Nividous RPA Success Stories in Insurance
- >50%Reduction in process turnaround time6000Staff-hours saved per months100%Reduction in human errors75%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 FTE75%Process tasks were automated50%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.
- 14Quotes per second at peak load92%Process time reduction5000Quotes per day80%Improved data accuracy
Leading Life Insurer Modernizes its Pricing Model for Liability Insurance using Nividous RPA Bots
Nividous RPA 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 RPA solution has also enabled a service-based architecture for quick and seamless integration with partner banks, mobile applications, and core business systems.
- 90%Reduction in manual efforts95%Reduction in turnaround time80%Improved productivity
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 RPA Bots, which improved the service delivery significantly and reduced the process turnaround time by 95%.
- 100Hours per month
in labor-saving85%Faster processing time45%Improved productivity75%Improved visibility
Automated Report Generation, Distribution, and Reminders of Policies Due for Renewals
The staff was involved in manually downloading, segregating, and sharing over 3000 reports for policies due for renewals across regions to respective regional managers, agents, and insured clients. Nividous RPA Bots were deployed to automate the complete process freeing up resources to focus on more productive tasks.
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.
Integrate Legacy Systems
Enhance Service Delivery
Offer Customized Solutions
Robotic Process Automation in the Insurance Industry
Reimagining insurance with RPA enabled solutions
The insurance industry is witnessing a rapid expansion on a global scale and Robotic Process Automation can empower insurance companies to cope with the change. Robotic Process Automation (RPA) in the insurance industry has proven to be a game changer when applied to core processes such as claim management, underwriting, policy acquisition and services, and back-office operations. Join Alan Hester, President at Nividous as he talks about the RPA use cases in the insurance industry.Watch On-Demand