No? Well, robotic process automation (RPA) is helping leading insurance companies do just that. And with the massive amount of document load in the industry only continuing to rise, RPA offers a much needed lifeline for insurers that are drowning in a sea of paperwork and inefficiency.
According to Accenture's ongoing study of insurance claims performance, a more efficient claims process can help insurance companies improve the bottom line, while attracting and retaining customers. RPA allows insurers to address competing requirements of increasing efficiency and profitability, deliver world-class customer service, and adhere to increasing government regulations.
Here are 5 reasons RPA is a great partner for tackling claims processing challenges in your organization:
1. Delivers rapid ROI
2. Keeps you ahead of the competition
3. Improves customer satisfaction and retention
4. Eliminates the margin of human error
Traditional claims processing depends heavily on manual labor, which makes it increasingly inconsistent and error-prone. The situation can worsen if the workforce is outsourced and there is language or cultural differences. Once RPA is deployed, software robots can work 24/7 with amazing accuracy, thus eliminating the margin of human error, increasing processing efficiency and cutting operational costs.
5. Helps you adhere to compliance requirements
Constant changes in government regulations greatly impact claims processing. This problem intensifies many times over if the company operates in different states and countries, each with its own sets of laws and regulations. Using RPA, you ensure that the process is executed in accordance with policy. The result is not only adherence to compliance requirement, but also faster execution of processes and elimination of human error.
Watch our short video to learn more about how robotic process automation can benefit your insurance organization or claims processing company:
Kryon Systems is committed to assisting organizations realize their key performance indicators (KPI) by providing performance improvement solutions which support both the end-user and IT automation efforts alike. To this end, we offer a comprehensive solution to the business user in the form of Leo Performance Support as well as a cost-effective answer to efficient process execution with Leo Robotic Process Automation (RPA).