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In the past few years, the market for Robotic Process Automation (RPA) has grown considerably. Every successful organization wants to reduce clerical tasks, improve efficiency, and eliminate backlogs, and this is where RPA comes in. Even with the growing trend of RPA, the local community is not aware of what it is. To put it simply, RPA is a technology that allows a computer or a robot to replicate otherwise manual processes in an automated, repeatable, and reliable manner.

There are multiple RPA solutions for organizations, each making the effort to do more with fewer resources. The solutions help minimizing risks through an increased visibility and auditing trails. Robots are best suitable for tasks that are:

  • Repetitive
  • Rule-based
  • Composed of structured digital data

RPA can be used to implement multiple day-to-day services, which eventually frees up employees’ time on activities such as problem solving, exception handling, and troubleshooting. RPA, in particular, has found great use for the following services:

  • Payment processing
  • Invoice management
  • Reporting
  • Reconciliation

RPA in the Insurance Industry:

The most prominent industry use case for RPA in the last few years is in the domain of insurance automation. In the insurance industry, RPA is mainly used to process and register claims, policy cancellation and other services. With respect to the claims registration process, RPA has helped companies realize higher benefits, time and again. A significant decrease in the workforce spend, lower processing time and an easier registration process are just some examples of how companies are using RPA to find efficiencies.

However, while there are many RPA solutions providers in the insurance industry, are they delivering the level of savings they promise on the face? This is where Mindtree’s services come into the picture. At Mindtree, we look at RPA not just for clerical savings, but also to unlock business value. Mindtree’s intelligent automation solution brings together the organization’s expertise in designing business processes for the insurance industry by utilizing technologies that enable Natural Language Processing, Artificial Intelligence, Machine Learning and Process Automation. Through this offering, Mindtree partners with the insurance industry in terms of optimizing the customer’s contact center and back-office operations.

Mindtree’s Digital Insurer & Intelligent Automation helps you:

  • Re-engineer processes by bringing in efficiency and quality into the front and back-office business process.
  • Automate the business and IT process using the leading robotic automation tools.
  • Build Artificial Intelligence solutions comprising Machine Learning, Deep Learning and Natural Language Processing
  • Enable digital operational models by providing extended operating hours (24 x 7), rapid scaling and handling of peaks and troughs

With the services of Mindtree’s digital insurer & intelligent automation solution, the following goals have been achieved:

  • A leading life, retirements and annuity provider in America improved their customer experience by anywhere, anytime support on generic queries and resolving user authentication issues through intelligent automation, thereby reducing call center volume by 60%.
  • A leading American P&C insurer realized gained operational efficiency of 30 - 40% through automation of their policy and claims operations.
  • Enterprise planning for an APAC insurer identified up to 60% in cost savings through automation of its core business processes.

Our services in the insurance industry reduce clerical functions, in turn making the whole process faster. Apart from ensuring time savings, our services also minimize the error rate by implementing a solution that combines Artificial Intelligence, Machine Learning, Deep Learning and Natural Language Processing. This automates processing of unstructured inputs and embeds intelligence into process automation across core areas of new business, policy servicing and claims.

Summary:

Insurers continue to face challenges brought forth by evolving customer needs and heightened competition. And, considering the fact that the insurance sector is extremely dependent on the effectiveness of its back-office operations, insurers have started to adopt RPA to automate transactional, routine and rule-based activities, in a way that capital and talent can be retrofitted for more complicated and strategic assignments. At Mindtree, we can help craft a more intelligent approach to RPA by delivering larger benefits such as a higher premium dollar, better underwriting results and improved CSAT scores for both agents and policy-holders.

To know more about Intelligent Automation for the Insurance Industry and how automation is changing the insurance industry landscape do click the link

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About the Author

Tauseef Muhammad
Head of Marketing | BFSI - Digital

Tauseef Muhammad is an experienced B2B/B2C strategic marketing leader with 15+ years of experience in building marketing and communication teams at fast-growing technology companies in the Telecommunication, Banking, Insurance, Media, Technology, Retail, CPG, & e-Commerce industry verticals.

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