Underwriting is a core insurance process that’s still performed manually or semi-manually in most markets by major players. When high-volume standardized processes lack an integrated workflow system, RPA excels. This is amplified as insurers strive to quickly launch digital products, meaning back-end workflows may not be completely integrated. By using RPA, they can achieve a faster time to market and thus, a competitive advantage in the product launch time and reduced back-office cost.
The Bot in a Nutshell:
As customers submit documentation through any channel, such as fax, email, or mail, RPA can extract the relevant information and enter it into the underwriting system, understand what has been submitted, and if additional information is required. Reviewing the submitted documentation against underwriting standards, the bot can identify if it’s a simple or complex policy, and underwrite simple policies while escalating complex policies.
Unstructured data extraction
Manual data entry
“Survey respondents (60%) said they use automated underwriting for less than 10% of their new business, compared with 17% that said half their new business came from automated underwriting.” - Best’s Special Report
Cost & scalability
Pain points targeted:
Scalability during peak volume
Challenges to expect:
What will the bot do?
To read more, find out our RPA use case on Client Onboarding in Banking