RPA quick solution for Policy cancellation process
A critical process in the Insurance Company is the cancelation process. It is a systematic and complex process like any other Insurance process. This process has become quite regular with Insurance companies due to changes in policies because of the increase in smart car usage, availability of alternative transportation, or due to competition in pricing. Some other factors which may lead to the cancellation process could get listed as fraud, license revocation, or lack of payment.
Before the advent of Automation, such Insurance agencies relied on a manual process, which included identifying anomalies, periodic report generation, or custom report generation. Imagine scanning the cancellation date and type of each applicant manually and feeding it into the system. But, with Automation in the picture, such processes have become easy to replicate by a robot reducing the processing time and making the process less cumbersome.
We can use the RPA process to automate the Policy Cancellation process, which is time-saving and error-free. It strictly follows the rules and steps for cancellation, leading to no chaos. Usually, the RPA process integrates Mainframe, web-based applications, and Outlook to follow the cancellation process end-to-end. Also, a robot gets into action round the clock, increasing the efficiency of handling a large volume of applications.
With RPA to the rescue, an agency can easily select details from Excel, scan invoices used software called OCR, and carry out a checklist in mainframe to finally cancel the policy.