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Robotic Process Automation in Insurance

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.

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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.

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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.

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90%

Reduction in manual efforts

95%

Reduction in turnaround time

80%

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 Bots, which improved the service delivery significantly and reduced the process turnaround time by 95%.

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100

Hours per month
in labor-saving

85%

Faster processing time

45%

Improved productivity

75%

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.

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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.

Insurance Integrate Legacy Systems

Integrate Legacy Systems

Eliminate the risk and cost of high investment in infrastructure and technology. RPA enables a non-invasive way of solution integration that supports existing EAI and BPM architecture.

Insurance Enhance Service Delivery

Enhance Service Delivery

Improve speed of service delivery by automating both back and front-office operations, including policy administration and agency management processes.

Offer Customized Solutions

Offer Customized Solutions

Use RPA to gain better insights about policyholder preferences and personalize solutions to meet customers’ needs.

Webinar

Robotic Process Automation in Insurance

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 insurance 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.

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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

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

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 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

Claim Settlements

Premium Reconciliations

Compliance Reporting

Standardized Document Processing

Medical Verification Processing

Bulk Payments

Data Extraction & Cleansing

Policy Validation & Cancellation

Claim Settlements

Premium Reconciliations

Compliance Reporting

Standardized Document Processing

Medical Verification Processing

Bulk Payments

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

Latest Blogs

March 28, 2023

Workflow Automation: Change Your Healthcare Facility For The Better

Published by Alan Hester at March 28, 2023

Workflow Automation: Change Your Healthcare Facility For The Better

Looking for ways to improve your patient care experience? Here’s why workflow automation in healthcare might be the answer.

March 9, 2023

What Is Process Mining And How Does It Benefit Your Company?

Published by Alan Hester at March 9, 2023

What Is Process Mining And How Does It Benefit Your Company?

Process mining is a crucial step in a far greater journey. Learn how your company can benefit from process mining — and what comes next.

March 6, 2023

Leading Companies Switching To Automation (2023)

Published by Shailee Parikh at March 6, 2023

Leading Companies Switching To Automation (2023)

As automation technology advances, the use cases increase. Here’s a list of some leading companies now switching to automation, and how they’re applying it effectively.