in the risk management world over the last decade means you have to innovate to stay competitive. Fear of missing out is a real thing when it comes to technology improvements. Your competitors are using RPA — and the time and money they save are being invested in other business goals. Using RPA lets your business remain competitive at a time when everyone is cutting expenses and streamlining their operations.
- Insurtech is here to stay. New technology affects every aspect of the insurance ecosystem, from product development and sales to the claims process. And it’s not going away — with traditional carriers and new startups investing in technology, the industry will continue to grow and evolve. RPA is an approachable and cost-effective way to take advantage of the insurtech momentum.
What Insurance Processes are Ready for RPA?
The insurance and risk management industry has many opportunities to use RPA to streamline its workflows. Consider some of these processes as a starting point for RPA in your agency:
- Onboarding new business. New customers need lots of time, so automate the parts of new business onboarding that you can. Things like policy documents and signature requests can be automated, saving you time and reducing the amount of effort your customer needs to exert.
- Following standard operating procedures. RPA helps with standardization, especially when it comes to following SOPs. As your agency grows, it becomes even more critical to have consistent workflows. Automation helps by eliminating the opportunity for error when people start doing things differently. Regulators like to see consistency in workflow.
- Optimizing billing. Automate billing reminders, account statements, EFT notices, privacy policies, and more to make this system easier for customers and employees alike. Avoid errors by using RPA to enhance your billing system.
- Managing simple customer inquiries. Program chatbots to handle simple questions from your customers. Your employees don’t need to spend their time giving out basic information like claim details or billing information when a bot could handle those straightforward needs. The bots can be trained to seamlessly transition conversations to human agents when it becomes too complex for the chatbot, ensuring a positive customer experience.
- Automating policy cancellations. With so many documents to send and sign at policy cancellation time, automating the process or parts of the process saves time. It also reduces the potential for errors or forgotten signatures. Getting every step right in a policy cancellation is critical, and using automated processes helps ensure nothing is missed.
- Enhancing the claims process. Using bots to gather data and extract the relevant details from various sources will save your claims staff time. Some legacy systems force employees to re-enter data in several systems, introducing room for error and wasting valuable time. But this rework can be reduced or eliminated altogether with RPA.
- Updating annual employee training. Regulators insist on annual updates to insurance employees’ training, so automating some of the documentation involved in this training can save you time. Employees can take digital training and sign off on their participation, letting you have records of their involvement.
- Identifying fraud red flags. Bots can be programmed to notice patterns and inconsistencies – the red flags that can point to possible fraud. RPA can pick out these red flags so your employees can spend their time investigating the right issues. RPA can help find connections between old claims and new ones and details in your legacy systems you may have missed analyzing without the benefit of automation.
We’ll meet with you to map your specific workflows and identify which of your processes will benefit most from RPA to help you start saving time and money right away.
Try RPA Today With Integratz
With so many benefits of RPA and insurance, let us show you how you can get started today. Schedule your free demo and let us show you how Integratz makes everything simple.