Automating repetitive administrative tasks
Robotic Process Automation (RPA), or robotics, is perfectly suited to digitally transform the claims process. Given that claims management is the ultimate ‘moment of truth’ in policyholder engagement, RPA enables claims managers to fully focus on the actual claims handling, as repetitive administrative tasks are automated.
RPA involves software robots performing a variety of repetitive tasks similar to their human counterparts in various stages of the claims process. The software robots scan, check, enter and process large quantities of data around the clock. As a result, RPA creates claims handling capacity as it frees claims handlers from routine tasks such as
- claims intake (FNoL) – as explained in our animated video
- financial sanctions checks & validating claim payments
- notification of settlements & file closure
Benefits of the virtual workforce
Robotics allows the claims handlers to focus on the actual handling of claims and policyholder experience. Other benefits of adopting robotics include:
- reduction of errors and improved data quality as the robots make no mistakes, no matter how many tasks they perform
- scalability of the virtual workforce to deal with increased intake requirements during peak periods
- continued use of existing systems, without complicated and expensive implementation and interfaces
Our business cases show that e.g. 80% of the intake of claims under private lines is handled by robots, resulting in the creation claim files and allocation to claims managers. The remaining 20% is aborted based on the business rules and referred back to manual intake. Claims that are not covered under the policy, incomplete data or potential fraud are reasons for abortion.
Robotics facilitating straight-through processing (STP)
RPA is typically used for straight-through processing of low-value, high frequency losses, particularly in private lines such as Motor, Travel and Household claims. At every stage of the process the potential of manual intervention by a claims handler has been secured, as is shown in this infographic:
This process is described in greater detail in our blog “the Digital Claim Lifecyle“.
Robotics, combined with other digital solutions, such as the automated product valuation platform ValueChecker and our highly sophisticated fraud engine, facilitate STP without having to incur huge investments. And thanks to customer engagement through self-service as well as the speed of settlement, customer satisfaction scores increase demonstrably.
Thanks to this high level of automation, your policyholders are never kept waiting, no matter how many claims are notified!
Robotics in claims management explained