Let's Talk! +1 (646) 216-7541

Home RPA For My Business Industries Insurance

Robotic Process Automation For Insurance Organizations

Zero Cost Licensing is an Automation Game-Changer

Improve fraud detection, build faster claims processing, and create as many bots as you need with OpenBots RPA. Insurance organizations have many critical processes that can be executed by RPA bots, and with zero cost licensing, these companies can scale quickly and immediately to meet their automation goals. 

Reduce Insurance Processes by
60% With RPA

Given the high-volume and repetitive nature of many insurance processes, Robotic Process Automation (RPA) is an ideal solution to help insurance companies enhance productivity and reduce operational costs while improving business efficiency.

Insurance companies have no shortage of automatable processes within their operations, however, they used to be limited to only automating a few because commercial RPA Software licensing is so costly. 

To solve for this, OpenBots eliminated the cost on all bot licensing. With zero cost bot licensing there is no barrier to entry and organizations can scale quickly and elastically without concern for budget constraints. 

License-free RPA can streamline a variety of operational insurance processes:

  • Form Registration
  • Policy Cancellation
  • Channel Management and Customer Acquisition
  • Claims Registration and Processing
  • Customer Complaints
  • Underwriting
  • Onboarding
  • Updating and Verifying Customer Data
  • Retrieving Policyholder Data from Various Sources
  • Generating Follow-Up Alerts

“This is not about cost savings…this is about enablement. With OpenBots, I have the flexibility to customize my automation program to suit the needs of my team and our Company.”

-Head Of RPA
at an Insurance & Investments Company, Ontario, Canada

RPA Improves
Insurance Claim Processing

RPA helps policy holders gather data from various sources and compile it into a centralized document so claims can be processed faster with more accuracy.

Recent case studies show that insurance claims can be processed 75% faster with Robotic Process Automation.

Insurance Underwriting and
RPA

Robotic Process Automation automates the process of gathering information from various internal and external resources, which alone can reduce weeks off of the overall underwriting process time. Bots can also update multiple fields across every system simultaneously to help ensure accurate, up-to-date, information and generate a report when its complete. 

RPA bots have a large impact within underwriting as automation can help free up about 30% of an underwriter’s capacity. RPA also mitigates risk in the underwriting process and allows Insurance organizations to take on more clients as there is more time to dedicate to new customers. 

Manual Insurance
Data Entry Process vs. RPA

In the insurance industry, a substantial amount of data is entered manually into various systems of record such as quotes, insurance claims, and customer information. 

This is extremely time consuming and a very expensive process for Insurance organizations.

Manual data entry is also prone to errors and inconsistencies that can be detrimental for some clients. 

Robotic Process Automation can easily execute data entry, and with bots, can complete the process with complete accuracy.

With OpenBots RPA, you can create automations to execute processes as such either on-premise or on the cloud allowing for maximum security and server bandwidth. 

RPA Insurance
Insights

Citizen Developer RPA Challenges and Benefits_min

Citizen Developer RPA Challenges and Benefits

Interested in workflow automation? This article covers citizen developers RPA challenges and benefits. After reading, you’ll be ready to improve your RPA program, starting with…

Top Objections to Robotic Process Automation in Financial Services_Blog

Top Objections to Robotic Process Automation in Financial Services

Are you interested in using robotic process automation in financial services? In this article, we’ll cover the top objections to RPA in financial services, starting with…

How to Pick the Best RPA Tools for Your Business_blog

How to Pick the Best RPA Tools for Your Business

Do you know the difference between RPA tools and platforms? In this article, we provide an overview of the leading platforms to scale your RPA, starting with…

Insurance Automation FAQs

Where is RPA used in the insurance industry?

Insurance companies of all types use RPA in several areas such as Claims Processing, Underwriting and Quotes, Policy Administration and Servicing, and Sales Distributions. Due to the high standardization of processes and the repetitive nature, many major functionalities of Insurance companies can be automated with RPA.

What RPA Platform is Best for Insurance Organizations?

There are several major RPA Platform Vendors in the industry, it depends on the needs of the organization. Different tools offer varying add-ons such as Desktop Automation, Document Processing, Process Mining, and Cloud Orchestration. Only one enterprise-grade platform offers all of these features AND zero-cost bot licensing.

What are the main benefits of insurance automation with RPA?

RPA reduces operational costs, improves efficiency, and guarantees process accuracy with no errors.