There are many tools available for insurance automation. Although these tools can all focus on insurance industry tasks such as underwriting, claims management and customer service, they accomplish insurance process automation in different ways. Below is an explanation of the best Robotic Process Automation (RPA) tools:
Within Microsoft Dynamics 365, Microsoft’s CRM platform, there is an insurance accelerator that works with Microsoft’s Common Data Model and Power Platform. The insurance component includes data entities and focuses which range from property, casualty, and life insurance. This is done for both the producer and agency management, making it one of the best insurance robotic process automation tools.
The insurance component if the software includes:
Learn more in our blog: Best Ways to Optimize Microsoft Dynamics 365 for Insurance Agents
With the power from Microsoft, the user is in control to run, manage, and improve on models faster. The result is the delivery of risk models faster, more efficiently, and cost effectively.
Automation Anywhere Robotic Interface
AARI can be thought of as every employee’s digital assistant, making it one of the best RPA tools for everyone. AARI helps in the scaling of automation across your entire insurance workforce by providing all employees simple access to automation across devices, applications and platforms. There are three main areas in which AARI can help:
Human in the Loop is one of the best robotic process automation tools for insurance businesses, allowing them to automate a broader range of processes that require validation, approvals, decision making by humans or variable inputs and may span several days. One of the most common examples of these long-running processes in the insurance industry is claims processing.
Blue Prism Cloud is a software-as-a-service (SaaS) based automation platform which combines AI, RPA and cloud deployment into a set of management tools and collaboration channels, making it one of the best RPA tools available. It does this by providing a pool of bots that copy human actions in order to cover knowledge-based and office-based work. Knowledge-based work includes key functions of an insurance organization, whether it be claims, customer services, underwriting, back office or fraud.
Through Blue Prism Cloud, you are able to verify who a customer is, understand from their chat content (or email/SMS) what they’re trying to do, verify it, confirm it, and place an item into the work queue for bots to perform. This is all within predefined service level agreements.
Blue Prism Cloud Intelligent Automation Digital Assistant (IADA) acts as an orchestrator with the capability to act as an intelligent supervisor for both bots and employees. It does this by coordinating the allocation of automated insurance tasks and processes based on relevant business metrics.
IADA is configured to be aware of processes (such as claims) and application performance trends, in addition to priority and service level agreements. IADA automatically balances the load for the bots and maintains an internal queue in case bots are not immediately available. If they are not available, processes are queued for execution by the next suitable bots. The benefits of IADA include:
There’s no doubt that if you haven’t started your insurance company’s digital transformation, now is the time. Choosing the right software that can meet your needs now and in the future is a major component of a successful transformation. There’s also the consideration of existing platforms. Should you keep what you have and integrate with new systems? The answers to these questions depend on a lot of factors that are unique to your company.
Integratz can help you create a strategic plan for short-term and long-term RPA as well as training for your team. Contact us for a no-obligation initial consultation about which RPA platforms are best for you