We introduce Smarter Insurance Automation Solution.
- Media Reader Automation: The insurance industry deals with piles of paperwork during policy issuing and claims process. The paper documents are scanned and stored in their digital repository for respective back-office operations teams to manually extract relevant data and enter it into the front-end policy and claims systems. This is inefficient, error-prone and repetitive, which can be streamlined with a minimal human intervention using intelligent automation. A smart media reader solution can be developed using Robotics Process Automation (RPA) which can read and extract relevant data from scanned documents. The solution can use OCR capabilities to read data; use smart references, NLP, and machine learning capabilities to validate & process data; and interface with relevant systems to perform automatic reconciliation. The solution can be integrated with existing processes where there is a heavy reliance on extracting data/information from paper documents.
- Automated Claims Handler: Reducing handling and cycle time of the claims processes to improve customer satisfaction is one of the top priorities for any insurance organization. Therefore, it is important to streamline the claims process where we can create a condition-based RPA solution which will validate and verify the incoming request. The claims requests which meet criteria for automatic handling can be routed to the robotic processing & resolution system (e.g. chatbots); whereas requests not meeting the criteria can be routed for manual resolution. The solution can also have inbuilt rule-based fraud detection capabilities. It can be integrated with smart media reader solution to further bring down operational costs.
- Automated Underwriting Solution: One of the most classic debates of all time in underwriting world is whether – ‘Underwriting is an Art or Science?’ I believe it is both, and therefore, the solution needs to have provision for both. A rule-based RPA solution can be built for underwriting system where it will determine if a submission or renewal is a candidate for automated or a hybrid process. Under the automated process, the rules, predictive models, and machine learning algorithms will evaluate, rate and price a submission. In case of more complex submission, a hybrid process can be used where underwriters will use their art and knowledge, supported by recommendations generated by the solution.