From application forms to claims processing documents and other materials, insurance companies must effectively manage an array of inputs to, and outputs from, their business operations. Robotic process automation (RPA) can make the gathering, manipulation and storage of the data your organization collects and generates much more effective.
4 Benefits of RPA for Insurance Companies
How, specifically, do insurance companies benefit from RPA? Below are some of the most common use cases and advantages of RPA:
- Underwriting for new business. Insurance underwriting is a complex process that relies on data from a number of sources. Buddha Botz software robots can be used to expedite the collection and organization of data so that underwriters can focus on the decision-making process.
- Claims processing. Like underwriting, claims processing involves gathering information in many forms (handwritten, digital, graphic, etc.) and manipulating it to align with your company’s particular resolution methodology. RPA can be used to handle many of the manual and repetitive aspects of this process.
- Policy cancellation. Since no revenue comes from canceling a policy (quite the opposite!), it is critical that this necessary action be handled efficiently. Buddha Botz can be designed to minimize or even eliminate the need for human interaction in the cancellation process.
- Business process analysis. In the busy environment of an insurance company, it can be difficult to determine which manual processes are optimized for efficiency and which could be improved. Those processes that you have automated, on the other hand, can be analyzed in great detail, which allows for ongoing fine-tuning.
Adding to the benefits of RPA for insurance companies is the fact that Buddha Botz can be integrated with virtually any type of system and can even serve as a “go between” that helps with the transition from a legacy system to new technology. What’s more, software robots are highly scalable, meaning as your company grows, your Buddha Botz can grow with it.
To learn more about how Buddha Botz software robots can have a positive impact on your operations, schedule a free 45-minute robotic process automation phone consultation. Call us at 303-807-6528 or visit our Contact page to book a no-obligation session.