Insurance businesses have complex workflows and processes. They include new business insurance, claims processing, policy servicing, etc. More tedious processes, such as, onboarding, underwriting, no claim bonus, risk score, claim adjudication, claim processing, verification & validation, disputed claims resolution, regulatory compliance, anti-money laundering curbs, etc., require multi-team involvement.
Automation can handle simple to complex processes. The simpler ones can be automated by using Robotic Process Automation (RPA) and the rather complex ones require Artificial Intelligence / Machine Learning (AI / ML) infusion in strategic layers, that is, by using Intelligent Automation. The bottom line is that all repetitive and rule-based processes can be automated in any domain including Insurance.