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How robotic process automation in insurance can boost business outcomes

The insurance industry has seen some huge changes over the last couple years. Premiums have risen, the number of people taking out life insurance has increased, and more companies are adding life and health insurance policies to their employee perks.

There is certainly opportunity out there for insurance companies, but each opportunity usually comes with a vast amount of paperwork to wade through — making it difficult to be truly agile.  We might not hear about robotic process automation in insurance as often as other industries, but as an extremely versatile tool, many organizations use RPA to help interact with customers, speed up claims processing, and more.

What is robotic process automation?

Robotic process automation, or RPA, is a form of process automation that uses artificial intelligence to handle repetitive and rote tasks. RPA must contain three main functions:

  • The ability to make decisions, based on data inputs
  • The ability to communicate with, and operate other systems and programs
  • A user interface from which admins can program bots

The most common examples of this are in manufacturing and retail, for tasks such as automatic stock renewal, shipment tracking, and order support. The processes that insurance professionals encounter are very different to these tasks, but there is perhaps even wider scope for robotic process automation in insurance companies.

The benefits of robotic process automation in insurance

Let’s take a closer look at how robotic process automation can help insurance professionals do their jobs more efficiently. From policy quoting to the underwriting process, RPA can be used in different areas of insurance to create more efficient processes.

Use case: Policy quoting

Digital transformation has changed the way consumers interact with products of all kinds, including insurance. Customers now expect more from the services they pay for — for example, more information and faster response times, so they can compare policies on the go.

Customers are 2.4 times more likely to stick with a brand that solves their problems quickly. RPA, in the form of a chatbot, can be used here to offer tailored information to customers in a matter of seconds, rather than having to wait for a human customer service agent.

By using robotic process automation in insurance, organizations can create responses to quote inquiries, then program robot process automation software to deliver the correct responses, based on text cues. This cuts response time dramatically and can reduce the strain on employee-facing roles, relieving them of any non-essential contact.

Use case: Claims Processing

Processing claims is perhaps the most complex stage of the insurance sales process. It involves a number of different processes such as data capture, verification, customer updates, and more. Traditionally, this might have involved collaboration between teams to finalize quotes, pass on customer information, and verify identity. However, thanks to modern CRMs and Policy Management Systems (PMS) robotic process automation in insurance has made the processing of claims much more efficient.

Introducing RPA saves insurance organizations money too. A 2017 report found that robotic automation in insurance could reduce the cost of a claims journey by as much as 30%. This might include advanced automated workflows that allow customers to self-serve their own quotes, keeping the claimant up to date with their process at each stage.

Use case: Underwriting

Insurance MGAs spend a great deal of the underwriting process archiving and error checking, to ensure that policies are matched correctly. Traditionally this can take a long time, but with automation the process is sped up dramatically.

Matching policy requirements with captured customer data can be done via advanced automation workflows. This eliminates human error, improves accuracy, and reduces the wait time for customers. Robotic automation in insurance also ensures that accurate archiving takes place automatically.

Almost all the underwriting process can be run via process automation, right down to approval and denial documents. This means that MGAs can choose only to deal with the most pressing of cases, maximizing job satisfaction for insurance workers.

Insurance companies can speed up their response time, ensure accurate archival of documentation, and minimize potential errors by implementing an automated approach to policy quoting and underwriting. Using Nintex, insurers can capture prospects’ data via modern forms, process important information and produce accurate quotes using advanced workflows, and generate approval or denial documents with DocGen®.

How low-code automation tools can help drive success

All of these examples are great in practice. But when it comes to tweaking them to better serve individual agents, there’s a problem. Unless your entire organization can write code, you will likely only have a couple of IT technicians who can run the software. Any tweaks and changes will have to be translated to them.

Low-code automation tools put the power of robotic process automation in insurance into employees’ hands. The people who understand these processes best should be the ones creating the automations that serve them.

At Nintex, we offer specialized low-code automation solutions for insurance companies. Solutions such as modern forms, a drag-and-drop form building tool for collecting customer data, DocGen, for automating personalized approval and denial documents, and advanced workflow, for automatically keeping customers up to date with their status as you process their claim.



To find out more about all of our low-code automation tools for insurance companies, contact our team or start your free 30 day trial today.



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