IT Central Station is now PeerSpot: Here's why
2022-04-22T23:06:00Z

What are the top Robotic Process Automation (RPA) use cases in the insurance industry?

ERNEST KUZOE - PeerSpot reviewer
Senior Consultant at EMPHASIBS LLC
71

Hi community,

Can you share which RPA use cases can be applied to the insurance industry?

Thank you!

PeerSpot user
Guest
66 Answers

Ufuk Peker - PeerSpot reviewer
User

RPA is used in the most financially intensive business across all industries:


If it is specific to the insurance industry:


- Damage assessment.


- Contract tracking.


- Operation reports.


- Premium calculations.


- Customer product information.

2022-04-27T06:49:07Z
Ram-Chenna - PeerSpot reviewer
Top 5MSP

The topmost processes in the insurance industry to be automated with quick gains and wins are:

1. Claims Processing.


2. On-boarding new insurance customers.


3. Printing and dispatching of policy documents requested by customers via Service Request (or Helpdesk).


4. Uploading of documents for Claims Processing during Insurance Sales and during the eKYC Process.


5. End to End (Sales Process of insurance: Life, Motor, Medical, others).


6. KYC Process automation or eKYC Process automation.


7. Benefit Realization.


8. Need Analysis for an insurance product (part of a customer sales journey).


9. Policy renewals process.


10. Policy expiration and notification.


Thanks.

2022-04-27T05:19:20Z
Amol Gajbhiye - PeerSpot reviewer
User

The insurance domain is very big. It has different ways of working in India or in other countries. 


I have experience in the European region for more than 5 years where I had implemented the below (majorly) use cases with great ROI achievement:


1. Document Processing (Management).


2. Communication to Counter(Third) Party or Customer.


3. Policy Creation.


4. Policy Update.


5. Policy Cancellation.


6. Claim Processing.


There are still much more use cases but the above ones have good ROI in lesser time. 


And again, it all depends upon various parameters that make a use case to be a good business case followed by a stable environment.  


Regards,


Amol

2022-04-26T09:13:35Z
Shibu Babuchandran - PeerSpot reviewer
ExpertModeratorReal User

Hi @ERNEST KUZOE ​,


Some of the use  cases are as below on which i have worked with some customers,


  • Claims Registration and Processing

  • Underwriting

  • Regulatory Compliance

  • Process and Business Analytics

  • Policy Admin and Servicing

  • Form Registration

  • Policy Cancellation


Regards


Shibu

2022-04-25T12:45:32Z
Celestine Devaraj - PeerSpot reviewer
User

Depending on where there is more volume of swivel chair operations you could pick the area for automation. 


Usually, submissions are the best place to start with. 

2022-04-27T13:31:16Z
Osvaldo Moderno - PeerSpot reviewer
Top 10Real User

Dear @ERNEST KUZOE,


I have been focusing on RPA technology for academic reasons for the past 3 years. Since then, I've read many real implementation use cases from many serious researchers. 


Regardless of the industry, you are interested in, you should read any of them. I could suggest you some of them:

1- Lacity and Willcocks, 2016 (Telecommunications Services)


2- Moffit, R. 2019 (Audit)


3- Hartley, 2019 (Supply Chain)


4- Lacity and Willcocks, 2015 (energy sector)


5- Anagnoste, 2017 (Backoffice)


6- Lamberton, 2017 (Insurance Industry)


7- Filipek, 2019 (Financial)


All of these use cases above will help you understand how RPA is deployed and what problems you will face. 


This is the safest way to get good information about technology. Otherwise, you will only get marketing.


Good reading.


O. Moderno  

2022-04-25T16:26:56Z
Buyer's Guide
Robotic Process Automation (RPA)
June 2022
Find out what your peers are saying about UiPath, Automation Anywhere, Microsoft and others in Robotic Process Automation (RPA). Updated: June 2022.
607,127 professionals have used our research since 2012.