In line with our pragmatic approach to technologically-supported business, we have consistently recommended across our series of articles to mull over robotic process automation use cases as a form of valuable ‘learning by doing’. So let us look at some relevant factual information about RPA use cases in insurance.

Real world use cases of robotic process automation in insurance

1. Underwriting and pricing

This amounts to evaluating the risks associated with each prospective client, and, based on this, deciding the price that needs to be charged for insuring the risk. It is thus a core process for insurance companies; in fact, the accuracy of this category of decisions determines the financial success of your insurance company.

A thorough, comprehensive risk assessment requires data collection and analysis from a variety of sources, which can take up to three weeks of painstaking effort. Software robots automate data gathering from both internal and external systems, entry of relevant data to internal sites, or report generation.

The whole process is streamlined and becomes a lot less time consuming, producing quasi error free outcomes.

2. Claims processing

Bots’ ease in data gathering from multiple sources is what makes it such that claims too can be processed much faster than when manually performed, i.e., in only a quarter of the time.

With the steady increase in the number of clients, it becomes even more necessary to use RPA for claims processing. Automation ensures more appropriate handling of clients’ claims, and this improves your company’s reputation.