RPA can automate data extraction from unstructured sources and enter it into critical systems

Updated: Aug 5, 2019

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.


Applications:

  • Unstructured data extraction

  • Manual data entry

  • Customer follow-up

  • Policy processing

“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

High-Level Plan


Main Benefits:

  • Customer satisfaction

  • Cost & scalability

  • Data quality


Hands-On Considerations


Pain points targeted:

  • Processing time

  • Scalability during peak volume

  • Cost reduction


Challenges to expect:

  • Document variation

  • Complex products


What will the bot do?