RPA Use Cases
Streamline core insurance processes like reconciliation process, accrual process, invoice creation, endorsement processing, etc. with Robotic Process Automation (RPA) and achieve operational efficiency.
Verify the NCB slab for policies issued on a daily basis by referring the claim status for previous policies. For private sector, receive the status by email. For public sector visit the central insurance authority site. Update the system accordingly and notify the customer.
Talk To An Automation Expert →Reconcile the data received from the different policy issuing channel partners, generate a payment ID in the core insurance system, and tag the payment id against the policy. Create and upload a consolidated file to the core insurance system. Read exceptions to generate a consolidated exception report.
Talk To An Automation Expert →Download Excel-based reports from case management system and general ledger, reconcile data on various parameters and then re-upload the data to the case management system.
Talk To An Automation Expert →Reconcile the data received from the payment receiving bank, policy issuing vendor, and the insurer and update the core insurance system. In case of cheque bounce, log into the vendor system and cancel the policy, else update the cheque number. Resolve exceptions manually.
Talk To An Automation Expert →Automate receiving of the premiums maintained in Excel file by collating the inputs received from different sources.
Talk To An Automation Expert →Auto-read the Excel file in the shared folder for details and store in the database. Log in accounting system such as SAP and update the data. Repeats the steps for all records in the input file and email to the stakeholders.
Talk To An Automation Expert →Automate the issuance of group policies to corporate clients and perform almost 50 transactions comprising elaborate workflows on a daily basis.
Talk To An Automation Expert →Upload un-reconciled bank transactions from core system and daily bank statements, execute transaction matching process, post to the core system, prepare bank reconciliation statement and post Journal Adjustments to the general ledger.
Talk To An Automation Expert →Access the helpdesk site and download the service request attachment. Check the amount mentioned in master data Excel file and service request. In case of mismatch, stop the process and email to the concerned team. Log into statistical analytical system and download the three Excel files used for creating the master data file, retrieve the required details for further uploading to final site, and create insurance receipt.
Talk To An Automation Expert →Automate various registers such as Premium Register and integrate with the Application Service Provider (ASP) tool. Also automate the TDS (Tax Deducted at Source) ledger and TDS Master processes.
Talk To An Automation Expert →Create Party ID for master data management pertaining to all the policies of a particular entity, which are issued in Manual Premium Register that is prepared and stored in the Excel database.
Talk To An Automation Expert →Track installment due date and automate generation of installment letter at pre-defined intervals from the core insurance system.
Talk To An Automation Expert →Update Marine Declaration in core insurance system, maintain Balance Sum Insured, and generate declaration reminder letters at pre-defined intervals.
Talk To An Automation Expert →Automate end-to-end policy issuance. Perform data sanity check and validate the data received in Excel sheet, convert into standard upload format, and upload in the core insurance system for policy document creation. For the applications not taken up (NTU) for pre-defined reasons, generate another Excel file, upload in the shared folder, create and blast intimation emailers to the concerned applicants through a series of approvals.
Talk To An Automation Expert →Automate endorsement issuance. Take change requests from customers via email or voice calls and then auto-update the policy in the system.
Talk To An Automation Expert →Auto-create the working data for not taken up (NTU) policies, tag with the NTU 64VB clearance, and upload on the portal, if the premium payment in cheque is not realized in full .
Talk To An Automation Expert →Automate the premium accounting, claims booking, unclaimed amount due to policy holders, and NTU (Not Taken Up policies) reconciliation.
Talk To An Automation Expert →Upload Tariff Minus Rates in the insurance portal.
Talk To An Automation Expert →Automate the accrual process. Sequentially open monthly and yearly reports from the shared folder, copy the data in a step by step manner for renewals and actuals. Update the Forex and production files as per business rules and send email to the concerned people.
Talk To An Automation Expert →Synchronize the spreadsheets of two or more departments and reconcile any differences.
Talk To An Automation Expert →Automate the contract and claim submission and reduce the number of times a single document is handled by an employee. Scan or capture the paper documents to a document management solution (DMS). Auto-propagate documents received in email or fax to the DMS.
Talk To An Automation Expert →Collect significant amount of paper-based data from external stakeholders and customers, scan and processes hard copies of documents, review and sort email attachments in folders.
Talk To An Automation Expert →Automate the movement in and out of legacy system and modern core insurance systems while performing multiple steps. Conduct two-way data transfer for verification of corporate identities, policies, employee identification for underwriting, and open requirements for underwriting.
Talk To An Automation Expert →Push member data upload for policies with hefty data count into the core insurance system. Reduce manual intervention and hence error.
Talk To An Automation Expert →Automates the claims handling and management through RPA and effectively manage the increased claim volumes.
Talk To An Automation Expert →Automate claims handling related to various ailments and the related adjudication processes. Reduce pressure on the human staff, accelerate the adjudication by reducing instances of false negatives, and improve the turnaround time.
Talk To An Automation Expert →Auto-create a formal claim request as well as generate and send the acknowledgment letter to the insured.
Talk To An Automation Expert →Automate processes such as claim creation, validation, approval, denial of requests, return to work notices, letter generation, and responses. Reduce the pressure on staff for processing claims under Family Medical Leave Act (FMLA)..
Talk To An Automation Expert →Use RPA bots to pre-assess claims. Offer real-time Q&A support to customers. Augment loss analysis and meet compliance requirements. Scale up in a limitless manner during peak volumes and peak hours. Convert unstructured data to usable data formats. Lower operating costs. Auto-compile data from multiple systems. Auto-compile data from multiple systems and flag errors.
Talk To An Automation Expert →Automate data entry into key insurance processing systems, download policy holder data from multiple sources, scan and read the data. Auto-compile data from multiple systems, verify insurance period, flag mismatches and errors. Generate alerts, provide approvals, offer all-round view of available data to customer support staff and facilitate bulk payments to approved beneficiaries.
Talk To An Automation Expert →Engage RPA bots to reduce processing costs. Automate repetitive processes across multiple systems. Automate data validation and improve claim processing speed by up to 70%. Reduce error rates in claim processing by 60%. Identify policy premium discrepancies. Conduct compliance checks and initiate bulk recoveries.
Talk To An Automation Expert →Standardize processes, ensure legacy system compatibility, trigger automated notifications, and generate reports for deceased cases. Reduce human intervention and improve turnaround time.
Talk To An Automation Expert →Evaluate risks associated with prospective clients and decide the premium that needs to be charged for insuring the risk. Automate data gathering from both internal and external systems and entry of relevant data to internal sites. Perform report generation and ensure a comprehensive risk assessment
Talk To An Automation Expert →Gather data such as company name, industry sector, and contact persons from public listings and fill parts of forms. Minimize paperwork done before signing a contract.
Talk To An Automation Expert →Reconcile credit card payments with policies in order to verify whether correct payments have been received. Reduce errors and increase efficiency
Talk To An Automation Expert →Automate the process of entering claims data by validating death certificates on government websites. Eliminate manual efforts, reduce errors and increase efficiency.
Talk To An Automation Expert →Reduce the overhead of customer service by around 25 percent by automatically transcribing data from emailed policy-change requests into core systems. Expedite the process and increase efficiency
Talk To An Automation Expert →Use RPA bots to collect data from different silos to perform underwriting related processes pertaining to trade deals and corresponding risk mitigation and management.
Talk To An Automation Expert →Use RPA bots to chase claims information from third parties. Use intelligent document processing and RPA to match policies and documents and assign tasks and cases to users after receiving information. Improve claim processing cycle time and improve cash flow.
Talk To An Automation Expert →Verify information from third parties such as courts and municipal corporations to support or commence claim processing.
Talk To An Automation Expert →Use RPA, Analytics, and AI/ML to analyse customer response and supporting documents and decide the resolution for disputed claims towards improving the certainty in claim resolution.
Talk To An Automation Expert →Use RPA bots to support tasks such as searching external websites and databases to verify information related to licences, registrations, etc. Accelerate administration and improve SLA servicing.
Talk To An Automation Expert →Use RPA bots to identify repeated clauses and other anomalies. Reduce time to review contracts and improve accuracy.
Talk To An Automation Expert →Expedite processes that depend on documents that need to be retrieved from various cross sections and verified. Go beyond document matching and verification with the help of RPA bots and NLP. Auto-classify documents or re-open cases when all the requisite documents are retrieved through auto-reminders.
Talk To An Automation Expert →Use RPA bots to speed up the data entry process related to group insurance, key in or update member data as well as contract details from Excel sheets provided by institutional clients.
Talk To An Automation Expert →Use RPA bots to collate details from different systems for AML or KYC checks while processing new business cases or claims in the insurance domain.
Talk To An Automation Expert →Read client identity documents with intelligent document capture and complete application forms using RPA bots during the onboarding.
Talk To An Automation Expert →Chase the due premium amounts with RPA bots. Use intelligent document capture and RPA bots to match documents to the policy records and send payment reminders till payment is received.
Talk To An Automation Expert →Retrieve both internal and external data related to customers and provide a complete view for due diligence requirements.
Talk To An Automation Expert →Combine internal insurance information with external data sources to formulate a personalized risk score for institutional clients and individuals.
Talk To An Automation Expert →Top 8 most popular RPA use cases in Insurance
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