Robotic Process Automation (RPA) is an advanced technology that involves the use of software robots to automate repetitive and rule-based tasks. In the context of insurance underwriting, RPA can be used to automate various manual processes and improve operational efficiency. RPA can be used in insurance underwriting to automate tasks such as data entry, document processing, and verification of customer information. This can help reduce errors, improve speed and accuracy, and free up underwriters to focus on more complex tasks. Read this presentation to know more.

1. Create Digital Experience with RPA
in Insurance Underwriting
Hyperautomation Solutions...
Not just a platform
RPA in Insurance Underwriting

2. What is Insurance
Underwriting?
Underwriting is the procedure by which a person or a company
accepts financial risk in exchange for a fee. Most of the time, this risk
is associated with loans, insurance, or investments. Underwriters
assess loan, and particularly mortgages, to gauge the possibility of
borrowers paying as agreed

3. Challenges with Manual
Insurance Underwriting?
Underwriter’s vetting inspection identifies the applicants who
pose an unacceptable risk and inspects the policyholder’s
trustworthiness to decide the premium for providing coverage.
Performing these process manually is challenging due to-
• Collecting data from multiple sources and formatting them
• Converting unstructured data into structured format
• Offering real time assistance to policyholder for

4. Intelligent Automation is the Answer
Insurance industry can now leverage multiple technologies like RPA
and combination of AI+RPA to create an intelligent ecosystem that
can take care of all the repetitive tasks that human has to handle.
Using intelligent automation insurers can-
• Automate data extraction and processing
• Use intelligent bots to create structured data format
• Analyze risk in real time with bots
As per the report, global lending software market is
expected to grow USD 5579.4 million in 2024.

5. Benefits of Automated
Insurance Underwriting
Using automation in insurance underwriting,
underwriters can leverage multiple benefits by
ruling out the requirement of performing all tasks
manually. Some of these benefits are-

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