Here at EPSoft™, we are constantly improving our Robotic Process Automation (RPA) technology for the purpose of automating specific workflows with the highest efficiency. Today, our focus is insurance. Perhaps the complications involved can be displayed through underwriting, one of the most dreaded processes within the insurance industry. Known for its time-consuming and tedious nature, the process of financial documents can’t be ignored. So, how can we get around this? Let’s look at some use cases:
Case #1 – Underwriting
Underwriting is the process of gathering information in order to determine the level of risk that a prospect possesses. The accuracy of this is important because an insurer’s profitability depends on how well it understands the risks. In other words, a lot of money is on the line here. For this reason, underwriting can take weeks or even months to provide a precise assessment before a client is informed of their position.
Fortunately, RPA solves this issue by automatically gathering needed information from external resources such as medical history in order to evaluate a client’s financial position.
Case #2 – Claims Processing
Without automation, claims processing consists of employees manually gathering information from multiple documents so that it can be transferred to other systems. Seems simple, right? Well, when you have numerous claims that are called to be processed every day, think about how much combined time this takes an employee away from doing tasks that can drive business growth. Employees are left to doing repetitive work that is indeed necessary, but also time-consuming with extra costs.
Thanks to RPA, large amounts of this data can be moved simply by the click of a button.
Case #3 – Customer Onboarding
Before becoming a client for an insurer, customers must complete a rather lengthy paperwork process. This involves several different forms that can confuse applicants when pushing to finish quickly. With confusion typically comes error, which is where RPA comes in.
Software bots possess the capability to gather a certain amount of personal data that is made public such as industry sector and experience. In doing so, the entire process isn’t automated, but a good amount of it is. Not to mention, RPA reduces the risk for human error and frees up time for more qualitative answering.
Where to Start?
At EPSoft, we believe in elevating human potential. The EPSoft Intelligent Automation Platform is a single, easy-to-use suite of software with end-to-end business process automation tools. Leveraging BPM, Process Intelligence, RPA, and AI, the platform drives critical insights for better decision making and absolute visibility into all aspects of your business, ultimately delivering optimal performance and productivity. The platform makes it easy for any business to determine which process tasks are best suited for humans, and which are better performed by automation, or ‘bots’. By synchronizing…
Learn more about our Intelligent Automation Platform here and schedule a free demo!