No? Well, robotic process automation (RPA) is helping leading insurance companies do just that. And with the massive amount of document load in the industry only continuing to rise, RPA offers a much needed lifeline for insurers that are drowning in a sea of paperwork and inefficiency.
According to Accenture’s ongoing study of insurance claims performance, a more efficient claims process can help insurance companies improve the bottom line, while attracting and retaining customers. RPA allows insurers to address competing requirements of increasing efficiency and profitability, deliver world-class customer service, and adhere to increasing government regulations.
Here are 5 reasons RPA is a great partner for tackling claims processing challenges in your organization:
1. Delivers rapid ROI
Many insurers already implement some level of automation, ranging from basic automation like classification and extraction to more advanced applications such as workflow automation. However, these solutions are disparate and come with their own set of challenges that can further add to the complexity and difficulty of processing.
In contrast, RPA is an end-to-end automation solution that works with all applications and systems effortlessly, without creating disruption and requires no coding. It can be rapidly deployed without the delay and expense associated with older automation technology – offering companies the possibility of saving large amounts of money very quickly.
2. Keeps you ahead of the competition
Many established insurance companies struggle to compete with new competitors that have more streamlined distribution and operational models, while much of their data is locked in legacy systems and/or not integrated in a seamless or flexible way. The historical approach to these issues called for costly, complex system integration and data warehouse projects with worst case scenarios involving manual processes.
With RPA, software robots solve this problem by seamlessly supporting any business application, including: desktop, web, legacy or remote applications. The result is that your automation project can be up and running in days – keeping you ahead of the competition and accelerating revenue.
3. Improves customer satisfaction and retention
The new insurance customer is demanding more and more from their insurer. In today’s digital era, the faster you are processing application claims and the more transparent that is; the happier your customer will be and the more likely that they will stay with you. This is not an easy task as the claims environment involves layers of administrative, managerial and customer service functions, marked by information intensive manual tasks and problematic document formats.
RPA steps up to the challenge on all fronts: With LEO RPA
, software robots are immediately called into action using an API as soon as a customer enters a claim. By incorporating image recognition and optical character recognition (OCR) algorithms, software robots are able to “see” the screen and interact with an application just as a person would – faster and with amazing accuracy. Relieved of the burdensome, repetitive tasks, employees are able to get back to the business of providing great service.
4. Eliminates the margin of human error
Traditional claims processing depends heavily on manual labor, which makes it increasingly inconsistent and error-prone. The situation can worsen if the workforce is outsourced and there is language or cultural differences. Once RPA is deployed, software robots can work 24/7 with amazing accuracy, thus eliminating the margin of human error, increasing processing efficiency and cutting operational costs.
5. Helps you adhere to compliance requirements
Constant changes in government regulations greatly impact claims processing. This problem intensifies many times over if the company operates in different states and countries, each with its own sets of laws and regulations. Using RPA, you ensure that the process is executed in accordance with policy. The result is not only adherence to compliance requirement, but also faster execution of processes and elimination of human error.
Kryon Systems is committed to assisting organizations realize their key performance indicators (KPI) by providing performance improvement solutions which support both the end-user and IT automation efforts alike. To this end, we offer a comprehensive solution to the business user in the form of Leo Performance Support as well as a cost-effective answer to efficient process execution with Leo Robotic Process Automation (RPA).