GET COVERED WITH 50 RPA USE CASES FOR INSURANCE

No Claim Bonus (NCB) Management

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.

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New Policy Issuance

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.

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General Ledger Reconciliation

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.

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Payment Reconciliation

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.

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Manual Policy Issuance

Automate receiving of the premiums maintained in Excel file by collating the inputs received from different sources.

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Invoice Creation

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.

Group Policy Issuance

Automate the issuance of group policies to corporate clients and perform almost 50 transactions comprising elaborate workflows on a daily basis.

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Reconciliation Process

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.

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Insurance Receipt Updation

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.

Tax Compliance

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.

MDM Party ID Creation

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.

Installment Tracking

Track installment due date and automate generation of installment letter at pre-defined intervals from the core insurance system.

Marine Declaration

Update Marine Declaration in core insurance system, maintain Balance Sum Insured, and generate declaration reminder letters at pre-defined intervals.

NTU Automation

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.

Endorsement Processing

Automate endorsement issuance. Take change requests from customers via email or voice calls and then auto-update the policy in the system.

64VB Clearance

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 .

Premium Accounting

Automate the premium accounting, claims booking, unclaimed amount due to policy holders, and NTU (Not Taken Up policies) reconciliation.

Tariff Minus Rates Upload

Upload Tariff Minus Rates in the insurance portal.

Accrual Process

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.

Discrepancy Resolver

Synchronize the spreadsheets of two or more departments and reconcile any differences.

Contract & Claims Process

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.

Claims Processing

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.

Underwriting

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.

Member Data Upload

Push member data upload for policies with hefty data count into the core insurance system. Reduce manual intervention and hence error.

Claims Data Processing

Automates the claims handling and management through RPA and effectively manage the increased claim volumes.

Claims Adjudication

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.

Claims First Notice of Loss

Auto-create a formal claim request as well as generate and send the acknowledgment letter to the insured.

FMLA Leave Management

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)..

Claims Support

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.

Bulk Payments

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.

Bulk Recoveries

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.

Deceased Notification

Standardize processes, ensure legacy system compatibility, trigger automated notifications, and generate reports for deceased cases. Reduce human intervention and improve turnaround time.

Premium Calculation

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

Customer On-boarding

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.

Credit Card Payment Reconciliation

Reconcile credit card payments with policies in order to verify whether correct payments have been received. Reduce errors and increase efficiency

Life Insurance Claims Validation

Automate the process of entering claims data by validating death certificates on government websites. Eliminate manual efforts, reduce errors and increase efficiency.

Data Transcription

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

Trade Deal Underwriting

Use RPA bots to collect data from different silos to perform underwriting related processes pertaining to trade deals and corresponding risk mitigation and management. 

Document Chasing

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. 

Third Party Look-up

Verify information from third parties such as courts and municipal corporations to support or commence claim processing. 

Disputed Claims

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. 

Third Party Verification

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.

Contract Review

Use RPA bots to identify repeated clauses and other anomalies. Reduce time to review contracts and improve accuracy.

Document Verification

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.

New Business Bulk Data Entry

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.

Data Collation for AML Checks

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.

Automate Identity Documents Processing

Read client identity documents with intelligent document capture and complete application forms using RPA bots during the onboarding.

Due Premium Chaser

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.

Regulatory Compliance Data Collection

Retrieve both internal and external data related to customers and provide a complete view for due diligence requirements.

Risk Score Calculation

Combine internal insurance information with external data sources to formulate a personalized risk score for institutional clients and individuals.