Robotic Process Automation (RPA) in Insurance Industry

Reduce Risk. Accelerate Processing. Improve Customer Relationship.

RPA Success Stories in Insurance

  • >50%

    Reduction in process turnaround time
    6000

    Staff-hours saved per months
    100%

    Reduction in human errors
    75%

    Intelligent Automation for an Insurance Underwriting Process

    Intelligent Automation for an Insurance Underwriting Process

    The process of scrutinizing new business proposals/policy applications for underwriting required over 25 FTEs to manually perform hundreds of validations. Nividous Smart Bots with native Computer Vision-based Optical Character Recognition (OCR) capabilities were deployed for accurate data extraction, while Nividous RPA Bots performed rules-based validations.

  • 60%

    Reduction in FTE
    75%

    Process tasks were automated
    50%

    Reduction in fraudulent data
    >90%

    Improved data accuracy

    Enabling On-Device Automation of Customer Onboarding Process

    The process of collecting and validating information and documents for customer onboarding was highly time-intensive and prone to fraudulent activities. Nividous Smart Bots with natively embedded cognitive capabilities allowed this customer to deliver an exceptional onboarding experience that includes real-time mobile engagement, self-service, and omnichannel communications.

  • 14

    Quotes per second at peak load
    92%

    Process time reduction
    5000

    Quotes per day
    80%

    Improved data accuracy

    Leading Life Insurer Modernizes its Pricing Model for Liability Insurance using Nividous RPA Bots

    Nividous platform simplifies a manual and highly complex end-to-end premium calculation process for the Liability Insurance Product by automating its dynamic pricing model function that generates bulk premium rate tables for quotations. The platform has also enabled a service-based architecture for quick and seamless integration with partner banks, mobile applications, and core business systems.

  • Customer Service Automation for a Leading Insurer

    The customer receives several service requests via email across various processes and required dedicated skilled staff to categorize and process those requests on time. The entire process was automated using AI-enabled Nividous Bots, which improved the service delivery significantly and reduced the process turnaround time by 95%.

RPA in Insurance Helps in Automating Unstructured, High-Volume Processes with Ease

Obsolete models, inflexible legacy systems, and paper-intensive processes limit the speed of delivery. RPA in the insurance industry allows faster data processing by connecting discrete systems, fewer errors, and greater operational efficiency; Employees can focus on adding more value to customer engagements to strengthen their loyalty.

Webinar

InsurTech Revolution: Unleashing AI's Power in Insurance Operations

Revolutionizing the Insurance Industry with AI

The insurance landscape is standing at the cusp of a transformative journey propelled by the unprecedented influence of Artificial Intelligence (AI). Watch our on-demand webinar to explore how AI is reshaping the fundamentals of the insurance industry, providing innovative solutions to tackle rising costs, evolving customer expectations, legacy data management, and the pursuit of heightened efficiency.

Wacth On-Demand

RPA use cases in insurance include customer onboarding, claims processing, policy administration, and client servicing.

A few of the many RPA use cases in the insurance industry include customer onboarding, claims processing, policy administration, and client servicing. RPA in insurance can significantly help to reduce process timelines and lower costs – all while delivering transparent, and multi-channel customer experiences, 24x7.
Customer-onboarding

Customer Onboarding

RPA Bots can automate several tasks related to online/offline applicant form filing, document and compliance check and validation, decision policies and rules/straight-through processing, etc.
Claims-processing

Claims Processing

Automate claim processing using RPA bots that can extract and map data from any channel, and verify it based on highly configurable rules. Get complete visibility with auto-generated audit trails.
Sales-underwriting

Sales and Underwriting

Automate process such as application submission, risk assessment/evaluation, quote generation, contract issuance and acceptance by combining RPA, AI and ML technologies.
Policy Validation Cancellation

Policy Validation & Cancellation

Claim Settlements

Claim Settlements

Premium Reconciliations

Premium Reconciliations

Compliance Reporting

Compliance Reporting

Standardized Document Processing

Standardized Document Processing

Medical Verification Processing

Medical Verification Processing

Bulk-Payments-v1

Bulk Payments

Data-exraction-and-cleaning-v1

Data Extraction & Cleansing

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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