We all know the value of data and documents during Claim Processing. A small error in data can make the entire customer service and customer operations chaotic. Also, Claim Processing requires collecting vast amounts of relevant information from various sources of Claimants, Hospitals, police, and other insurers to make decisions about whether the claim needs to be paid out and for how much. All this information needs to get transferred to the insurer’s digital record of the incident. Currently, this process gets handled manually, which makes it an even lengthier process to handle. It is not advisable for companies, especially big Insurance organizations, to stick to this paper-based process, which makes the process of handling of needs or requests of their increasing customer base all the more difficult. If we have to take the example of an Auto-Insurance claim, we can encounter a scenario like this:
When the auto Insurance is filed immediately after the accident: In this case, some onlookers would have to tow their car and call for help. There are a couple of customers who even pay for such roadside assistance.
Here, RPA can help automate the translation of the data immediately and provide a tow truck to the customer much faster.
Claim Processing is a favorite when it comes to RPA methodology. The recent analysis shows that the claim can be processed 80% faster with the usage of Robotic Process Automation (RPA).RPA helps insurers collect data from various sources, which can get condensed into a concentrated document. That could help in processing the claims at a much faster pace. RPA could also assist in verifying data that gets obtained through different internet sources. A life insurance carrier can use RPA to verify death certification on govt. Websites. Auto-Insurers can use public records for checking if a claimant was arrested and dealt with mal-practices or DUI.
An Insurance company has to put up the steps for data collection and verification for the Robotic Process, after which the Robots would handle the claim processing with high accuracy and at a faster rate. Insurance companies have to take care to update the process workflows of the Robots as and when requires, as this may cause much chaos for a risk-bearing industry.