5 Ways RPA Can Streamline Insurance Companies’ Workflows

Insurance companies play an important role in our daily lives, and this is especially true with the ongoing COVID-19 pandemic. Providing insurance to a large volume of clients means increased pressure on workers who have to handle repetitive administrative tasks each day to provide such services. Whether it is underwriting or updating customer information, the tasks that insurance companies must perform are often tedious, inefficient, and inaccurate. The insurance industry, however, cannot afford to risk inaccuracies in their operations, as this may not only cost the business but also the customers that each company is insuring.

An increasing number of companies are turning to RPA (robotic process automation), software that can emulate human operations on a PC based on predefined logic and rules. RPA robots can streamline many repetitive, manual tasks and free up human labor to pursue more valuable work in the company. Capable of working 24/7 all year round with extremely high efficiency and precision, RPA robots reduce TAT (process turnaround time), improve the quality and speed of various processes, reach over 95% accuracy, and save a lot of human labor and thus money. Here at Laiye, we offer Laiye UiBot, an RPA product that is widely useful in the insurance company. In this article, we look at five processes in the insurance industry and how Laiye UiBot can help.

Scenario 1: Underwriting and checking new business accounts

Insurance companies need to ensure that user accounts are correct and valid. This requires the staff members to:

1, Log into each bank system

2, Download bank statements from the system

3, Compare the information with that from the accounting system

4, Update the reconciliation information while doing data verification

Completing this regularly occurring process means logging into multiple systems and manipulating data. This process is very time-consuming, cumbersome, and error-prone. Laiye UiBot automatically goes through the customer list, logs into each bank system, extracts statement data, generates a user statement list, and logs into the accounting system to verify and update customer data. It thus simplifies the underwriting and new business account workflow.

Scenario 2: Customer Service System

An insurance company's customer service system needs to:

1, Receive and process various customers every day for services including premium expiration, policy cancellation, new insurance project consultation, claim settlement, etc.

2, Forward specific problems to the corresponding department for processing

3, Complete comparisons and verifications.

Customer service system agents need to have comprehensive knowledge. An overwhelming amount of information is received every day, and the task requires cooperation with multiple departments. If done manually, it is impossible to respond to customers promptly. The volume of customer complaints is vast, and customer retention is low due to dissatisfaction. With Laiye UiBot, RPA robots use NLP (natural language processing) to organize customer information using preset data in various fields. The robot automatically responds to each field's preset rules and automatically requests users for information via email, text, or other platforms, which drastically decreases clients' waiting times.

Scenario 3: Insurance audit application

The audit department has to:

1, Analyze and collate data

2, Extract and analyze financial statements (cash flow statements, balance sheets, profit and loss statements, premium income statements, operating expense statements, and compensation expenditure statements) and related detailed account sets 

3, Screen key vouchers

4, Extract, sort, and analyze business reports (maturity compensation rate table, case closing rate table, timely filing rate table, and various business class lists involved)

5, Collate and verify data

Every month, the company's audit department needs to extract and analyze a large number of data reports, order processing reports, financial reports, and so on, and send the sorted list to the person in charge. Due to a large amount of data, financial personnel takes many days to complete these tasks. With Laiye UiBot, robots automatically extract, integrate, and calculate data from various reports and mark key checks and insurance policies. Bots also generate summative reports that can be sent to other departments.

Scenario 4: Personnel department salary accounting

1, Obtain each employee's fixed salary according to the employee management system 

2, Count the employee's performance salary, seniority salary, overtime salary, subsidies, rewards, etc. through other management systems

3, Obtain statistics such as social security, provident fund, personal income tax, attendance, and other deduction data

4, Calculate each employee's actual salary

5, Submit for approval after review

6, Implement salary payment after approval

With so many data sources and so many calculations, many problems such as missed calculations and miscalculations often occur, which can have serious consequences for the employees and the business. Laiye UiBot automatically calculates the salary according to each employee ID, logs into multiple systems, extracts each employee's social security, provident fund, personal income tax, and other deduction items, performs data calculation, generates the salary approval form, and sends it to the person in charge for review.

Scenario 5: Data standardization

Insurance companies will receive a large number of various data (Excel, PDF, Word, and other format files) provided by partners, which contain a lot of important data. However, these files need to be reformatted to make them suitable for the existing publishing system. It is necessary to:

1, Collect all of the documents

2, Manually extract the required information

3, Enter it into the corresponding insurance system

Partners may be erratic in sending their data; moreover, the provided data formats vary. Manual data standardization to the current system-recognizable format requires a lot of time and human resources, and timeliness and accuracy cannot be guaranteed. Laiye UiBot automatically collects files in formats such as Excel, PDF, Word, etc, and automatically converts them into the file format set by the user. Laiye UiBot then automatically extracts the corresponding fields and enters them into the designated system.

Get started today

These five scenarios are only a few out of the endless possibilities RPA brings to the insurance industry. In just one or two hours with help from our professional team, you can start building your Laiye UiBot robots and explore their full potential.

About Laiye

Laiye, founded in 2015 by Ivy League Ph.D. graduates, is committed to being a leading Smart Robot platform with global influence in the era of human-robot collaboration.

Our portfolio of high-quality, secure products and services covers RPA Solution, including Laiye UiBot (an RPA product), Wulai (an enterprise chatbot platform), and Xiaolai (a companion robot). Join us on LinkedIn, follow us on Facebook, or visit laiye.com/en.