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7 RPA Essential Use Cases in Insurance

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Top use cases of RPA for the insurance industry!
In a typical claims processing scenario, receiving, validating, and approving a claim takes several days. It takes even longer if there has been an oversight, like incorrect customer details or mismatched financial data as it has to be subject to additional checks. The entire process is costly and time-consuming, eventually resulting in the loss of customers. RPA can help reduce operational risk, improve customer experience and even free up 20–30% capacity at an enterprise level. Here in this Slideshare, we have listed are the top use cases of RPA in the Insurance Industry.

Read to know more about how to implement RPA & AI in the Insurance Industry: https://www.imaginea.com/jump-a-generation/

Want to know more about us? Visit our website: https://www.imaginea.com/

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7 RPA Essential Use Cases in Insurance

  1. 1. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 1 REIMAGINE INSURANCE USING RPA 7 RPA essential use cases in insurance PAST <40% automation FUTURE >80% automation
  2. 2. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. RETHINK INSURANCE USING RPA 2 1. Underwriting essentials for performance excellence 2. Next-generation capabilities in Claims Processing 3. Say ‘Good-bye’ to manual Data Entry 4. Pathway to deeper customer insights in Appeal Processing 5. Policy Cancellation the robotic way 6. The role of AI and RPA in Fraud Management 7. Cognitive assistance in KYC due diligence
  3. 3. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 3 Underwriting essentials for performance excellence The target. Undercut, the cost. 1.
  4. 4. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 1. Underwriting essentials for performance excellence 4 Manual application submission by applicant Manual risk-evaluation based on pre-set criteria Risk evaluation involves going through the time consuming process of taking feedback from agents and brokers Underwriters are often left in the dark to look for solutions that may reduce or eliminate risk of future Insurance claims Collect applicant data using conversational bots Early qualification analytics and supporting knowledge base empowers agents and brokers in risk assessment Underwriting dashboard aggregates information by risk type, clients and industry AI/ML powered analytics for risk profiling and assigning risk score rating OLD METHOD RPA: NEW METHOD Improves underwriting efficiency across all lines of business Creates specific and consistent Underwriting employee goals Brings down the Underwriting operational cost by up to 70% IMPACT
  5. 5. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 5 Next-generation capabilities in Claims Processing Flawless Execution. With next generation tools. 2.
  6. 6. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 2. Next-generation capabilities in Claims Processing 6 Traditional claims processing is labor intensive and time consuming Manual processing of data from scanned documents, electronic records, images, emails, etc. Long TAT (turnaround time) and lack of visibility in the claims process RPA in combination with AI facilitates self-service Claims process ensuring transparency, speed and efficiency RPA, NLP and AI solutions automatically reads and processes data from various data sources such as manual forms, digital documents, emails, etc. RPA together with Anti Money Laundering system (AML) automatically detects suspicious claims OLD METHOD RPA: NEW METHOD Eliminates possibility of human error Brings down Claims processing time and cost by up to 80%, by enabling bots to partner with humans IMPACT
  7. 7. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 7 Improvise. The past. Say ‘Good-bye’ to manual Data Entry 3.
  8. 8. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 3. Say ‘good-bye’ to manual Data Entry 8 Manual data entry continues to be the dominant approach in Insurance to handle handwritten information Data extraction, classification and documentation continues to be a labor intensive work To verify claims and make accurate payments, large volumes of Claims data has to be manually entered into disparate systems. Automate data extraction using NLP techniques and OCR capabilities from unstructured documents, scanned PDFs, mails, etc. Automate data entry into multiple systems using RPA bots. With cognitive RPA, automate multiple processes in claims processing, like claims verification and payments processing OLD METHOD RPA: NEW METHOD Improves employee productivity Automates the end-to-end flow of manual data entry processes Brings down the operational cost involved in batch data entry, data re-keying, etc. Easy to various data entry process scenarios such as data enrichment, data cleansing, data mining, data de-duplication and data extraction IMPACT
  9. 9. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 9 Pathway to deeper customer insights in Appeal Processing 100% Accuracy. Powered by bots. 4.
  10. 10. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 4. Pathway to deeper customer insights in Appeal Processing 10 Customers submit request for appeal via mail, fax or through a web form Executives read and review all the documents Manual data entry into several systems Human intervention required to transfer the case to the right team for evaluation RPA bots in combination with OCR and NLP automatically derives insights from attachments, emails, fax, forms, etc. Cognitive bots together with manual transcription detects and transcribes handwritten text Cognitive bots automatically extracts information Automatically feed data into systems, route the tasks to the right team OLD METHOD RPA: NEW METHOD Reduces manual data entry work by 85% across processes Data extraction accuracy of 99% Cuts down average routing time by 80% IMPACT
  11. 11. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 11 Policy Cancellation the robotic way The future. Automated. 5.
  12. 12. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 5. Policy Cancellation the robotic way 12 Companies prescribe standard form for cancellation of policy Policy details, date of receipt, reason for cancellation and agent details must be captured in the application manually Agents initiate the process after receiving the application It takes anywhere between 15-30 working days to process Policy Cancellation Preconfigured bots process policy cancellation request and identifies the policy by policy number Bots fill the details required by the system and automatically processes the cancellation request Confirmation is sent to the requestor, along with automated triggers to the respective departments OLD METHOD RPA: NEW METHOD Cuts down the policy cancellation processing time by 1/3rd Brings down the operational cost by up to 80% IMPACT
  13. 13. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 13 The role of AI and RPA in Fraud Management View up close. For detective insights. 6.
  14. 14. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 6. The role of AI and RPA in Fraud Management 14 Traditionally, fraud detection is completely driven by human assessment Employees verify the information and refer suspicious claims to the expert investigation team In Health Insurance, bots review the eligibility criteria of the treatment With advanced ML based data analytical capabilities, analyze historical trends and identify possible fraudulent activities With RPA and AI, identify claim anomalies, and automatically trigger alerts to concerned departments OLD METHOD RPA: NEW METHOD The time taken to detect fraudulent claims is cut down averagely by 80-90 percent IMPACT
  15. 15. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 15 Cognitive assistance in KYC due diligence Deeper insights. Delivered. 7.
  16. 16. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 7. Cognitive assistance in KYC due diligence 16 A manual Know Your Customer (KYC) check involves time consuming verification of contact and financial details KYC check tends to be expensive, requiring significant investments in resources Smart bots automatically investigates, aggregates, extracts and verifies information to mimic agent tasks RPA enables audit trail of analysis and supports decision making by automatically processing diverse document types, such as scanned PDF, web pages, emails, databases, etc. With AI enabled RPA, it becomes easy to cut through the data density, review the risk factors and automatically assign trust score for users OLD METHOD RPA: NEW METHOD Brings down the manual data entry errors Faster operations, reduction in operational cost Improves overall efficiency, results in productivity improvements IMPACT
  17. 17. Private and confidential. Copyright (C) 2019, Imaginea Technologies Inc. All rights reserve. 17 Disclaimer This document may contain forward-looking statements concerning products and strategies. These statements are based on management's current expectations and actual results may differ materially from those projected, as a result of certain risks, uncertainties and assumptions, including but not limited to: the growth of the markets addressed by our products and our customers' products, the demand for and market acceptance of our products; our ability to successfully compete in the markets in which we do business; our ability to successfully address the cost structure of our offerings; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; and our ability to realize financial and strategic benefits of past and future transactions. These forward-looking statements are made only as of the date indicated, and the company disclaims any obligation to update or revise the information contained in any forward-looking statements, whether as a result of new information, future events or otherwise. All Trademarks and other registered marks belong to their respective owners. Copyright © 2019, Imaginea Technologies, Inc. and/or its affiliates. All rights reserved. Let’s get started Images under Creative Commons Zero license. 17

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