As technology evolves and customer expectations and demographics change, the insurance industry’s focus must shift to remain competitive. Kryon Robotic Process Automation (RPA) software utilizes powerful technology including machine learning and artificial intelligence (AI) to give insurance companies that edge.

Specifically, RPA allows you to discover, automate, and optimize your business processes for greater accuracy and efficiency. No software development experience? No problem. Kryon’s RPA software is built with the business user in mind. It finds your optimal automation opportunities and builds workflow automation solutions for you and features user-friendly tools that allow you to make any changes you want. When you’re ready, simply click “automate,” and watch your digital workforce go!

It’s no secret that the insurance industry is riddled with repetitive multi-step back-office processes, making it the picture-perfect candidate for RPA. These menial, manual processes, although critical, can often take a toll on business efficiency, customer satisfaction, employee experience, and overall financial health.

These repetitive processes by themselves are certainly obstacles for insurance providers, but they are often intertwined with the following industry challenges:

Industry Challenges

Data and Source Overload

Data entry and other repetitive, manual processes are common across the insurance industry, which requires considerable time and energy. It also leads to negative consequences like human error, which can increase the risk of regulatory breach.

Rules and Regulations

Insurance providers have no shortage of strict regulations to comply with. And with the ever-changing nature of rules in capital requirements, reporting, and transparency, this can be a significant challenge for insurers.

Slow Legacy Systems

Insurers have long since used legacy systems in their back offices to keep business running. These systems are often unable to keep up with the demands that today’s insurers face. Put simply, they are outdated and slow.

Evolving Customer Expectations

It’s no secret that an elevated customer experience is all the rage across countless industries today. The insurance industry is no exception. Customers now expect next-level service that is prompt and consistent, and they deserve it. They also value having options available to them. And of course, price transparency is more important than ever.

How Can RPA Help Insurance Providers?

RPA has been a game-changer on the insurance scene, bringing with it exceptional benefits for providers everywhere. Let’s explore some of these benefits and check out some real-life examples of how RPA has helped leading insurance providers tackle common obstacles to efficiency.

Rapidly Deliver ROI with Non-Invasive Deployment

You don’t have to disrupt your system’s underlying infrastructure to let RPA do its magic on your business processes. Kryon’s RPA solution lets you automate processes on your various business applications without any complicated integrations. This even includes legacy systems. As a result, you can realize an impressive ROI, and the process of implementing RPA isn’t so daunting.

Goodbye Human Error, Hello Accuracy

Human error is a costly reality for insurance providers everywhere. But when robots take over your multi-step, repetitive tasks that used to be prone to error, accuracy becomes the new standard. And without human error to worry about, you can rest easy knowing your data processes are safer than ever.

Streamline Underwriting

RPA automates the process of data collection from both external and internal sites, which saves a significant amount of time for your underwriters. RPA can also populate multiple fields in your internal systems with the correct information. It can then draw a report while analyzing the loss of runs, which offers valuable insight.

Improve Governance and Regulatory Compliance

With RPA, you get access to a detailed log of activities with documentation of each step in the process. This can be immensely helpful for keeping up with regulatory compliance. RPA’s ability to rid your processes of human error also functions to enhance compliance. In an age where regulations are plentiful and only increasing in numbers, this is an invaluable benefit

Claims Processing

A prime area within insurance where RPA shines brightest is claims processing:

Enhance Claims Processing Efficiency

Automating your manual processes can help you streamline and increase the accuracy of your claims processing. Such processes may include sorting, validation, data entry, and document routing.

  • Use Case: One leading global insurance provider used to spend four days a month manually verifying their claims payments’ accuracy. They routinely visited 26 different bank websites to check on each one’s account status and verify and update that all claims payments were made accurately. When they decided that enough was enough, they turned to Kryon’s Automation Suite, which automated this process. Now, bots automatically complete the entire process in just two hours. As for the staff who used to do manual labor, they now get to spend their time on more engaging, value-added projects. Work that uses their strengths that are exclusive to humanity, like creativity, emotional intelligence, and strategy. And thanks to RPA, the organization no longer faces any problems involving information that didn’t get collected or missing customer claims

Save Money

It’s in providers’ best commercial interest to join the digital revolution and embrace RPA. One of the most significant areas within insurance that benefits financially from RPA is claims processing. This can in part be attributed to the efficiency and accuracy that RPA can deliver to business processes. After all, with efficiency comes savings.

  • Use Case: A global insurance company used to receive 40-50 claims every day. Before any approvals could happen, employees had to meticulously evaluate and verify the claims to ensure that they met several factors. To further complicate matters, most claims came as unstructured data that was difficult to extract information from. This inefficiency had a negative effect on the customer experience and meant that the company ended each year with millions of dollars in claims left open.
    With a Kryon RPA solution in place with ABBYY FlexiCapture to assist claims processing and payments, the company was able to leave their inefficiencies behind. Kryon robots now run scanned claims through ABBYY FlexiCapture, which makes the unstructured data into structured formats that the robots can easily understand. The robots then verify this data’s accuracy and check any exceptions. Any claims that contain incorrect information or exceptions are then routed to an employee to take a closer look. This has not only eliminated human error, but it lowered the processing time by 80%. It also saw an 80% reduction in OPEX, as it now only needs 5-7 people to process its daily claims, rather than 40. And all this efficiency has meant an improved employee and customer experience.

Scalability for Business Growth and Happier Customers

With all the regulations that the insurance industry faces, it’s hard to move as quickly as today’s customers may desire. However, providers who make even the smallest effort to move quickly will have a significant competitive advantage. And RPA is a great opportunity to do just that through better scalability.

With RPA, scalability is natural. First, you can deploy as many or as few robots as you want. This means you can easily change your digital workforce as your business’ needs change over time. RPA also offers insurance providers scalability by making it easy to gather policyholder details, which in turn accelerates insurance claims settlement.

And let’s not forget RPA’s time-saving abilities. RPA empowers you to treat your customers to the outstanding service that they deserve. Instead of spending all your time tending to manual processes, you can prioritize other important matters, like speeding up the turnaround of other processes.

Save Considerable FTE Hours

When RPA accelerates your payment processing, you can save a significant amount of full-time equivalent (FTE) hours annually.

  • A leading global insurance provider faces thousands of insurance claims every week. Each document included 5-70 pages, and each one required individual analysis to verify the ID. Saying that this process was time-consuming would be an understatement.
    When Kryon’s Automation Suite was brought into the picture, bots became responsible for locating the ID on each page. Without this tedious step on their plates, claims processors now simply open the document and are directed to the necessary page. No more searching through the full document. In the time they aren’t spending page surfing, claims processors get to work on more value-added tasks instead. As a result of RPA, the provider saves thousands of FTE hours annually, which in turn leads to cost savings, too. Additionally, customer satisfaction has improved.

Other Processes Well-Suited for Automation:

  • New Business Applications
  • Policy Cancellation
  • Form Registration
  • Processes within Finance and Accounts

RPA is helping insurers to save money, streamline their processes, and enhance compliance, all while exceeding their customers’ growing expectations. What can RPA do for you? Contact your Naviant account manager to learn more.

And be sure to check out the next installment in our RPA Across Industries blog series, where we discuss the benefits and use cases of RPA in the Finance world.

About Kara

As a content writer for Naviant, Kara’s goal is to help companies better understand how Naviant can assist them with their document management, intelligent capture, and workflow automation needs to reach their goals. Through authoring articles and blogs after researching and conversing with subject matter experts (SME), Kara transforms complex content into simple pieces that educate business users about how this technology can help them. When she isn’t writing, Kara can be found doing anything active or arts-related and supporting her alma mater, the Wisconsin Badgers.