Many insurance providers still rely on legacy systems, so the non-invasive nature of our robots allows the technology to be an ideal solution. Typically, claims processing is error-prone and time-consuming, requiring significant investment by company employees. Replacing the need to process insurance claims manually, our Robots are to reduce the amount of time that is spent on these repetitive processes and reduce, if not eliminate, human errors. The number of active robots can be increased or decreased in a matter of seconds, so scalability is easy to achieve. It can also be implemented with limited support of an insurer’s IT team because it does not require users to have programming knowledge.
Underwriting requires a great deal of data collection from multiple sources. For life insurance, this collection of data can take up to a month or even longer. Robots can quickly gather and process the exact data that is needed relating to the applicant. It could be used across the spectrum.
A life insurance company, for example, could use a Robot to collect medical histories while an auto insurance company can use a Robot to gather DMV records. Once the Robots gather that data, they will copy and paste it into your IT systems and alert you if there are any discrepancies.
Processing claims requires inputs from different departments within the organization. The operations team will have inputs, the customer service team will have inputs, and others as well. It also requires the management of a high volume of data. These traditional claims processing workflows are tedious and time-consuming and often have a negative effect on the customer experience.
Robots streamline this process by logging into applications, opening emails, connecting to system APIs, copying and pasting data, all resulting in quick, efficient and accurate processing of claims.
Robotic Processing Automation (RPA) robots maintain a running log of their actions. Since they are programmed with specific instructions, they execute using only the exact specifications. If they cannot, they will skip the transaction and send an exception report to a human manager.
The robot’s 100% accuracy rate helps insurance companies achieve their compliance goals while the logs and automated trails help them be better prepared for an external audit.
Optelcon is in the business of making companies more profitable by reducing & containing costs, improving efficiency and sourcing more effectively. Through our strategic partners, Optelcon is vendor-neutral, RPA integrator. With over 50 RPA developers and process engineers, we use best practices to help select the best software for the job, document, program, integrate, and update the bots when processes change. We make sure it gets done right.