The era of robotic process automation (RPA) coupled with deep learning is here. From back-office functions to customer solutions, it has effectively turned processes around on their heads. Leading banks, hedge funds, and asset managers have successfully leveraged RPA tools not only to streamline standard processes but also to save money significantly.

1. ROBOTIC PROCESS AUTOMATION POWERS DIGITAL
TRANSFORMATION IN INSURANCE INDUSTRY
ARTIVATIC.AI

2. STATISTICS
➢ Juniper Research on automation in the insurance
industry says that almost half of all insurers will invest
in RPA by 2024.
➢ Another study from McKinsey on digital disruption in
the insurance industry found that AI automation can
cut the cost of insurance claims processing by up to
30%.
Source: Juniper Research

3. The era of robotic process automation (RPA) coupled with
deep learning is here. From back-office functions to
customer solutions, it has effectively turned processes
around on their heads.
Leading banks, hedge funds, and asset managers have
successfully leveraged RPA tools not only to streamline
standard processes but also to save money significantly.
The Need For Robotic Process
Automation In Insurance

4. AUTOMATION POTENTIAL IN INSURANCE
Insurance Business Processes
can be broadly classified
under three categories -
strategic, knowledge-based,
and transactional processes.
Repetitive
transactional
processes
• like data entry of risk and claim information, automated underwriting
and claims settlement for simple, standard cases, communication letter
generation etc. have a very high potential of automation.
Knowledge-
based processes
• that require some intelligence like underwriting & claims decisions for
medium complexity cases, policy change requests involving financials,
renewal processing, coverage query resolution, can be partially
automated, with limited intervention from generalist underwriters and
claims adjusters.
Strategic
processes
• such as sales, underwriting, and claims decisions for large and complex
risks, risk inspection, loss verification, which are intellectually more
demanding are best to be done by specialist underwriters and claim
adjusters.

5. HOW DOES RPA HELP IN INSURANCE PROCESSES?
Insurers regularly handle huge amounts of monotonous, repetitive business processes that cause
significant delays, thereby affecting business conversion, customer satisfaction, and profitability.
Automation in the insurance industry imitates clerical and transactional tasks and helps shoulder them
by ‘taking the bot out of the human’, as Leslie Willcocks, professor at the London School of Economics,
says.
This enables employees to focus on intelligent decision making, strategising, and investing in customer
engagement, which is every bit as crucial as technology. With non-invasive capabilities that don’t modify
any of the underlying applications, RPA in insurance delivers:

6. Enhanced operational
effectiveness and
increased cash flow
Faster communication
and shorter
turnaround times.
Improved and
personalized customer
experience.
Streamlined processes
and empowered
human resources
Better insights via data
analysis and improved
risk management

7. RPA USE CASES IN INSURANCE
Process and
business
analytics
Customer
onboarding
Claims
processing
and
registration
Underwriting
and pricing
• Underwriting is a prolonged and time-consuming process that involves gathering information from multiple sources to evaluate the risks associated
with a given policy. RPA automates this data collection from both internal and external systems, delivering faster and more accurate results.
• Claims processing is as data intensive and time consuming as underwriting. With the increase in the number of customers, deployment of bots can
make claims processing faster by nearly 75%.
• Being customer centric is how insurance and financial institutions can win the digital battle. RPA helps streamline long, tedious procedures by filling
parts of the forms from the digital data collected and power customer onboarding that is quick and hassle-free.
• In growing markets, it is essential to track business growth and measure operational efficiency to identify areas of improvement. Tasks performed by
bots can be easily tracked, compared with manual and paper-intensive processes.

8. Use cases of AI-Powered RPA program
Utilize online
information to identify
claim fraud patterns.
Identify up-sell and
cross-
sell opportunities based
on customer interaction
patterns.
Improve customer
experience through AI
bots with natural
language
processing capabilities
to manage customer
service interactions
Analyze sentiments,
intent, and behavior to
design customized
insurance products
Speech analytics to
understand customer
perception for the
brand
Use machine vision to
assess the severity of
damage to
cars/properties etc.,
using real-time video
footage.

9. Market disruptions by robotic process automation in the insurance industry
51% of financial jobs are prone
to be transformed
by automation.
Automation in digital
marketing campaigns will also
see a rise
Operations such as policy
servicing and reporting will be
affected by automation with
highly streamlined digital
processes.
Back-office services will drop
significantly with the sharpest
FTE (Full-time Equivalent) shift
and migration.
Underwriters and insurance
agents of the future will use the
tools that work with inputs
provided by the cognitive system
created by the intelligent
process automation.
Insurance companies will need
to upskill the different layers of
the employee pyramid to re-
deploy human resources into
more complex, quality-
controlled, judgment-
intensive roles.

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