Insurance

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Insurance industry is highly immersed with back-office forms as most of the documentation process is manual and involves more paper work. There involves a high volume of business processes like claims- processing, underwriting and policy quote preparation, creates significant delay in time and also affects the customer satisfaction, business conversion and profitability.

Automating large volumes of data can deal with exceptions and translate them into insights to take actions. RPA can go beyond just cost reduction and efficiency by adding significant value to businesses with personalize and higher degree of self-service.

Benefits

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Ease of use
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Integrate legacy systems
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Lower cost and lower risk
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Streamlining claims processing

Use Cases

  • Insurance Customer Payment Reconciliation

    Challenge

    To ensure precise comparison of account records and was looking to improve the processing rate involved in the financial reconciliation of the monthly bank statement from all its clients. Automate the comparison of bank statements with the accounting system and extract balance and update the reconciled information in the system.

    Solution

    The robot can handle the automation of the interface between the Loan closure request web portal and the core banking system of the bank.

  • Motor Insurance Claim Processing

    Challenge

    There was an insufficient number of resources allocated, which was weighing heavily on the staff, generating big inefficiencies. To implement and operate automation of AML process for potential clues of any suspicious activity by the company’s customers and post this information in a report for a human fraud prevention analyst.

    Solution

    The bot can access to AML and Hotscan applications, both internal and external. It can check several internal and external databases for potential clues of any suspicious activity for the bank’s client and post this information in a report for further analysis.

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