The RPA boost for the
Insurance industry

Insurance meets RPA

Most insurers today are facing one set of distinct challenges: how to create dynamic, high-growth business while managing risks and reducing costs at the same time? In many ways, they are caught between two conflicting concepts. On one hand, insurance customers are not different from general consumers. And today, all of them are savvy, connected and demanding. They expect fast, empowering and transparent customer experiences, on any of their devices, from wherever they might be. On the other hand, the enterprise applications within most insurance companies are 10 to 30 years old and were never intended to provide the functionality and 
capabilities required to meet the expectations of today’s customers. If anything, the systems have become more complex and rigid as they have changed to meet new business and compliance requirements. UiPath finds that most customers perceive the investment and risk associated with updating and upgrading these legacy systems to be prohibitive. Instead, what they are looking for is a technology that provides a bridge to the features and capabilities they need to stay competitive. Our RPA solution technology gives them a non-invasive way to integrate their core systems and ancillary software applications in a way the supports existing EAI and BPM architecture.
A real-life scenario

RPA’s impact on Insurance Industry challenges

Better customer service through RPA

This large property/casualty company has two call centers handling thousands of monthly customer inquiries that range from direct sales to claims submissions and claims status. The company’s goals were greater agent productivity, better customer service, and higher customer service levels. However, over the past year little to no improvement in those metrics had occurred. The underlying problem was not new to us. Agents were pulling/placing data from/into a complicated web of siloed databases, Citrix environments, and legacy systems. Just to make a change of address meant involving multiple systems and databases. This was difficult for the agent to explain to callers. The result was dissatisfied customers, frustrated agents, a high CSR turnover rate and a difficult training environment. The company knew their agents needed a desktop that was fully integrated with their back office systems and databases and realized there were many CSR-specific software solutions available.

 

The company also knew that any solution requiring system-level integration with the back-office would be too expensive, lengthy and risky. The RPA solution solved the cost and complexity back office issues with unmatched, noninvasive Citrix, mainframe, and legacy automation technology. Each CSR is empowered to trigger instantaneous data pulls or data sharing across systems with their own agent-assist workstation robot. What used to be a complex and disconnected system of applications and databases has been gathered into a holistic, desktop view for every agent. All three key company metrics have up-ticked. Agent productivity is over 30% higher, while call time resolution is down in equal measure. Customer service surveys show consistently higher rating levels.

 

Non-compliant Underwriting

A regional auto insurance agency operated over 30 offices with approximately 500 employees, offering both auto insurance and program administrative services. As the company grew, process, procedure and system differences arose because some offices were the result of organic growth and others from acquisitions. Policy renewal profitability had been a management concern for some time, gaining urgency when it fell across all offices during the prior year.

 

An operations audit revealed poor process controls for the entire renewal workflow particularly around information collection and procedures. Process reengineering was mandated, but robots were deployed to immediately mend the most serious renewal workflow weakness: underwriting. Renewal premiums were required to reflect Kelly Blue Book valuations, but the policy was frequently ignored. Some agents didn’t underwrite at all, they simply offered a discount on the current policy. Others lowered valuations to offer attractive premiums or just made arbitrary discounts. These shortcuts not only violated company policy. The low premiums slashed profitability.

 

Yet there was a cure. Now, renewal policies are placed in an RPA underwriting work queue; robots pull valuations from Nada, KBB, and Edmunds, reach an average valuation by applying business rules and use that valuation with the rating engine as a basis for quoted premiums. Without waiting on process reengineering, the RPA solution achieved valuation compliance; increased precision and reliability of valuation data; brought scalability to the workflow; added six figures to profitability by producing accurate, competitive premiums.

The right benefits, delivered

Intuitive user interfaces. Ease of implementation. Ability to cut the complexity of today’s global insurance industry. First-class customer service and support. UiPath offers users all this in the form of complete RPA software solutions that transform your business processes. Move your company into the future, today.

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Scalability

UiPath software robots can be increased or decreased in a matter of seconds without cost fluctuations. UiPath’s uniquely scalable technology also enables multiple robots to be placed on a single virtual machine. Intelligent scheduling also means that active software robots are allocated to different workflows based on priority and demand using work allocation algorithms. Software robots can be deployed from the Cloud or on premise, while users across business units and geographies work together from a single secure server.

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Non-invasive compatibility

UiPath’s non-invasive nature allows software to be an ideal solution for insurers that still rely on legacy systems and disparate programs. Due to its highly accurate computer vision technology, the UiPath platform interacts with the presentation layer by imitating human keystrokes and mouse clicks, meaning that there is no need to replace the existing IT setup. RPA can be seamlessly implemented in addition to existing programs (such as web, desktop, CRM, ERP, Helpdesk, and Citrix applications). The UiPath implementation is up to 8x-10x faster than its competitors in cases where Citrix is used.

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Compliance and security

With UiPath, software robots’ actions are saved into a central log where they can be monitored live and reviewed. This enables insurance providers to produce detailed analytics for better risk profiling, maintain high levels of security and enable personalized services. The UiPath platform integrates Kibana for highly customizable data visualization. These features allow insurance providers to comply with easily while adapting to the fluidity of governmental regulations.

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Intelligent operations

UiPath is compatible with Cognitive and Artificial Intelligence platforms, which are able to support insurance providers in their decision making during claims processing and customer risk analysis. By integrating Google, Microsoft, and IBM & ABBYY OCR technology, our platform enhances the RPA solution's value. OCR technology is a goldmine for insurance operations because it helps handle unstructured data and helps digitize operations. And now, with cognitive features like language detection, named entity recognition, and sentiment analysis, automation can meet the demands of complex decision making. Your business is about to go to the next level.

Success story

Global Reinsurance Company uses UiPath to achieve error-free processing of financial transactions in Underwriting and New Business.

Read Our Guide

Success story

Global Reinsurance Company uses UiPath to achieve error-free processing of financial transactions in Underwriting and New Business.

Read Our Guide