Where have you seen RPA benefits within the Insurance Industry?

We have 20 to 40 branch office locations that receive email requests for submissions or price quotes for insurance products - both commercial lines and personal lines. 

I'm researching RPA to help with processes such as Rate, Quote, Bind, Issue, Policy Admin., etc. 

Can anyone comment on the benefits of RPA within the insurance industry with these types of processes?

1212 Answers

author avatar
Top 5LeaderboardReal User

Hi there,

I have a client who previously shelved their RPA project as they were not getting the value they had hoped. After investigation from our side the following came to light, explaining why the project had not worked as well as they would have liked:

 - they approached it on a "one process at a time" and expected ROI immediately 

- there was little to no ownership from the business as it was seen as an IT "fad" which would not affect them.

- their business analysts were not empowered to understand the nature in which RPA would change their processes and way of working. They tried to automate with little or no change. 

They were a disillusioned team who had spent long hours bickering and wasting money. 

It was a long change management intervention before any value from RPA was realised. But now they are both happy and a reference site for the benefits of RPA. 

Happy to discuss how and why but the biggest learning I have from this is the following - if you don't have a view of "hyper automation" from the beginning you have an uphill battle ahead. Start looking division wide, not function specific unless you have a very key process that can make an impact. And create a "lighthouse" as quickly as possible so that the other business areas can see RPA in action, creating a pull factor...your pipeline of processes needs to be full!

author avatar

Hi Diana,

There are several automation opportunities and benefits that the insurance sector can reap by implementing RPA in their processes. Several insurance firms have already reaped benefits with RPA in different use cases in the insurance value chain. I’m listing some examples as well as some innovative ways in which RPA can help processes like pricing, quotation, policy, and underwriting.

1. Faster Claim Settlement: Lemonade, a US insurer, set the world record of settling a claim within three seconds. This could not have been possible without automation. A human would’ve taken at least a few hours to look into the claim. But A.I. Jim (read Artificial Intelligence Jim), Lemonade’s claims bot, made it possible in record-setting three seconds. The bot reviewed the claim, checked it against his policy, and ran the 18 anti-fraud algorithms within seconds to approve it.

2. Dynamic Pricing: In the insurance sector, the insurance premium changes with the context of sales and risk. RPA can be used to create automated pricing decisions for the insurance. A system can analyze the car model, mileage, driver demographics, etc., to analyze risk profile and set pricing accordingly. They can train the pricing algorithms to analyze all factors and use machine learning to decide the premium price.

3. Policy Management: There are several policies in the insurance sector and one such is KYC or Know Your Customer. RPA implementation can eliminate the manual process of cross-checking documents with public databases to pass claims. KYC automation can instantly create a picture of the client by fetching data from different sources. This can help the insurance company save onboarding costs by as much as 70%.

4. Speeding-Up Underwriting: RPA bots can be used in the insurance sector to streamline and speed up the process of assessing any application against the set rules and checklists. It can also dig data from external agencies like CIBIL, Experian, etc., to check the creditworthiness of an applicant.

    And if you are unsure of which process to automate with an RPA tool, you can try a process discovery tool like Skan.ai. It will observe all your processes to the core and tell you exactly which process is ripe for automation. Process discovery is imperative before any RPA initiative to avoid automating wrong or inefficient processes and experiencing failed automation.

    author avatar
    Top 5LeaderboardReal User

    For Insurance Domain, the potential benefits of RPA can include:

    • ~50% reduction in Manual FTE work & 58% reduction in manual efforts.

    • ~70% improvement in processing time.

    • Ease of implementation with initial results possible within 30 working days.

    • Complete Audit Trial and alignment with compliance.

    • Scalable - Once a process consisting of a set of instructions is defined, the modules can be reused for other processes across other business areas.

    author avatar
    Top 10Real User

    Hi, currently we are working RPA in an insurance company. One of the processes we're working to automate is auditing the parameters of the policy transactions being proactive not reactive. The other process  we're working with is doing the reconciliation process of the payments. We are using KRYON RPA platform.

    author avatar
    Top 10Real User

    Insurance industry is wide open for the implementation of RPA. If you look at any processes that are mundane and repetitive in nature that involve extracting information from one system or document and processing it in another then RPA could be a quick help in your transformation. These processes can simply be done by applying logic and no human thinking is involved like the intense underwriting process. Even there, RPA can help to a great extent. 

    Some of the areas where you can think of a quick win are:

    - Insurance servicing (Policy document sharing, change in benefits, address etc., )

    - Email Support

    - Agent desktop automation to transform your customer service team

    author avatar
    Top 10LeaderboardReal User

    Hello, We are dealing with huge volumes for Lloyd of London insurance process using Robotics. Could you please brief what is required.   

    author avatar
    Top 20User

    • Claim verification can be automated with rules

    • Bots can deal with various data formats to extract relevant data (OCR)

    • Rules can be changed with regulatory changes, without any need for training, immediately ensuring compliance.

    author avatar
    Top 5Real User

    Hello Diana,

    We at BoticX Labs have helped and implemented at one of our Insurance clients covering the below processes:

    New Policy: 

    •One customer view (De-dup)

    •Quote Generation

    •KYC (Intelligent OCR)

    •Group underwriting

    •No claims bonus

    Policy Servicing:

    Group Policy – Fuzzy Match

    Group policy servicing

    Endorsement and policy support bot

    Email support desk bot

    Various recons.

    Typically we simplify & automate processes (internal & external) to achieve Max RPA.

    Happy to assist you with a POC and value realization.



    author avatar
    Top 5LeaderboardConsultant

    Hello -

    There are several business processes within Insurance industry that can be considered for automation, using an RPA product. 

    Automation Anywhere is one such leading RPA product. We are official business partners to Automation Anywhere (both implementation and support), you can reach out to me (venkateswarlup@achalasolutions.com) for a possible partnership in taking further on your customer leads/needs.




    author avatar
    Top 10Real User

    Wow, this sounds like the perfect opportunity to use RPA, but only if it is done effectively, without frustrating the customer. If you can frame the questions they are asking with key words - as a human would do, then the RPA process should be able to respond with a more detailed questionnaire, or the exact answer.  Of course, there are going to be exceptions, and a process would be built to pass to a SME.  

    author avatar

    Hallo Diana,
    FastPath heeft diverse succesvolle oplossingen binnen volmacht en het intermediair actief. Waarbij het automatiseren van handmatige handelingen heeft geleid tot snellere bediening van de klant, benutten van potentie van mederwerkers, verbeteren van complaince en uiteraard efficiency.
    We hebben er ook wat artikelen over geschreven:
    https://fastpathautomation.com..., https://fastpathautomation.com...en via https://www.linkedin.com/compa...

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