15 Mar Insurance: Faster and more accurate underwriting with RPA
Data management has been automated with software robots, taking additional risk factors into account with the result that underwriting is faster and more accurate. This, in turn, leads to improved margins, as the insurer can now calculate risk and reinsurance capital more accurately, as well as premium levels.
Highly detailed risk assessment is a key success factor for insurance companies – potential claims tomorrow directly influence financial planning and resources today. But what seems like a simple task is a challenge in everyday practical work. This applies to new policies, as well as existing contracts. An increasing volume of data is available on insured properties and their location which must be taken into account when planning risk (and subsequent capital), both as updates to existing accounts as well as in algorithms for underwriting new ones.
The Servicetrace Robotics Process Automation solution helps staff maintain data to free them from monotonous, time-consuming administrative tasks. The automated process is also faster and completely error-free meaning the underwriting process is more accurate and up-to-date. This affords the insurance company more planning security and flexibility. The client is currently reviewing other areas which could benefit from robotic process automation.
There are many common business processes that can be completed faster, more accurately while remaining 100% compliant with regulations using software robots.
Read more case studies and customer references about Robotics Process Automation here.