With the rise in demand for digital technologies by the customers and the need to stay ahead in the competitive landscape, many insurance companies are leveraging the benefits of novel technologies such as RPA, AI, ML, and others. RPA in insurance helps the insurers taste various RPA benefits such as enhanced customer experience, improved value chain, financial transparency, improved regulatory compliance, and increased operational efficiency. The other benefit of RPA in insurance includes up to a 30% to 200% ROI within 12-months of RPA implementation, as shown in various case studies. RPA also resolves regulatory compliance issues for highly regulated industries, such as banking and insurance, speedily and at a low cost. Other activities in insurance companies for RPA implementation include claims processing, fraud detection, underwriting, policy administration, and more. However, RPA is not limited to these processes only; insurers are identifying other rule-based and redundant processes for RPA implementation.
About the Client
Our client is one of India’s most esteemed private insurance companies, offering flexible life insurance and retirement solutions to lakhs of customers across India. The client has earned a good reputation in the market for more than a decade and is present across India with more than 200 operational offices. They are a recipient of many awards and accolades in their industry.
The client receives thousands of requests from their end-users for change in the mode of premium via different sources. They manually validated and updated these details in its system, resulting in heavy backlogs and high cost. Therefore, the core challenge for the client was large backlogs and higher revenue faced due to manual working on requests from end-users.
After realizing the need to automate and implement RPA solutions, the client sought the advice of RPATech based on our expertise in RPA and IA and handholding capabilities. Then, our RPA experts evaluated the client’s in-place operations and created workflow automation for the implementation of RPA. Next, we tailored an RPA Bot on the UiPath platform and deployed it into the client’s system. Following were the actions that the Bot performed:
- First, it logs into the IBPS application.
- Next, it verifies the source of the request.
- Thirdly, it validates the information upon fulfilling pre-defined criteria.
- Lastly, the Bot sends an approval email to the designated user if needed, or else it submits the details and proceeds to make changes as requested by the end-user.
RPA in insurance worked the following wonders for our client:
- Enhanced productivity by 90%.
- Reduced error rates by 100%.
- Reduced average handling time by 85%.
- Quick customer service.
- Improved customer satisfaction.