Insurance Underwriting Process Automation with Nividous Smart Bots

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An Insurance Company Uses Nividous Smart Bots-Enabled Intelligent Automation for its Underwriting Process

 
>50%

Reduction in process turnaround time

6000

Staff-hours saved per months

100%

Reduction in human errors

75%

Throughput leading to increased business value

Industry

  • Insurance

Processes Automated

  • Underwriting of business proposals/policy applications
  • Premium calculation
  • Customer onboarding using AI and ML
  • Auto-termination pay-outs
  • Mobile automation using WhatsApp

Hyperautomation Highlights

  • Native Computer Vision-based OCR capabilities for data extraction
  • Nividous RPA Bots perform required validations on the extracted data against an internal application and a range of documents

Underwriting Process Automation for a Leading Insurance Company

The process of scrutinizing new business proposals/policy applications for underwriting was highly manual and time-intensive. 25 full-time scrutinizers were hired to perform hundreds of validations by manually comparing new proposals against data residing in an internal application and several identity documents.

The manual process of underwriting new proposals is now completely automated with the help of Nividous RPA Bots and Nividous Smart Bots. The Smart Bots come with native Computer Vision-based Optical Character Recognition (OCR) capabilities for accurate data extraction.

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The automation of the end-to-end process has saved thousands of staff-hours and expedited the process significantly. We are able to reduce our FTEs from 25 to 5 who are now involved in only exception management.

Director – Operations and IT

A Leading Life Insurance Company

 

Guaranteed Production Roll-out of a Trained RPA Bot in 3-4 Weeks

Guaranteed Production Roll-out of a Trained RPA Bot in 3-4 Weeks

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