Blog | Insurance

5 Key Insurance Processes Ready for RPA

The insurance industry is burdened by mostly manual processes that hamper business success. Robotic Process Automation (RPA) can minimize the manual, maximize the profitable.

OCTOBER 03, 2022

Manual Processes Out. Efficiencies In.

No industry is more fraught with repetitive, mostly manual processes than insurance. Manual intervention devours time, balloons budgets, ties up talent and increases the odds for inaccuracies and errors.

It happens in the back office. It happens in the front office. It just…happens.

These inefficiencies are why more and more insurance companies are deploying robotic process automation (RPA) to transform manual processes into simply, processes.

Drawing on our insurance industry client experience, Sutherland has identified five key process areas where RPA is making a positive difference and ushering in a new wave of digital transformation in insurance. All metrics here are based on actual Sutherland client RPA process transformations.

1   Claims: Fewer Fingerprints. Faster Throughput.

Claims: Fewer Fingerprints. Faster Throughput.

Manual paper claims submissions in multiple formats and different ACORD versions can slow claims to a slower-than-snails pace. Instead, eliminate manual inputs at the source. Cut data entry and assign claims processors with a single interface.

Deploy Optical Character Recognition (OCR) integrated with RPA to automate and standardize the claims process, end-to-end.

Faster average handle time

Extraction accuracy with OCR

2   Underwriting: Accept or Decline? Why Wait?

Underwriting: Accept or Decline? Why Wait?

Should it take 24 hours to get an underwriter’s decision? Underwriters aren’t that slow. But the process is. The real culprit: disorganized submissions data and the lack of a centralized submissions review.

Process Reengineering can enable upfront declination of submissions. A Service Reunification Layer can capture valid submission data for a single-screen review. Result: quicker quotes, happier brokers.

Faster turnaround for final review

3   Premiums Adjustments: Putting a Premium on Accuracy.

Premiums Adjustments: Putting a Premium on Accuracy.

When it comes to premium adjustments, accuracy counts. Yet manually generating adjustments increases the chances of incorrect premiums at document generation.

An end-to-end reengineering of the adjustments process automates endorsements and document generation. It’s about reducing manual handling to achieve accuracy as near-perfect as possible.

Accuracy from end-to-end RPA of audit waiver queues

4   Monthly Endorsements: Win the Month-End Grand Prix

Monthly Endorsements: Win the Month-End Grand Prix

Every month underwriter assistants extend, cancel or reinstate policies in addition to other endorsements. It’s a race against time. And SLAs won’t budge.

Let’s accelerate the process with a bot programmed with specific business rules to identify endorsement types and initiate necessary actions on policies. Now UAs can relax to focus on their month’s projects and meet SLA requirements. Everyone wins.

Faster endorsements turnaround time

5   Automatic Renewals: Making Them More Automatic

Automatic Renewals: Making Them More Automatic

For many insurers, automatic renewals need specific validations. It’s a cumbersome, mostly manual process.

The answer is a bot solution that logs into the renewal app database, fetches the policy from the queue and compares it with previous and current year’s details. Once the rules are met, the policy is renewed and the customer notified. Less manual effort. Happier customers.

Less manual effort

What’s Your Best Use of RPA? Let’s Prioritize.

What’s Your Best Use of RPA? Let’s Prioritize.

Virtually any manual process can be a candidate for RPA. We’ve barely scratched the surface with just these five.

The Big Question is: Which processes generate the highest RPA ROI — and how fast?

Sutherland can help you answer this question with our process-first approach that identifies needs upfront and then proposes RPA like Sutherland Robility™ and other digital solutions to minimize manual effort.

To learn more, call us at 585.498.2042. We’re ready to help.

Improve Customer Satisfaction & Increase Revenue

Pawan Rao

AVP – Solutions Marketing

Pawan has 20+ years of experience in the IT industry across services marketing, product marketing, industry marketing, practice marketing, performance marketing, people management, alliances, account management and pre-sales

Pawan S Rao

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