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Robotic Process Automation

in Insurance

Even before I was born, more than 55 years ago Hanna-Barbera envisioned a life of automation and robots as demonstrated in their animated sitcom The Jetsons.   In this cartoon series, it is uncanny how the writers accurately depicted what it would be like for an ordinary family to live in the 21st century.  Most popular of all of Jetson’s whimsical inventions was their beloved robot named Rosie, who could perform all the manual tasks in the family household.  Today, we may not have robots in physical form, but the concept of automating high volume, structured, repeatable processes are at the root of Software Bots’ capabilities in Robotic process automation.

As defined by Wikipedia: 

Robotic Process Automation (or RPA) is an emerging form of business process automation technology based on the notion of software robots or artificial intelligence (AI) workers.  

Insurance Operations are prime candidates for RPA.  

Underwriting, Claims and Client Servicing have a vast amount of highly manual, repetitive processes that can significantly slow down the servicing of a policy or claim while also adding significant overhead costs to the company’s operations.  Insurers who adopt an RPA strategy have an opportunity to build a more responsive business model by off loading administrative tasks that are very structured repeatable process, where the same decision is made every time in the same circumstance.  Software Bots can process higher volumes of task more quickly and more accurately than a human.  This emerging technology will change the competitive landscape in insurance for years to come by removing nonessential tasks from knowledge workers, giving them back more time to focus on the customer experience and spending their valuable time on more meaningful work.

Deloitte recently released a report of Robotic process automation and cognitive technologies in insurance and their view of the impact of these technologies may have on the industry:

  • In most insurance organizations, the current delivery pyramid is significantly bottom heavy with the majority of volume-heavy transactions and reporting processes (e.g., regulatory reporting, claims processing, document verification) being performed by humans. Robotic process automation in insurance will likely reshape this pyramid as insurers automate many of these transactions/processes, potentially reducing the size and engagement of the bottom and middle layers of the delivery pyramid, with growth in the top layer.
  • For example, knowledge workers might have access to personal cognitive assistants to enable data-intensive jobs and aid in decision-making. This phenomenon, widely termed “Bring your own robot,” would likely make employees more productive and efficient, allowing them to focus on innovations to help serve customers better, for example.

RPA Bots can in essence “mimic” insurance workers low valued tasks by performing date entry, opening emails, applications, and websites, cut and pasting data across multiple systems, etc.  

According to The Lab Consulting the top uses of Robotic Process Automation in Insurance are:


· Pen, log in, and toggle between different applications and systems.

· Copy and paste data from spreadsheets to core systems.

· Move data from core systems to spreadsheets.

· Move information from Core System A to Core System B.

· Pull data from invoices into a core system.

· Open an email and move its data into a core system.

· Move files and folders from desktops to servers.

· Scrape information from the internet and websites.

· Calculate data automatically to create reports.


Common RPA use cases across insurance segments:

  • Life Insurance:  Processing of Client Service requests including change of address, policy change requests, surrender requests. The Bot can automatically open & review email, extract pertinent data and key data fields into core line of business applications the bots can also order labs and other underwriting reports as needed based upon transaction type. 

  • Property & Casualty:  RPA can be used to eliminate much of the administrative work required for Claims processing.  The Bot can perform verification that the policy is in-force and ensure that the claims data matches the policy information.  Once verified the bot can then enter the required information into the claims handling system to set up the claim. 

  • Health Insurance Payers:  Most often, 80% of claims coming into a payer are EDI claims which are already in electronic format and meet an industry standard that enables straight-thru-processing.  However, 20% are paper claims that represent 80% of the claims processing costs.  Bots can process paper claims by opening the PDF file after it is digitized, copy the fields from the form and paste them into the content services platform for storage.  The bot can then verify the data against the claim system and then update the specifics to kick of the claims process.  The bot can then trigger an automatic email to the customer confirming that their claim has been received. 


Interested in learning more?  

REQUORDIT has the tools and experience to deliver proven solutions leveraging a leading RPA technology that could provide significant advantage for your organization. 

Don’t wait for this opportunity to pass you by.   Learn about it today.  

Ruth Fisk

Ruth Fisk

has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.

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Solutions

discover 01

Insurance Solutions

Insurance is inundated with highly complex processes. REQUORDIT can help you maximize the potential of your team by helping automate many of the repetitive manual tasks across the insurance organization.

Webinar

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Hyland Robotic Process Automation

Discover new opportunities for solving business needs with Hyland Robotic Process Automation.

Robotic Process Automation

in Insurance

Even before I was born, more than 55 years ago Hanna-Barbera envisioned a life of automation and robots as demonstrated in their animated sitcom The Jetsons.   In this cartoon series, it is uncanny how the writers accurately depicted what it would be like for an ordinary family to live in the 21st century.  Most popular of all of Jetson’s whimsical inventions was their beloved robot named Rosie, who could perform all the manual tasks in the family household.  Today, we may not have robots in physical form, but the concept of automating high volume, structured, repeatable processes are at the root of Software Bots’ capabilities in Robotic process automation.

As defined by Wikipedia: 

Robotic Process Automation (or RPA) is an emerging form of business process automation technology based on the notion of software robots or artificial intelligence (AI) workers.  

Insurance Operations are prime candidates for RPA.  

Underwriting, Claims and Client Servicing have a vast amount of highly manual, repetitive processes that can significantly slow down the servicing of a policy or claim while also adding significant overhead costs to the company’s operations.  Insurers who adopt an RPA strategy have an opportunity to build a more responsive business model by off loading administrative tasks that are very structured repeatable process, where the same decision is made every time in the same circumstance.  Software Bots can process higher volumes of task more quickly and more accurately than a human.  This emerging technology will change the competitive landscape in insurance for years to come by removing nonessential tasks from knowledge workers, giving them back more time to focus on the customer experience and spending their valuable time on more meaningful work.

Deloitte recently released a report of Robotic process automation and cognitive technologies in insurance and their view of the impact of these technologies may have on the industry:

  • In most insurance organizations, the current delivery pyramid is significantly bottom heavy with the majority of volume-heavy transactions and reporting processes (e.g., regulatory reporting, claims processing, document verification) being performed by humans. Robotic process automation in insurance will likely reshape this pyramid as insurers automate many of these transactions/processes, potentially reducing the size and engagement of the bottom and middle layers of the delivery pyramid, with growth in the top layer.
  • For example, knowledge workers might have access to personal cognitive assistants to enable data-intensive jobs and aid in decision-making. This phenomenon, widely termed “Bring your own robot,” would likely make employees more productive and efficient, allowing them to focus on innovations to help serve customers better, for example.

RPA Bots can in essence “mimic” insurance workers low valued tasks by performing date entry, opening emails, applications, and websites, cut and pasting data across multiple systems, etc.  

According to The Lab Consulting the top uses of Robotic Process Automation in Insurance are:


· Pen, log in, and toggle between different applications and systems.

· Copy and paste data from spreadsheets to core systems.

· Move data from core systems to spreadsheets.

· Move information from Core System A to Core System B.

· Pull data from invoices into a core system.

· Open an email and move its data into a core system.

· Move files and folders from desktops to servers.

· Scrape information from the internet and websites.

· Calculate data automatically to create reports.


Common RPA use cases across insurance segments:

  • Life Insurance:  Processing of Client Service requests including change of address, policy change requests, surrender requests. The Bot can automatically open & review email, extract pertinent data and key data fields into core line of business applications the bots can also order labs and other underwriting reports as needed based upon transaction type. 

  • Property & Casualty:  RPA can be used to eliminate much of the administrative work required for Claims processing.  The Bot can perform verification that the policy is in-force and ensure that the claims data matches the policy information.  Once verified the bot can then enter the required information into the claims handling system to set up the claim. 

  • Health Insurance Payers:  Most often, 80% of claims coming into a payer are EDI claims which are already in electronic format and meet an industry standard that enables straight-thru-processing.  However, 20% are paper claims that represent 80% of the claims processing costs.  Bots can process paper claims by opening the PDF file after it is digitized, copy the fields from the form and paste them into the content services platform for storage.  The bot can then verify the data against the claim system and then update the specifics to kick of the claims process.  The bot can then trigger an automatic email to the customer confirming that their claim has been received. 

 

Interested in learning more?  

REQUORDIT has the tools and experience to deliver proven solutions leveraging a leading RPA technology that could provide significant advantage for your organization. 

Don’t wait for this opportunity to pass you by.   Learn about it today.  

Ruth Fisk

Ruth Fisk

has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp

Solutions

discover 01

Insurance Solutions

Insurance is inundated with highly complex processes. REQUORDIT can help you maximize the potential of your team by helping automate many of the repetitive manual tasks across the insurance organization.

Webinar

webinar 01

Hyland Robotic Process Automation

Discover new opportunities for solving business needs with Hyland Robotic Process Automation.