Here is how RPA benefits the Insurance Industry.
The roots of the insurance industry can be traced back to Babylon in 4000 BCE and it is still part of our lives. The processes and practices in the industry has become more complex to adapt to the changes in human history. This project addresses these complexities in the industry by implementation of Robotic Process Automation or RPA.
Insurance industry follows several procedures like claim processing, document processing, regulation changes, appeal processing, partner query response, and more. And all these include services are to be addressed like responding to queries, keep track of the changes in regulations, the paper records to be preserved for future claims process, and so on. Almost all of these processes tend to be redundant, time consuming, error prone, tie up a huge amount of human resources, and does not ensure optimal results.
After implementation of our RPA insurance tool, the following results were observed:
- The TAT in claims processing was cut down to 15 minutes.
- The ROI was realized in 3 months for documents processing.
- The TAT in regulation changes used to be 5 to 8 hours and it was reduced to 10 to 20 minutes
- The ROI was realized in 6 months for appeal processing.