Building a Digital Future for Insurance with Intelligent Automation

Insurance companies are adopting Intelligent Automation to succeed in a changing industry

The rise of industry disruptors and price transparency, together with a changing global climate, new customers expectations and regulatory scrutiny, are bringing change to an industry that has often been regarded as reactive when it comes to investment and innovation. Insurance companies are emerging from the shadows to build a new future for the industry that embraces new technologies and transforms the customer experience.

The Journey from RPA to Intelligent Automation: a key next step for insurers

Insurance companies have long invested in automation to drive efficiency and productivity. Blue Prism has worked hand-in-hand with insurance companies in areas such as claims processing, underwriting and customer services to reduce costs, increase productivity and reduce average handling times. Insurance companies are now deploying Blue Prism's Connected-RPA technologies such as Natural Language Processing, Machine Learning and OCR to extend the benefits of automation and deliver new ones. They are harnessing Intelligent Automation to re-shape their business models in order to grow revenue and increase profitability - providing personalized offers, selling more products directly to customers and developing new pay-as-you-use services.

Transform the customer journey

  • Create new improved service offerings from greater data insight
  • Build bespoke offers for customers to improve customer satisfaction
  • Provide faster policy approvals with automated KYC

Detect fraud at speed

  • Check claims history faster for improved decision making
  • Improve fraud pattern detection with Connected-RPA
  • Detect anomalies in individual claims to detect potential fraud and criminal activity

Change the underwriting equation

  • Faster decision making through reduced data collection time
  • More accurate risk assessment from aggregated customer data
  • Improve throughput of low risk cases, increasing time spent analyzing high risk cases
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Operations
Operations Fraud & Compliance Customer Journey

Streamline underwriting and back office operations

Insurers face uncertainty about how they will maintain profitability because of price transparency and the difficulty in securing policy retention. With the volume and scale of pay-outs increasing, they need to find new ways to drive down costs and increase productivity.

Claims Submission

Digital Workers can accept and review insurance claims submissions 24/7. Claims teams process more claims in a shorter time frame yielding high productivity rates, lower operational costs and higher customer satisfaction rates.

Policy Details Validation

Automate the initial validation of claims and identify exceptions for review by underwriters.

Correspondence Routing

Digital Workers route correspondence, such as blood results and medicines, more efficiently to underwriters.

Payments, Credit Management & Recoveries

Manage insurance cancellations and credit card rejection processes automatically and process payments received via multiple channels.

Minimize the risk of insurance fraud

Insurers are seeing a steady rise in the numbers of fraudulent claims made. In a price competitive market, they need to mitigate unnecessary losses. Automation can bring the latest data analytics tools to implement a robust strategy to deter and identify fraudulent claims. At the same time, Insurance regulators are looking to formulate regulations to govern cyber risk-handling approaches and address concerns about inappropriate usage of big data.

Redemptions Processing

Cross-check multiple systems for compliance assurance automatically.

Compliance Reporting

Automate the preparation of reports for the regulator.

Fraud Prevention

Digital Workers check reported claims history against actual claims history to improve fraud prevention at the time of purchase.

Sales Quality Assurance

Gather and sample customer data automatically and streamline reporting on adherence to compliance and rules of sale.

Differentiate with exceptional customer experience

Switching has never been easier in the insurance industry. Insurers need to differentiate in the quality of the customer journey, offering highly personalized products and delivering outstanding services to their customers across channels.

Customer Onboarding

Enable new customers to successfully apply for insurance products in minutes with automated KYC checks to support digital platforms.

Product Applications Processing

Improve application processing with 99% of applications processed the same day by using automation to extract data from multiple legacy platforms.

Dispute Referrals

Connected-RPA enables automated data collection and hand-off to third party legal, in cases of disputed liability.

Sales & Service

Automate repetitive insurance sales processes including certificate issuance as well as requesting or generating NCD evidence.

Sales Administration

Digital Workers can administrate mid-term adjustments, policies and deceased notification as well as correct any account data mismatches.

Want to know more?

We support your business across its functions. Discover the benefits of RPA applied to your challenge in the insurance sector.

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Why Connected-RPA?

Compliance

  • Comprehensive, irrefutable audit logs
  • End-to-end object & process change history
  • System & process execution audits
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Scalability

  • Re-usable & shareable objects/processes
  • Many-to-many process assignment
  • Processes in parallel
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Rapid Deployment & Methodology

  • Process Discovery
  • Robotic Operating Model (ROM®)
  • Success Accelerator
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Security & Access Control

  • Veracode Verified Continuous
  • Decoupled build & run
  • Disk level encryption & data masking
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Performance & Stability

  • Database layer resilience
  • Supports hybrid-cloud infrastructure
  • More productive & efficient
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Intelligent & Extensible

  • Drop-in AI skills from DX
  • AI Labs & Innovation Center
  • Data Gateways
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Hear it from one of our customers

Aviva improves customer experience with Intelligent Automation

Hear Andrada Covaci, Head of RPA for Aviva, explain how Aviva has automated end-to-end processes which have had a direct impact on their customers’ experiences. Aviva, an insurance company, is using Blue Prism RPA across all of their lines of business.

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