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Insurance Industry: RPA Saved More Than 1 Billion Costs

Insurance business usually has the following pain points:


1. Complex processes


Employees often need to switch back and forth between many systems in order to conduct business in underwriting, managing insurance claims, and risk analysis.


2. A lot of data


Insurance companies receive at least hundreds of claims each day, and manual operations often make underwriting and claims processing time-consuming and laborious. In recent years, with the rise in labor costs and the development of digital technology, the implementation of RPA has become an excellent choice for insurance companies to improve business efficiency and save costs.


In 2014, a large Nordic multinational insurance group took the lead in piloting RPA in business processes. Today, the group has automated 48 business processes through RPA and deployed RPA in the insurance business of global subsidiaries to improve operational efficiency and reduce costs. Application business Insurance claim specific process


Accept the claims application of the insured person →file the case → prepare the required information → analyze the claim situation→ review the case → determine the liability → make compensation


Before deploying RPA


    1. Employees transmit data in multiple systems, which consumes a lot of time and effort and is prone to errors.


    2. Manual operation may pose a risk of non-compliance.


    3. When the business volume is large, the claim processing time is long.


After deploying RPA


    1. Robot Excellence Center created to ensure smooth implementation of RPA for use by global subsidiaries.


    2. The RPA robot automatically processes data across systems, efficiently and accurately.


    3. RPA ensures that business data is 100% compliant with existing regulations and reduces risk.


    4. Robots handle a lot of business, shorten claim time, and improve customer satisfaction.


Results


RPA automates business processes, increases process efficiency by 80%, reduces claims processing costs by more than 30%, and releases 25% of the operational team ’s capabilities.


The RPA Center of Excellence has built a flexible development plan for the group company, provided new automated processes, and accelerated changes to the existing platform development roadmap.


By deploying RPA, the group saved more than $1 billion in operating costs in 2018.


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