What are the benefits of automating underwriting for insurance?
Implementing algorithm-driven Robotic Process Automation to augment or replace your existing systems for underwriting can provide numerous benefits for your insurance underwriting processes. When you get the most out of your AI and ML assisted RPA, some benefits you could realize for your insurance organization include:
More Policies Processed With RPA, machine learning (ML) and artificial intelligence (AI), you can reduce processing time by eliminating repetitive manual tasks, creating a visible impact on response time for quotes and the issuance of policies.
Larger Datasets Digitization of data from different sources and AI evaluation are giving rise to big data and predictive analysis. RPA bots can search hundreds of data sources per potential policy, examining in seconds what would take manual underwriting much longer to cover in order to pinpoint an applicant's risk factors.
Streamlined Workflow Aggregate and integrate data from disparate sources, from paper documentation to multiple legacy and API-based digital systems using automated processes. For example, AARI makes it possible for underwriters to log in to various systems from a single screen, reducing complexity and enabling better time management.
Fewer Underwriting Errors Check each policy against underwriting guidelines and receive instant alerts when something doesn’t match. Using RPA, you will miss fewer potential risks when evaluating an applicant for risk and policy offerings.
Increased Employee Productivity By automating the simpler tasks, employees gain time and resources for higher yield areas with more value. Actions like tailoring individual policies, or pricing and managing “mid-risk” applications, are able to move front and center.
Increased Customer Satisfaction With Automation 360, AARI, IQ Bot and other RPA support, your call center representatives can have unified policyholder data across the organization in real-time. Many customer requests, such as updating their policy, can be automatically handled through machine learning (ML), intelligent software bots.
Who can benefit from automated underwriting in insurance?
Automation doesn’t have to be limited to the underwriting department. Processes can be quickly managed across the system through a simple interface. Anyone in the organization can access a digital assistant, allowing for use between stakeholders in real-time.
W&W Gruppe rips through its backlog in record time with RPA
"Our employees understood that RPA really helps them to focus on what’s very important—our customers."
– Christian Wolf, Head of Business Organization and Process for RPA and leader of the Center of Excellence, The W&W Gruppe 
56
Processes automated
150,000
Tasks processed by Bots
4
Months to reduce a 4-year backlog
How automated underwriting can help businesses in the insurance industry
Both insurers and policy holders benefit from the enhanced process provided by automated insurance underwriting. Building bots with Automation Anywhere won't be a one and done process. Once you experience the capabilities inherent with RPA, you will look for ways to layer bots and expand your business capacity far beyond what you thought possible. A few ways you may improve your business processes include:
Risk Assessment/ Management
- Fraud Detection
- Risk classification and evaluation
- Identify skills and natural talent
- Predictive analysis
Customer Care
- Real-time claim tracking during the lifecycle of the policy
- Instant claim reporting
- Billing and account management tools
- Customer education tools
Real-Time
- Reporting for employees and customers
- Personalized pricing
- Alerts to assist human underwriters
- Customer interactions to drive customer satisfaction
Security/Compliance
- Detect fraud in applications and claims
- Protect personal data for clients
- Automate compliance checks against underwriting rules
- Watch for system intrusions
What to look for in automated underwriting systems for insurance
When selecting a provider for intelligent automation in insurance underwriting there are a few things to keep in mind. A cloud-based provider can extend your capabilities by offering access from anywhere and can enable you to scale quickly. They should be able to handle rapid fluctuations in throughput and give access to different types of bots to perform various, rule-specific, repetitive tasks.
Flexibility is a must. Your RPA solution should be able to integrate end-to-end, bringing together legacy systems, digitized documents, web forms and popular programs. Almost any source you can think of can be included in the robotic task processing.
Ease of use is paramount to make a system intuitive. No-code RPA systems are so simple that virtually anyone can create one. Give your entire staff access to the bots and see what they create to add value and savings to your company.
How to get started with automated insurance underwriting
Beyond a doubt, the best and fastest way to get started with automated insurance underwriting is to sign up for a free trial, so you and your staff can experience firsthand the power and flexibility of Robotic Process Automation backed by AI and ML.
If you aren't quite ready to jump in with both feet, you can reach out to one of our experienced RPA consultants, and they will give you a demonstration of the system and how it might work for you.
