Emerging insurance businesses have a keen focus on technology. This focus allows companies to improve efficiencies company-wide, and particular areas of the business can see a significant decline in costs with the use of automation. Greater analytical power and data management means improving daily employee workflows, having greater ability to calculate savings and offering customers better user experiences when using self service.
What is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is an upgraded method of business process automation with the use of Artificial Intelligence. RPA is a type of software solution which follows rules-based tasks to ensure data is streamlined to all necessary areas of the business, reducing manual labor with data entry and following data governance protocol automatically.
RPA is also known as integrated automation, back office automation, or business process automation. Many companies are turning towards RPA in place of or in addition to business process outsourcing (BPO) to allow greater efficiencies across departments.
What is RPA used for in P&C insurance?
Among the most common insurance uses for RPA is in claims automation. Many steps in the claims process are repetitive, such as verifying coverage, prioritizing with claims triage, notifications to the policy holder and payment processing.
Claims management can be time consuming, pulling resources from profit areas of the business when employees are assigned to manage repetitive claims processes. Claims may also add up quickly in the case of catastrophes, further burdening claims administrators. When the policyholder submits a claim as the First Notice of Loss, it’s up to the insurer to resolve the claim as quickly as possible in order to minimize further resources spent towards the claim and to secure the total cost of the loss early. RPA combined with Artificial Intelligence for insurance companies can minimize the time required to solve claims while detecting fraud.
WaterStreet Company offers cloud-based P&C Insurance Software for managing claims, administering policies and more, built with a robust API to connect with any number of third-party solutions.
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Back Office Automation & Outsourcing
RPA can also be used for back office tasks. Employees may be stuck managing administrative duties when they could be freed to manage higher value work.
Back office automation in insurance can help improve daily workflows for departments including IT, finance, human resources, mail distribution and customer service. Repetitive, time consuming tasks in various areas of the insurance business can lead to dissatisfaction for employees and customers. Back office automation aims to minimize bottlenecks and easily access information when it comes to employee onboarding, invoicing, asset management, IT ticket desk management and much more.
WaterStreet Company also offers services to lessen the burden on insurers with the following:
1. Underwriting Support
We aim to reduce the policy time cycle and standardize operations with reduced turnaround times. WaterStreet policy support includes document review and attachment, non-monetary endorsements, return mail processing, and cancellation processing. Our Tier 1 Underwriting Support establishes rules for underwriting acceptance, reviews inspections and other supporting documentation to interpret for quotes and application records.
2. Accounting Support Services
WaterStreet P&C licensed professionals handle accounting and billing services such as payment processing, lockbox, and flexible billing and collections, daily reconciliations, commissions, and Escheat & 1099 services. We deliver accuracy with increased operational efficiency. Reduce the burden on your back office administrators and rely on WaterStreet’s experts to take care of your accounting functions.
3. Customer Service Center
Our customer service representatives are P&C certified and can assist your agents through phone, live chat, and email with omnichannel rate and quote support, inspections, and other underwriting processes. Rely on us to adopt your company processes with operational excellence. Our P&C certified professionals assist with new business issuance, endorsements, renewals, cancellations, and reinstatements. Carriers with quickly expanding territories may find policy support a useful BPO service as we can seamlessly keep up with a scalable approach.
4. Mailroom & Distribution
WaterStreet has an on-site print and mail center to manage direct mail, return mail, promotions as well as electronic distribution methods all tied into the WaterStreet document management system. It’s essential to deliver policy documents on time, and that’s why we offer end-to-end, reliable and efficient fulfillment and distribution solutions for our clients.
Reach out to WaterStreet Company today to schedule a free consultation and demo.
Ready to take action?
Expand your company’s capabilities with Robotic Process Automation through WaterStreet Company. We are a provider of cloud P&C insurance software and much more.
This service calls for a reliable, best-in-class partner to manage and see through your standardized operations with accuracy. We assign teams of dedicated licensed professionals to each of our clients, facilitating product depth as well as process and technology fluidity.
