Home › Insight › Four Reasons Insurance Companies Need an Zero-License RPA Tool

Four Reasons Insurance Companies Need an Zero-License RPA Tool

by Ashish Nangla - February 26, 2021

RPA Can Streamline an Organization’s Data and Processes

Day in and day out insurance companies are receiving large amounts of data, including complex information, such as insurer’s underwriting, rating, marketing, and claim settlements. With employees completing the majority of these tasks, a company must dedicate a large amount of time and money, while also suffering from the inevitability of human error. Automation provides an alternative that can settle these disadvantages. With automation, data can run efficiently, and therefore leaves much less room for error because of the accuracy of the technology. With RPA handling this process, human resources can be directed to more important tasks.

RPA Can Provide Increased Compliance Data

With insurance companies having to comply with different rules in all states; it is important that they are up to date and stay current with each state’s privacy and compliance laws. With laws consistently changing towards more protective privacy, having up-to-date information is more important than ever. RPA can help generate intricately detailed data logs of all transactions, track processes and ensure compliance with regulations are accorded. This ensures fewer issues arise in external audits.

RPA Provides Seamless Scalability

Another great aspect of RPA technology is that software automation never gets exhausted from its processes. These are bots that will work continuously towards your organization’s goals every day, ensuring quality work and flawless execution. With so much work being optimized by the bot, the organization will have an increased work capacity at no additional expenditure. If an increase of work is demanded insurance companies simply need to assign more bots to the task and automate them accordingly. This cuts out the need to train employees and reduces error.

RPA Provides More Focus Towards Customer Experience

RPA improves customer experience and turnaround times by simplifying the claims process and providing a quick process for customers. This provides an increase in customer satisfaction and experience. Additionally, if RPA is executing on repetitive items such as claims processing, manual data, and document verification, then more human resources can be driven towards the realm of innovation and creativity. With such free capabilities of staff and exceptional and efficient client turnaround times, an organization can create a happy workplace culture as well as an increase in employee satisfaction.

To conclude, the insurance business has been around since 1752 and has helped the world become more secure and protected. With the times that the world is currently steering into it is now more important than ever that insurance companies rely on automatic processes to deal with their heavy workloads, especially regarding tedious and repetitive tasks. Using Robotic Process Automation software is necessary overall organization and customers happy. The world is rapidly changing, and it is time for insurance companies to follow.

About Ashish Nangla

An InsureTech Leader with more than 16 years in the Insurance & Financial Services industry, Subject Matter Expert in User Experience (UX), Blockchain (Distributed Ledger including Ethereum, Hyperledger, Quorum, Corda), Artificial Intelligence (AI) & Machine Learning, Predictive Analytics, Chat Bots, Internet of Things (IOT), Usage Based Insurance and Cloud. Ashish is an Avid supporter of the technological evolution and is constantly exploring the possibilities of how technology and innovation can be leveraged to add more value businesses and their processes. At OpenBots, Ashish’s vision is to democratize enterprise RPA by eliminating bot license costs and make automation and the benefits that come with it more accessible to all.