FINANCIAL SERVICES


 

Sensitive, risk averse and heavily regulated – Insurance industry is facing a paradigm shift in the age of automation. Insurance industry is extremely data intensive. Data analysis drives the decision making. The insurance industry is at the right juncture for automation intervention, as it revolves primarily around data and processing of data. Functions such as low-level claims processing, underwriting, and applications have already become a candidate for automation, and it is expected that more will follow. Powered by artificial intelligence, automation is not just an add on anymore. This very combination now forms the core part of IT architecture.

Shifting repetitive tasks away from humans to software robots and re-deployment of workforce can result in significant efficiencies, which in turn would help insurers comply with increasingly stricter regulatory demands for auditability, security and data quality. Robonomics AI, a leader in automation service, will enable Insurance company to gain a competitive advantage through process automation.

Insurers are turning to artificial intelligence and automation technologies, in particular, Robotic Process Automation (RPA), to transform the art of the managing relationship between cost and service. RPA is an innovative technology well suited to meet the unique digital challenges of the insurance industry. It is a best fit for Insurance industry because of the numerous repetitive tasks these companies workforce perform. Activities such as capturing data in and between insurance applications, processing claims, tracking settlement costs, and updating records are ideally suited to robotic process automation. They’re all high-volume tasks that are rules-based and repetitive. Some of process which can be fully or partially automated are

  • billing
  • claims Administration
  • policy serving
  • policy Administration
  • underwriting
  • pricing
  • finance & accounting
  • compliance check
  • credit check

Enabler

RPA is part of the spectrum of emerging artificial intelligence tools, including virtual agents, machine learning, computer vision and natural language classification. The move to artificial intelligence technologies can have many applications in insurance like image classification for claims, text analytics for servicing customer queries, Robo-advisor i.e  advice on insurance products that can be developed through algorithms and delivered digitally. These new technologies will further drive automation and augmentation of insurance processes, however, many will require integration with the underlying systems, which is where RPA can also play a role. RPA can play important role in

  • consumerisation
  • unlocking the potential of the Internet of Things
  • focus on Big Data Analytics in Claim processing capabilities
  • product innovation

Benefits

RPA is emerging as transformation lever which will enable Insurance providers to bring following benefits to the organisation

  • greater auditability of transactions
  • greater visibility of transactions
  • decreased operational costs
  • improved data analytics
  • increased efficiency
  • higher employee productivity
  • improved accuracy
  • increased customer satisfaction