“Even before insurers have charted a course for digital transformation, it can be beneficial to start by embracing tools that will help along the way, such as robotic process automation (RPA)” - quotes a recent Forbes article. Higher margins is a sweet dessert desired by all Insurance Companies, and you can gain this by automating your business processes. We have listed a few of them below.

Automation areas with use cases

• Mortgage Lending (optional core process – bullet point # 3) - Insurance cos can exist without this process
  • Document Processing (Application & Document Processing)
  • Financial Comparisons (e-KYC, Credit Score validation)
  • Loan Package Review (Final approvals and rejections, waiting for approvals and then doing the remaining tasks)
• Claim Processing (core process – bullet point # 1)
  • E-KYC & Claims Verification
  • Assessment, Processing & Settlements
  • Policy cancellations / rejections
  • Data gathering from Various Sources
  • Data Validation (covered under Verification / e-KYC)
• Compliance Monitoring & Reporting (offshoot of core-process – bullet point # 4)
  • Extraction & Configuration of Data Update / Maintain Customer Profile
  • Generating Regulatory and Compliance Reports
• Underwriting (core process – bullet point # 2)
  • Health risk assessment
  • Credit Score checks
  • Fraud Detection (duplicate application / re-applying for policy)
• HR Processes – Everything from employee onboarding to exit-related formalities are managed efficiently by our robots. All our robots just require a one-time training on your business rules, exceptions and processes.
• MIS Cadence Reporting – Those hourly / daily / monthly reports can now be managed with least human intervention. Collating numerous Excel files, data sets, or PDF files to create a Master report / Dashboard could never be so easy. Robots perform end-to-end tasks – right from data laundry to emailing the reports to end users.

Investment management:

• Execute trades at pre-specified conditions / triggers
• Create intelligent alerts based on market scenario
• Making decisions as per pre-defined business rules
• E-KYC Verifications and fraud detections
• Maintain record of all automated activites for economic esearch
• Auto-download daily data from Exchange website
• Data Entry with 100% accuracy and automation
• Data entry from Excel / PDF / Browser / 3rd Party Apps directly to Excel / PDF / Browser / 3rd Party Apps
• Copy data from emails to ERP / browser / any Application
• Send alert emails as and when needed
• Document processing / uploading / downloading / emailing / sending over WhatsApp and more

Accounts payable & receivables:

Variety of transactions automated with 100% accuracy

Data recording:

Data entry from Excel / PDF / Browser / 3rd Party Apps directly to Excel / PDF / Browser / 3rd Party Apps. MIS Reporting cadence (create, publish and email reports on hourly / daily / monthly basis).

Invoice management:

Collect information from incoming emails as soon as they arrive and transfer it to other files / systems with zero / least manual efforts.

Financial closing:

Auto-audits of financial reports based on pre-defined rules and conditions, and all other closing activities (Compliance and regulatory, Report consolidation activities etc)